19th Jun 2006 07:01
Soco International PLC19 June 2006 SOCO International plc ("SOCO" or "the Company") Acquisition of Minority Interest in Vietnam 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 andthe Republic of Congo with production operations in Yemen. SOCO announces that it has purchased an additional 2% interest in Block 16-1 inthe Cuu Long Basin, offshore in the Socialist Republic of Vietnam, taking itstotal interest in the Block to 30.5%. Exploration drilling on this Block to datehas identified an 80 kilometre long play fairway with prospects and leads mappedat multiple horizons, and the Company expects to declare commerciality on the TeGiac Trang prospect in the near future. The purchase of the additional interest in Block 16-1 was carried out by SOCO'swholly owned subsidiary SOCO International (Cayman) Limited, which acquired theentire share capital of Opeco, Inc. from its shareholders on 16 June 2006.Opeco, Inc. holds the entirety of the shareholding of Opeco Vietnam Ltd., whichholds a direct 2% interest in Block 16-1 in the Cuu Long Basin, offshore in theSocialist Republic of Vietnam. The consideration paid for the acquisition wasUS$22,000,000 in cash. Ed Story, President and Chief Executive of SOCO, commented: "We think this is an extraordinary opportunity to further consolidate ourinterest in the oil rich Block 16-1. We believe that there is no greaterpotential reward for every exploration dollar spent than in the Cuu Long Basinin Vietnam." 19 June 2006 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive Tel: 020 7747 2000 and Chief Financial Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Alisdair Haythornthwaite Tel: 020 7743 6676 Notes to editors: SOCO holds its other interests in Vietnam, all in the Cuu Long Basin offshore,through its 80% owned subsidiary SOCO Vietnam Limited ("SOCO Vietnam"). SOCOVietnam holds a 25% working interest in Block 9-2, which is operated by the HoanVu Joint Operating Company and following this transaction holds a 30.5% workinginterest in Block 16-1, which is operated by the Hoang Long Joint OperatingCompany. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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