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Oil & Gas Sector

Oil, Gas Roundup

07 November 2016 16:15

SOCO (LON:SIA) says development drilling programme has started on the Te Giac Trang field of Block 16-1, offshore southern Vietnam.

The infill wells, the TGT-27P and TGT-28P, will be 'batch drilled' with the first well spudded on 6 November 2016 by the PetroVietnam Drilling PVD-6 jack-up rig on the H4- Well Head Platform in the central area of the TGT Field. The TGT partners are reviewing adding a further two infill wells on the southern H5-WHP following the completion of these wells.

SOCO's production guidance range for 2016 has been 10-11,500 BOEPD. Due to the lack of drilling during the year, additional downtime associated 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 partner discussions are in the final stages ahead of formal submission to the relevant authorities. The FFDP includes additional wells and facilities options to increase total fluid-handling capacity. Final submission to the Vietnamese Government is expected after the upcoming Management Committee meetings next week.

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Oilex (LON:OEX) has confirmed that 2,000,000 employee options with an exercise price of $0.15 and an expiry date of 4 November have expired unexercised.

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The sector's biggest risers were Bahamas Petroleum (LON:BPC) and Xtract Resources (LON:XTR) - up by more than 11.3% and 10% respectively in late trading. The biggest faller was Range Resources (LON:RRL) - down by over 6.4%.

At 4:15pm:

(LON:AUR) Aurum Mining PLC share price was +0.33p at 4.85p

(LON:BOR) Borders Southern Petroleum PLC share price was +0.07p at 2.64p

(LON:BPC) Bahamas Petroleum Company PLC share price was +0.13p at 1.23p

(LON:CHAR) Chariot Oil Gas Ltd share price was +0.71p at 8.75p

(LON:ENQ) EnQuest Plc share price was +0.38p at 25.88p

(LON:GKP) Gulf Keystone Petroleum share price was -0.03p at 1.18p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3.38p

(LON:INDI) Indus Gas Ltd share price was +11.88p at 387.38p

(LON:OEX) Oilex Ltd share price was -0.03p at 0.43p

(LON:PET) Petrel Resources PLC share price was 0p at 6.38p

(LON:RKH) Rockhopper Exploration PLC share price was -0.25p at 25p

(LON:RPT) Regal Petroleum PLC share price was 0p at 3.76p

(LON:RRL) Range Resources Ltd share price was -0.03p at 0.36p

(LON:SIA) SOCO International PLC share price was -2.12p at 129.88p

(LON:XTR) Xtract Resources Plc share price was +0p at 0.03p

Story provided by StockMarketWire.com

Related Company: SIA

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