SOCO International plc (SIA.L) said that production for the first four months of 2012 averaged 11,690 barrels of oil equivalent per day net to the company's working interest, a 358% increase from the same period in 201.
Entitlements production equalled 13,924 barrels of oil equivalent per day and is on track to meet the about 16,000 barrels of oil equivalent per day guidance for the full year.
The second production platform at TGT is on track to commence production in mid-July/early August 2012. Gross production from the field is expected to reach around 55 thousand barrels of oil equivalent per day shortly thereafter. The Te Giac Den Appraisal Area was relinquished after assessment that drilling a well on a sole risk basis well would not be in shareholders' best interests.
The company continues to evaluate exploration opportunities in South East Asia and Africa. Although there is no certainty that any new projects will be introduced in the near term, revenue from TGT oil sales is set to transform the cash resources of the company with the southern part of the field coming into production in a few months.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.