SOCO - Now's the time to wake up!

KonnyT

I often wonder when you make such assertions whether you're simply seeking reassurance cos you can't work it out yourself!...and as usual, it's all guesswork based on little or no evidence.

Note the two new rigs coming in are for one year each with option for both to extend one year. That suggests renewal of the licences are neither ruled in nor ruled out. Consider Vietsovpetro JV between PV and Zarub. 20 year licence (Bach Ho) extended from 2001 to 2010. Note recent comments relating to what happens after this date :-


20/ 11/ 2006
The joint statement following the Russian and Vietnamese leaders' meeting, also attended by Russian Foreign Minister Sergei Lavrov and presidential aide Sergei Prikhodko, said the presidents have recommended that their governments outline principles for extending the bilateral agreement on Vietsovpetro, which expires in 2010.

Bearing in mind Zarubezneft earnt $700m from Bach Ho last year, that doesn't seem to have got in the way of declaring positive intentions.

While I'm at it, I see a discovery has been made in 09-3 immediately south of 9-2 :-

On September 20, 2006, after 4 years of exploration works, oil flow with rate of 600 cubic meters per day was achieved at Block 09-3.
The flow was achieved at the oilfield Doi Moi after carrying out the testing of the well 03-9-DM-2X at the depth of 4130m.

..and also at Rong, due south of TGT/TGV :-

Ha Noi, Apr. 9 (VNA) - The Viet Nam - Russia Oil and Gas Joint Venture Enterprise (Vietsovpetro) on Apr. 7 discovered an oil stream in drilling well 15 at the Central Rong Structure off the coast of southern Ba Ria-Vung Tau province.

Vietsovpetro General Director Tran Le Dong said that the oil flow, found at the depth of between 2,552 m and 2,710 m, will enable his enterprise to extract 850 cu.m. or 5,346 barrels of crude oil a day.

The General Director added this was Vietsovpetro's first discovery of crude oil reserve at the Central Rong Structure