26th Jan 2016 09:02
LONDON (Alliance News) - Oil and gas producer SOCO International PLC on Tuesday said its net average production hit the top end of its guidance in 2015 and said it remains confident it will successfully navigate through the tough oil and gas market conditions.
SOCO said its net average production average around 12,000 barrels of oil equivalent per day in 2015, at the top end of its guidance for 11,800 to 12,000 barrels a day. It made a total of USD215.0 million in revenue from selling the oil it produced, with an average realised price per barrel of USD54.00 for the year, a slight premium to the average Brent barrel for the year.
SOCO said its exploration and development programme is fully funded for 2016 and it will focus its investments in the coming year on its Vietnam projects, where it will be purchasing long-lead items for the development of the Te Giac Trang field.
"With low cost production, no debt and our disciplined approach to capital allocation, SOCO is in a good position to weather a prolonged industry downturn. We will be frugal, spending only on commitments and work that is directly related to production whilst keeping an eye out for opportunities. Our outlook continues to be positive and we remain confident that we will continue to deliver on strategy through an extended low oil price environment," said Chief Executive Ed Story.
SOCO shares were down 3.9% to 136.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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