Last checked at 5 Mar 2018 07:00
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
5 March 2018
SOCO International plc
("SOCO" or the "Company")
STATEMENT ON DISCUSSIONS WITH KUWAIT ENERGY PLC
On 8 January 2018, SOCO International plc ("SOCO") announced that it was in preliminary discussions with the newly-constituted Board of Directors of Kuwait Energy plc ("Kuwait Energy") regarding a potential transaction.
SOCO confirms that it has terminated these discussions because it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction.
SOCO's Board remains committed to its strategy of shareholder value creation through sustainable cash returns to shareholders and growth of the business. The SOCO team, which has a track record of delivering shareholder value through asset acquisition and monetisation, delivering large scale developments, and returning capital to shareholders, evaluates M&A opportunities with reference to strict strategic, financial and operational criteria and only pursues transactions if they are determined by SOCO's Board to be in the best interest of shareholders. SOCO's Board continues to evaluate opportunities in accordance with these criteria.
ENQUIRIES:
SOCO International plc
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
Tel: 020 7747 2000
Camarco
Billy Clegg
Georgia Edmonds
Tel: 020 3757 4980
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 exploration, field development and production interests in Vietnam and exploration and appraisal interests in the Republic of Congo (Brazzaville) and Angola.
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.
SOCO Exploration and Production SA holds a 40.39% interest and is designated Operator of each of the Lidongo, Viodo, Lideka and Loubana permit areas offshore the Republic of Congo (Brazzaville).