Last checked at 3 Sep 2018 07:00
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 31 August 2018. The parties to the SPA have agreed an extension of this long stop date to 30 September 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: 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 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.