Soco says Vietnam clears two appraisal areas

Oil explorer Soco International Plc said Wednesday it received preliminary approval to explore two appraisal areas in the Cuu Long Basin offshore Vietnam.

The proposals were cleared by Vietnam's national oil company PetroVietnam. Soco has more than 28 percent interest in the 16- 1 block, which is operated by the Hoang Long Joint Operating Company.

On getting final approval from the Vietnamese government, expected this month, work will start immediately at the appraisal areas, in anticipation of drilling a well in 2010, Soco said.

Soco, a FTSE-250 company, has interests in Vietnam, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola.

In October, Soco confirmed it had received an approach from a potential buyer for the majority of its assets portfolio, widely believed to be its Vietnam operations.

Reuters

>   Exporters urged to watch Malaysian contracts (08/01/2009)

>   Exporters feeling the pinch from falling demand (08/01/2009)

>   Italian motor factory opens in southern province (08/01/2009)

>   Real estate investors advised to inject money in low cost houses (08/01/2009)

>   New regulations put more difficulties for FIEs (08/01/2009)

>   Foreign investors called for investing in Van Phong Port (08/01/2009)

>   Waste paper should be recycled: Experts (08/01/2009)

>   Power plant project signs on consultant (08/01/2009)

>   Unchecked growth puts steel industry in a bind (08/01/2009)

>   Southern hub to send 15,000 workers abroad in 2009 (08/01/2009)