STOCKS NEWS EUROPE-SOCO down as plugs and abandons Vietnam well
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Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
08:09GMT 10July2008-SOCO down as it plugs and abandons Vietnam well
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Shares of SOCO International (SIA.L: Quote, Profile, Research) drops 7 percent to 1,590 pence as it says the second of two planned drill tests in Te Giac Den Vietnam project is hampered, leading it to plug and abandon the well.
"With more than one year having passed since the original prospect commenced drilling, the news that the well is being plugged and abandoned with no firm conclusion on the ultimate commerciality of either the upper or lower sections is likely to hit market sentiment towards the stock," Citigroup says in a note.
Citigroup has a buy recommendation and a 2,800 pence target price on SOCO.
For company statement click on [ID:nRnsJ7421Y]
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