6th Sep 2006 15:08
Soco International PLC06 September 2006 SOCO International plc ("SOCO" or "the Company") Marine XI Farm-out Agreement SOCO is an international oil and gas exploration and production company,headquartered in London traded on the London Stock Exchange and a constituent ofthe FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand, theRepublic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa)with production operations in Yemen. The Company announces that its subsidiary, SOCO Exploration and Production Congo("SOCO EPC"), has entered into a farm-out agreement wherein it has agreed tofarm-out 18.75% of its interest in the Marine XI block, offshore the Republic ofCongo (Brazzaville), to each of a subsidiary of Lundin Petroleum AB and Raffia Oil SARL. SOCO EPC will remain as the operator with a 37.5% working interest in the block. The exploration and production branch of SNPC (15%) and Africa Oil & Gas Corporation (10%) hold the remaining interests. 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. Acontract has been awarded to PGS Overseas AS for the acquisition of a 1,200square kilometre 3D seismic programme. The Ramform Explorer is expected tobegin acquisition in early October. The assignment of interests in the Agreement is subject to approval of theappropriate regulatory authorities of the Government of the Republic of Congo(Brazzaville). 06 September 2006 ENQUIRIES: SOCO International plcRoger Cagle, Deputy Chief Executive and Chief Financial OfficerTel: 020 7747 2000 Pelham Public RelationsJames Henderson, Tel: 020 7743 6673Alisdair Haythornthwaite, Tel: 020 7743 6676 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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