23rd May 2019 10:00
LONDON (Alliance News) - Soco International PLC on Thursday said it has had a "positive start" to the new year, as it continues to pursue merger & acquisition opportunities.
The oil & gas company said that revenue in the period between January and April amounted to USD51 million.
Soco added that production in Vietnam is in line with guidance at 7,025 barrels if oil equivalent per day. Guidance remains between 6,500 and 7,500 boepd for 2019.
With regards to the company's exploration programme, at blocks 125 & 126 in Vietnam, 70%-owned and operated by Soco, acquisition of new 2D seismic data commenced is mid-April and is progressing well. It is due to be completed by mid-June 2019.
In Egypt, production from the El Fayum concession averaged 5,551 barrels of oil per day since January.
"Soco's board is continuing to seek and evaluate M&A opportunities in line with strict strategic, financial and operational criteria, the firm added.
Soco shares were trading up 0.2% at 67.13 pence each.
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