SOCO farms out interest in block off Congo

SOCO Exploration & Production Congo (SOCO EPC) has agreed to farm out 18.75% of its interest in the Marine XI Block off Congo (Brazzaville) each to subsidiaries of Lundin Petroleum AB and Raffia Oil Sarl. The interest assignments are subject to government approval.

Sept. 7, 2006

By OGJ editors
HOUSTON, Sept. 7 -- SOCO Exploration & Production Congo (SOCO EPC) has agreed to farm out 18.75% of its interest in the Marine XI Block off Congo (Brazzaville) each to subsidiaries of Lundin Petroleum AB and Raffia Oil Sarl. The interest assignments are subject to government approval.

SOCO EPC will remain block operator with a 37.5% working interest. The remaining interests are held by the exploration and production branch of SNPC, 15%, and Africa Oil & Gas Corp., 10%.

Marine XI is a shallow water block covering 1,400 sq km in the Lower Congo basin in up to 110 m of water. To date, it has four small oil discoveries, of which the largest has initial recoverable reserves of 30-60 million bbl.

SOCO has let a contract to PGS Overseas AS for the acquisition of a 1,200 sq km 3D seismic program on the block. The seismic program is expected to begin in early October.