Soco International PLC SALE OF ANGOLAN INTERESTS (1602T)
02 July 2018 - 4:00PM
UK Regulatory
TIDMSIA
RNS Number : 1602T
Soco International PLC
02 July 2018
SOCO International plc
("SOCO" or the "Company" or, together with its subsidiaries, the
"Group")
SALE OF ANGOLAN INTERESTS
SOCO is pleased to announce that it has entered into a sale and
purchase agreement (the SPA) with Quill Trading Corporation and
WMLC Resources Limited to sell its entire shareholding in SOCO
Cabinda Limited (SOCO Cabinda), for a total cash consideration of
up to US$5 million.
SOCO's 85 percent owned subsidiary SOCO Cabinda, holds a 22
percent, non-operating, working interest in the PSC for the Cabinda
North Block on shore the Angolan Cabinda enclave.
The completion of the SPA is conditional, inter alia, upon
receipt of customary approvals. The long stop date for satisfaction
or, where applicable, waiver of the SPA conditions is 31 July
2018.
Ed Story, President and Chief Executive Officer, commented:
"The sale of SOCO's interests in the Cabinda North Block further
demonstrates our commitment to portfolio rationalisation, which
forms a key part of the Group's strategy. This transaction
completes our previously announced plans to divest from all our
current African interests. We look forward to the future and
continue to assess new opportunities to further grow and strengthen
the business".
ENQUIRIES:
SOCO International plc Tel: 020 7747 2000
Ed Story, President and Chief Executive Officer
Jann Brown, Managing Director and Chief Financial Officer
Mike Watts, Managing Director
Sharan Dhami, Group Investor Relations Manager
Camarco Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
Owen Roberts
NOTES TO EDITORS
SOCO holds a 22% working interest in the Production Sharing
Agreement for the Cabinda North Block onshore the Angolan enclave
of Cabinda. Pending formal government approval; paying interest
27.5% pending formal government approval taking into account
Sonangol exploration carry under Cabinda North joint operating
agreement. Current SOCO working interest 17% and paying interest
21.25%.
SOCO is an international oil and gas exploration and production
company, headquartered in London and listed on the London Stock
Exchange. The Company has field development and production
interests in Vietnam.
SOCO holds a 30.5% working interest in the Te Giac Trang Field
of Block 16-1, which is operated by the Hoang Long Joint Operating
Company. Block 16-1 is located in the shallow water Cuu Long Basin,
offshore southern Vietnam.
SOCO holds a 25% working interest in the Ca Ngu Vang field of
Block 9-2, which is operated by the Hoan Vu Joint Operating
Company. Block 9-2 is located in the shallow water Cuu Long Basin,
offshore southern Vietnam.
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END
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