SOCO stated that the 2016 development drilling programme has started on the Te Giac Trang (TGT) Field of Block 16-1 in offshore southern Vietnam.

The TGT-27P and TGT-28P infill wells will be batch drilled with the first well spudded on 6 November by the PetroVietnam Drilling PVD-6 jack-up rig on the H4-Well Head Platform (WHP) in the central area of TGT Field.

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TGT partners are analysing if a further two infill wells should be added on the southern H5-WHP after completion of these wells.

SOCO's production guidance range for 2016 has been 10,000boepd-11,500boepd.

"SOCO's production guidance range for 2016 has been 10,000boepd-11,500boepd."

Due to the lack of drilling during the year, additional downtime linked with pressure-testing on the Ca Ngu Vang Field, along with the recent stoppage for rig positioning and well intervention work beyond that originally planned, production rates for the full year are expected to be at the lower end of this guidance.

The TGT Full Field Development Plan (FFDP) partner discussions are currently in the final stages before formal submission to the relevant authorities.

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FFDP includes additional wells and facilities options to increase total fluid-handling capacity.
Final submission to the Vietnamese Government is expected after the management committee meetings next week.

SOCO president and CEO Ed Story said: "We are delighted to commence the first development drilling programme on TGT since early 2015.

"As indicated in our interim results, SOCO has the balance sheet strength to fully fund this programme from existing cash resources whilst taking advantage of the low drilling cost environment. Meanwhile, we continue to focus on enhancing the field water-handling capacity and arresting the field decline."