28/07/2008
Energy group SOCO International has announced the first crude oil and wet gas flows from Vietnam’s Ca Ngu Vang field.
The fully listed company has 25 per cent of Cas Ngu Vang, which it says it expects to be able to produce between 10,000 and 20,000 barrels of oil a day and 25 to 50 million cubic feet of gas a day for the next 20 years. SOCO’s partners are Petrovietnam Exploration Production Corporation, with 50 per cent, and PTTEP Hoan-VCu of Thailand with 25 per cent.
Ed Story, SOCO’s president and chief executive, says the company now looks forward to further exploration and development success, both in Vietnam and West Africa, where it also has promising projects. SOCO shares, which surged from 639.5p three years ago to £23.95 last September, have since fallen back heavily and, though up by 7p this morning, now trade at £14.44.
They could rally further, if production gets under way in earnest.
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