Completion of sale - Angolan interests
As announced on 2 July 2018, SOCO entered into a sale and purchase agreement for the sale of the Group’s entire 80% shareholding in SOCO Cabinda Limited, the company holding a 22 percent, non-operating, working interest in the production sharing contract for the Cabinda North Block, Angola.
Further to its announcement on 28 September 2018, SOCO is delighted to announce that the sale has now completed, and it has received the total cash consideration of US$5 million in cleared funds together with a minor further payment to cover funding requirements after 30 June 2018.
SOCO International plc Tel: 020 7747 2000
Ed Story, President and Chief Executive Officer
Jann Brown, Managing Director and Chief Financial Officer
Mike Watts, Managing Director
Sharan Dhami, Group Investor Relations Manager
Camarco Tel: 020 3757 4980
NOTES TO EDITORS
SOCO is an international oil and gas exploration and production company, headquartered in London and listed on the London Stock Exchange. The Company has field development, exploration and production interests in Vietnam.
SOCO holds a 30.5% working interest in the Te Giac Trang Field of Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.
SOCO holds a 25% working interest in the Ca Ngu Vang field of Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Block 9-2 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.
SOCO holds a 70% interest in and is designated operator of Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, offshore central Vietnam.
On 20 September 2018, SOCO announced its proposed acquisition of Merlon Petroleum El Fayum Company, a privately-owned oil and gas company with a 100% operated working interest in the onshore El Fayum concession in Egypt for a consideration comprising cash and the issue of new SOCO shares. The acquisition is subject to certain conditions, including the approval of SOCO shareholders in general meeting.