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21 Sep 2016 07:00
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: 020 7747 2000
Bell Pottinger
Nick Lambert
Elizabeth Snow
Tel: 020 3772 2500
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.
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