Soco International PLC COMPLETION OF SALE - ANGOLAN INTERESTS (1332D)
05 October 2018 - 7:31PM
UK Regulatory
TIDMSIA
RNS Number : 1332D
Soco International PLC
05 October 2018
5 October 2018
SOCO International plc
("SOCO" or the "Company" or, together with its subsidiaries, the
"Group")
COMPLETION OF SALE - ANGOLAN INTERESTS
As announced on 2 July 2018, SOCO entered into a sale and
purchase agreement for the sale of the Group's entire 80%
shareholding in SOCO Cabinda Limited, the company holding a 22
percent, non-operating, working interest in the production sharing
contract for the Cabinda North Block, Angola.
Further to its announcement on 28 September 2018, SOCO is
delighted to announce that the sale has now completed, and it has
received the total cash consideration of US$5 million in cleared
funds together with a minor further payment to cover funding
requirements after 30 June 2018.
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 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, exploration 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.
SOCO holds a 70% interest in and is designated operator of
Blocks 125 & 126, located in the moderate to deep water Phu
Khanh Basin, offshore central Vietnam.
On 20 September 2018, SOCO announced its proposed acquisition of
Merlon Petroleum El Fayum Company, a privately-owned oil and gas
company with a 100% operated working interest in the onshore El
Fayum concession in Egypt for a consideration comprising cash and
the issue of new SOCO shares. The acquisition is subject to certain
conditions, including the approval of SOCO shareholders in general
meeting.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISGCBDGCDGBGIU
(END) Dow Jones Newswires
October 05, 2018 05:31 ET (09:31 GMT)
Pharos Energy (LSE:PHAR)
Historical Stock Chart
From Apr 2024 to May 2024
Pharos Energy (LSE:PHAR)
Historical Stock Chart
From May 2023 to May 2024