Soco’s positive Congo well test (SIA LN £3.30 – NR) – Strong flow rates from a 20m section within the tight Djeno pre-salt sandstone exceeded expectations on the LXM-101 well on Block XI (50–60mmboe pre-drill estimate). The shallow-water well delivered peak rates of 5,174bbl/d (32° API) and 3.65mmcf/d after stimulation and stabilised at average rates of 4,800bbl/d and 3.5mmcf/d. As previously mentioned, the find confirms the extension of the Litchendjili gas/condensate/oil field from Block XII, where Eni recently announced the Minsala Marine discovery also. Soco owns 40.4%. Assuming a conservative $5/bbl NPV would be worth ~20p/sh to Soco unrisked.
Soco’s positive Congo well test (SIA LN £3.30 – NR) – Strong...
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