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Soco International (PHAR)

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Friday 28 September, 2018

Soco International

SALE OF ANGOLAN INTERESTS

RNS Number : 3362C
Soco International PLC
28 September 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 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 30 September 2018. SOCO is pleased to confirm that all substantive conditions precedent to the transaction have been irrevocably satisfied or waived. To allow a brief period to undertake the necessary mechanics of completion, the parties have agreed a further extension of the SPA long stop date to 5 October 2018. An update will be provided to the market when completion occurs.

 

ENQUIRIES:                                                                                      

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

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, 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.

 


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