August 26, 2010 / 7:09 AM / 7 years ago

UPDATE 1-Soco output falls on repair work at Vietnam field

* Soco H1 production falls 23 pct

* Sees drilling success lifting net reserves

* Says proposed sale of Thai assets to hit near-term output (Adds details)

Aug 26 (Reuters) - Oil explorer Soco International (SIA.L) said on Thursday its first-half output fell 23 percent due to repair work at a field offshore Vietnam and scaling back of production at its Thai field.

The company said if the planned sale of its Thailand assets was approved by shareholders, near-term production would solely be sourced from the Ca Ngu Vang field in Vietnam and production would drop as a result.

However, the company, which has interests in Vietnam, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola, said success at its current drilling programmes might help increase its net reserves.

“Should we have success in all phases, the Group could expect net reserves to more than quadruple. Even with modest success, there could be a significant impact on reserves,” Soco said in a statement.

January-June revenue rose marginally to $66.2 million from $66.6 million. The group’s working interest share of production during the period was 5,191 barrels of oil equivalent per day (boepd), down from 6,734 boepd last year.

Separately, Premier Oil said its first-half production rose 17 percent to 46,600 boepd and said its main development projects were progressing on schedule to meet target of 75,000 boepd in 2012. [ID:nWLA1523] Soco shares were down 2.5 percent at 426.6 pence at 0701 GMT, while shares of Premier Oil were down 2.2 percent at 1448 pence on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Aradhana Aravindan)

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