SALE OF ANGOLAN INTERESTS

RNS Number : 2231Y

Soco International PLC

20 August 2018

 

SOCO International plc

("SOCO" or the "Company" or, together with its subsidiaries, the "Group")

SALE OF ANGOLAN INTERESTS

As announced on 2 July 2018 SOCO has entered into a sale and purchase agreement (SPA) 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.

The long stop date for satisfaction or, where applicable, waiver of the SPA conditions was 17 August 2018. The parties to the SPA have agreed an extension of this long stop date to 31 August 2018 to allow additional time for receipt of the customary approvals required for completion. A further update will be provided to the market in due course.  

ENQUIRIES:                                                                                      

SOCO International plc                                                                                                                                Tel: [phone]

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: [phone]

Billy Clegg          

Georgia Edmonds

Owen Roberts

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 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.

 

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