Vietnam cold shoulders Soco licence extension request

Oil and gas company Soco International plc said there had been a negative response from Vietnam to its request to extend its offshore licence area.
Soco announced in November that it was applying for an extension to the Te Giac Den Appraisal Area licence. 
The company said it had now been told by the operator of Block 16-1 in the Cuu Long Basin that the initial response from the Industry and Trade Ministry did not support an extension. 
However, the Hoang Long Joint Operating Company (JOC) intended to pursue the request further.
Soco said the JOC would make clear the case that its level of geological knowledge of the appraisal effort was the most expedient route to unlocking the 'vast potential resource', providing the most immediate benefit to Vietnam. 
Source: Press release