AGM Statement

Soco International PLC
22 May 2002



                SOCO International plc ('SOCO' or 'the Company')



                    Annual General Meeting Operations Update



SOCO is an international oil and gas exploration and production company,
headquartered in London.  The Company has interests in Vietnam, Mongolia, Yemen,
Libya, Tunisia, Thailand and North Korea with production operations in Yemen,
Tunisia and Mongolia.



At the Annual General Meeting held earlier today, Ed Story, President and Chief
Executive of SOCO, made the following comments:



'Following record earnings and record production in 2001, SOCO will this year
undertake its largest exploration drilling programme to date. The rig is on
location and drilling in the Cuu Long Basin offshore Vietnam will begin within
days with the spudding of the first well on Block 16-1.  This is the first of a
minimum four well drilling programme to be conducted throughout the remainder of
this year and into next year in the Basin.  This well is to be followed by the
initial well on Block 9-2, a second well on Block 16-1 and the final committed
well on Block 9-2. Both Blocks are contiguous to the Bach Ho (approximately
285,000 BOPD) and the Rang Dong  (approximately 55,000 BOPD) producing fields.'



'Due to a transaction earlier this year wherein SOCO farmed out one half of its
interest in both Blocks in Vietnam, the Company is being carried through the
drilling phase up to a maximum of US$ 50 million.'



'Exploration drilling also began earlier in the year in Yemen with the Amani
well drilled in the East Shabwa Development Area.  The rig pulled off the well
after an apparent discovery.  Partners are currently working on a production
test design, to be performed with a workover rig, to evaluate the potential of
the Upper Biyad and Basement reservoirs.'



' A four well drilling programme in the Tamtsag Basin in Mongolia is expected to
commence in June with the first well to be drilled as an offset to a previous
discovery.  The programme will include both exploration and offset appraisal
wells in Contract Area 19.  The Company is currently producing approximately 400
BOPD in test production from other areas of Contract Area 19.'



' During the first four months of 2002, SOCO's crude oil production averaged
6,046 BOPD net to its working interests.'



' In conclusion SOCO has embarked on an unprecedented exploration drilling
programme this year.  While our downside risk has been mitigated by the farm-out
announced earlier this year, we have upside potential far greater than at any
time in the Company's history.  The next twelve months will be an exciting time
for the company.'

                                                                     22 May 2002




Enquiries:


SOCO International plc                               Tel: [phone]
Ed Story, Chief Executive
Roger Cagle, Chief Financial Officer

College Hill                                         Tel: [phone]
James Henderson








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