24th Jun 2005 10:00
Soco International PLC24 June 2005 SOCO International plc ("SOCO" or "the Group") AGM Statement At the SOCO International plc AGM held today Patrick Maugein, Non-ExecutiveChairman, made the following comments: "SOCO produced solid operating results in 2004, laying the foundations for asuccessful year ahead on all fronts. 2005 has commenced well with the sale ofour Mongolia assets, announced in April 2005, due to complete shortly. Our multi-well drilling programme is underway and has made an exceptional startwhich will have a material effect on the future of SOCO. The recent results ofthe CNV-3X well in Vietnam were very encouraging and will, we believe, lead toan early Declaration of Commerciality. We are equally excited about thepotential of the TGT-1X exploration well in Vietnam, which is currentlydrilling. Within Yemen the Consortium's programme for the year on Block 10 toincrease reserves, expand export capacity and maximise production continues toreturn excellent results with the KHA-405, the most recently drilled well,currently testing. The outlook for SOCO is very strong. We have stream-lined our portfolio,realising early value from Mongolia and are actively looking to build ourpresence in West and North Africa. We believe the potential upside from ourmulti-well drilling programme is considerable." 24 June 2005 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000 Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Alisdair Haythornthwaite Tel: 020 7743 6676 NOTES SOCO International plc is an international oil and gas exploration andproduction company headquartered in London and listed on the London StockExchange. Although the Company has designated core areas in the Far East /Southeast Asia and Middle East / North Africa regions, it employs a strategy forbuilding shareholder value through a portfolio of oil and gas assets by focusingon Recognising Opportunity, Capturing Potential and Realising Value. SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, throughits 80% owned subsidiary SOCO Vietnam Limited ("SOCO Vietnam"). SOCO Vietnamholds a 25% working interest in Block 9-2, which is operated by the Hoan VuJoint Operating Company and a 28.5% working interest in Block 16-1, which isoperated by the Hoang Long Joint Operating Company. SOCO's Yemen interests are held through its majority owned (58.75%) shareholdingin Comeco Petroleum, Inc. ("Comeco"). Comeco holds a 28.57% working interest inBlock 10, East Shabwa Development Area. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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