18th Aug 2005 08:09
Soco International PLC18 August 2005 SOCO International plc ("SOCO" or "the Company") Completion of Sale of Mongolian Assets 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 continuing interests in Vietnam, Yemen,Libya and Thailand with ongoing production operations in Yemen. SOCO announces the completion of the sale of its wholly owned subsidiariesholding the entirety of its interests in the Tamtsag Basin in Mongolia to DaqingOilfield Limited Company, a subsidiary of PetroChina, as set out in itsannouncement of 1 April 2005. The transaction was approved by SOCO shareholdersat an EGM on 10 May 2005. Following completion of the sale, the Company has received the first tranche ofcash consideration of approximately US$ 29.6 million, following the applicablesettlement adjustments. As agreed the second tranche of cash consideration ofUS$10 million has been paid into an escrow account for release to the Company in18 months contingent upon the conditions as earlier announced. A subsequentpayment of up to US$53 million will be tied to future production from thedivested interests in excess of 27.8 million barrels. With the receipt of the first tranche cash consideration, SOCO currently has anet cash balance of approximately US$90 million. 18 August 2005 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive and Tel: 020 7747 2000 Chief Financial Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Charles Vivian Tel: 020 7743 6672 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pharos Energy