Soco Jumps After Making Energy Discovery off Vietnam
Soco International Plc, a U.K. explorer in Africa and Southeast Asia, surged to a two-year high in London after making a discovery off the coast of Vietnam.
Soco rose 13.8 pence, or 2.9 percent, to close at 484.2 pence, the highest since June 2008. The shares have advanced 45 percent this year.
The TGD-2X appraisal well in Block 16-1 of the Cuu Long Basin found hydrocarbons at a depth of approximately 4,450 meters (14,600 feet), the London-based company said today in a statement.
The explorer plans to quadruple recoverable oil reserves as it targets 700 million barrels of resources by drilling four wells, Chief Executive Officer Ed Story said last week. Soco is drilling wells in Vietnam and in the Democratic Republic of Congo, the first onshore well in the country in about 40 years, he said.
To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net
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