4th Mar 2008 12:00
Soco International PLC04 March 2008 SOCO International plc ("SOCO" or "the Company") Marine XI Farm-out Agreement The Company announces that its subsidiary, SOCO Exploration and Production CongoS.A. ("SOCO EPC"), has entered into a farm-out agreement wherein it has agreedto farm-out 8.5% of its interest in the Marine XI Block, offshore the Republicof Congo (Brazzaville), to Petrovietnam Exploration Production Corporation Ltd.SOCO EPC will remain as the operator with a 29% working interest in the Block.The remaining interests are held by Lundin Marine SARL (18.75%), Raffia Oil SARL(18.75%), the national oil company, Societe Nationale des Petroles du Congo(15%) and Africa Oil & Gas Corporation (10%). The Block, located in the Lower Congo Basin, is in shallow water adjacent to thecoast with water depths ranging up to 110 metres and covers approximately 1,400square kilometres. There has been previous exploration activity on the Blockresulting in four small oil discoveries, the largest of which has initialrecoverable reserves estimated to be in the 30 to 60 million barrel range. TheMarine XI consortium expects to tender around mid-year for a multi-well drillingprogramme which is likely to commence in the second half of 2008. The assignment of interests is subject to approval of the appropriate regulatoryauthorities of the Government of the Republic of Congo (Brazzaville), waivers ofany third party preferential rights, and certain obligations of Petrovietnam. Ed Story, President and Chief Executive of SOCO, commented: "We have worked very closely with Petrovietnam for many years and are,therefore, pleased that we can assist in expanding their international presenceto West Africa." 4 March 2008 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive and Tel: 020 7747 2000 Chief Financial Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Alisdair Haythornthwaite Tel: 020 7743 6676 NOTES TO EDITORS: SOCO is an international oil and gas exploration and production company,headquartered in London, traded on the London Stock Exchange and a constituentof the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand,the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa)and Angola with production operations in Yemen. Its production operations inYemen are currently the subject of a conditional sale and purchase agreementannounced earlier this year. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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