PTT affiliate farms into SOCO's stake in two Viet Nam blocks

Feb. 14, 2002
PTT Exploration & Production Co. Ltd., an affiliate of partially privatized Thai company PTT PLC, will farm into SOCO Vietnam Ltd.'s share of two blocks in the Cuu Long basin off Viet Nam.

By the OGJ Online Staff

HOUSTON, Feb. 14 -- PTT Exploration & Production Co. Ltd., an affiliate of partially privatized Thai company PTT PLC, will farm into SOCO Vietnam Ltd.'s share of two blocks in the Cuu Long basin off Viet Nam.

PTTEP will fund its own and SOCO's share of drilling four wells on Blocks 9-2 and 16-1, up to $50 million.

UK company Soco International PLC owns 80% of SOCO Vietnam Ltd. Before the farmout, SOCO Vietnam controlled a 50% interest in Block 9-2 and a 30% interest in Block 16-1. After the farm-out, SOCO Vietnam will retain 25% of Block 9-2 and 15% in Block 16-1.

State oil company Petrovietnam owns the rest of Block 9-2. Petrovietnam owns 41% of Block 16-1, and other foreign firms own the rest.