London-UK-based junior Soco International saw its shares lose more than a third of their value Thursday after slashing its oil reserves in Vietnam due to uncertainty on the further development of a key offshore project. Soco said its proven and probable reserves at its Te Giac Trang (TGT) field in Vietnam have been cut to 40.8 million bar- rels of oil equivalent, from 130 million boe previously, after the lower oil price outlook sidelined work further drilling work needed to develop the field.
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