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Thursday, March 12, 2015
Soco International saw some successful exploration in 2014, especially in the Republic of Congo (ROC). On the Marine XI Block the company’s “very successful” exploration well, the Lindongo X Marine 101, significantly exceeded expectations, testing more than 5,000 bpd. The well results are being analyzed in order to determine the continuity of the productive reservoirs of the well with the nearby discoveries in the Marine XII Block and to progress towards potential unitization with the Litchendjili field.
The company reported that reserves associated with the Viodo field in Marine XI have been re-classified to contingent resources as there are no plans for commercial standalone development. However, Soco believes that there is potential in the near future to recognize contingent resources on the Marine XI Block as the Lidongo discovery is further evaluated and advanced towards unitization with the Litchendjili field and the exploitation of the East Lideka field progresses.
Following the completion of the interpretation of the reprocessed seismic data on the Nanga II A, the exploitation license expired in October 2014. Soco is no longer undertaking work on Nanga II but has approached the Ministry of Hydrocarbons to discuss a potential work program and commercial terms for a possible PSA for the area. Discussions are ongoing at this time.
On the Mer Profonde Sud (MPS) Block, following completion of its farm-in to the block, Soco has been working on a detailed well location study. The company said that it remains very optimistic about the exploration potential of the MPS Block, however, given the prevailing market conditions in early 2015, drilling of the well has been delayed until 2016.
In neighboring Democratic Republic of Congo (DRC) on Block V, the company said that after receiving all necessary regulatory approvals, a non-invasive seismic survey was completed over a portion of Lake Edward in eastern DRC in mid-2014. The survey was successfully completed in six weeks with no reported adverse impact on the environmental parameters of the region. Processing of the seismic data has been completed and data interpretation is currently underway in the UK and should be completed by mid-2015. The company no longer has any personnel in Block V.
While Soco acknowledges that the DRC government is anticipating discussions with UNESCO involving the future of the Virunga National Park, the company has no involvement in these discussions. After providing the DRC government with interpretation of the seismic results, Soco will have no further involvement in the block. Consequently, all costs incurred on Block V to date and any further costs anticipated in the course of 2015 have been written off as exploration expense in 2014. The company does intend to leave behind all the humanitarian aid that it has provided in medical, water purification, and communications facilities for the benefit of the people.
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