23 Nov 2015 11:16
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Don't have an account? Click here to register.SOCO International's interim profit plunges on oil prices slump
Wed, 05th Aug 2015 11:50
(ShareCast News) - Oil and gas explorer SOCO International saw its interim pre-tax profit plunge as its revenue was more than halved on the back of a slump in oil prices.In the six months to the end of June, the group saw its profit before tax plummet from $174.7m to $32.7m, while revenue fell from $246.4m to $116.6m.In a statement released on Wednesday, the group, which operates in Vietnam and Africa, said production averages 11,856 barrels of oil equivalent per day in the period.SOCO has lifted its output guidance and it now expects its annual average production to be between 11,000 and 12,000 bpd compared with an initial estimate of between 10,500 and 12,000 bpd.The group has reiterated its capital expenditure guidance for the year at approximately $90m, with $70m allocated to its Vietnam operations and $20m to its Africa-based business, adding work at the Te Giac Trang filed in Vietnam was ahead of schedule."Despite a challenging oil price environment, significant capital expenditure to bring the H5 development to first oil and the $51m in dividends paid to shareholders during the first half of the year, SOCO remains in a strong financial position," said group chief executive ED Story.SOCO shares were down 1.44% to 154.25p at 1104 BST on Wednesday.
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3 Nov 2015 17:39
UPDATE 1-British oil company Soco says no longer holds Congo block permit
(Adds quote, comment from Soco and oil ministry) KINSHASA, Nov 3 (Reuters) - British oil firm Soco International said on Tuesday it no longer holds the exploration licence for a block in eastern Democratic Republic of Congo where it ceased operations last year amid environmental and human r
Read more3 Nov 2015 17:08
British oil company Soco says no longer holds Congo block permit
KINSHASA, Nov 3 (Reuters) - British oil firm Soco International said on Tuesday it no longer holds the exploration licence for the area in the Democratic Republic of Congo's national park where it pulled out of last year following environemntal protests. Soco conducted seismic testing last
Read more14 Oct 2015 17:21
Broker tips: N Brown, ITV, Tullow Oil, Soco International
(ShareCast News) - Investec on Wednesday retained its 'hold' rating on N Brown after the fashion and home shopping retailer reported a decline in half-year profits. The FTSE 250 group, whose shopping brands include plus-size focused Simply Be and Jacamo, lifted revenues 4.2% to £415.8m but saw opera
Read more14 Oct 2015 10:14
Tullow Oil and Soco International slump on Macquarie downgrade
(ShareCast News) - Shares in Tullow Oil and Soco International were under pressure after Macquarie downgraded both stocks to 'neutral' from 'outperform' on valuation grounds, as it took a look at the European exploration and production sector. Macquarie pointed out that crude oil price rose by $10 i
Read more9 Oct 2015 16:28
Friday broker round-up
(ShareCast News) - Ferrexpo: UBS upgrades to neutral, cuts target price to 36.00p. Carillion: Investec Securities downgrades to hold. Target price: 300.00p. Weir Group: RBC Capital Markets downgrades to underperform, bumps down target price to 50.00p. United Utilities Group: Credit Suisse upgrades
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