Dividend Declaration

RNS Number : 3846K

Soco International PLC

21 September 2016

 

SOCO International plc

("SOCO" or the "Company")

DIVIDEND DECLARATION

In the Company's Interim Results announcement on 3 August 2016, the Company indicated an additional distribution to shareholders would be considered later in 2H2016 within the parameters of the Board's previously stated approach to capital discipline. This approach includes retaining a strong balance sheet under all reasonable oil price scenarios and flexibility to invest organically and inorganically in attractive risk/return profile ‎projects. 

Following due consideration, the Board today announces an interim dividend of 2 pence per ordinary share, amounting to approximately $9m. 

SOCO remains committed to its strategy of delivering sustainable cash returns to shareholders. This is underpinned by a disciplined approach to capital expenditure, and careful analysis and minimisation of exposure to the industry risks and uncertainties.

SOCO's track record of effective management of its asset and capital base has enabled it to return over $440m to shareholders over the last ten years through dividends, capital returns and share buybacks. This continued in 1H2016, during which SOCO returned $9.4m to shareholders via a final dividend for 2015.

The key dates for this interim dividend are as follows:

Ex-Dividend Date *         29 September 2016

Record Date **                 30 September 2016

Payment Date                   21 October 2016

* The sellers of any shares sold on or after the ex-dividend date will retain the right to receive the interim dividend.

** Only shareholders on the SOCO International plc share register on the record date will receive the interim dividend.

The relevant accounts are the Company's last annual accounts which are available from the Registrar of Companies and are also available to view and download from the Company's website at www.socointernational.com and from the National Storage Mechanism's website at http://www.morningstar.co.uk/uk/NSM.

ENQUIRIES:

SOCO International plc

Roger Cagle, Deputy Chief Executive and Chief Financial Officer

Tel: [phone]

Bell Pottinger

Nick Lambert

Elizabeth Snow

Tel: [phone]

NOTES TO EDITORS

SOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange. The Company has field development and production interests in Vietnam and exploration and appraisal interests in the Republic of Congo (Brazzaville) and Angola.

 

END

 

 

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