Last checked at 24 Jun 2019 07:00
SOCO International plc
("SOCO" or the "Company" or, together with its subsidiaries, the "Group")
Syndication OF the RBL
SOCO International plc, an international oil and gas exploration and production company, is pleased to announce that DBS Bank has joined as a lending bank with effect from 18 June 2019 following the syndication of the Group's existing Reserve Based Lending ("RBL") facility.
The RBL facility is secured against the Group's producing assets in Vietnam and DBS Bank joins BNP Paribas, Crédit Agricole Corporate and Investment Bank and Standard Chartered Bank.
All features of the facility remain as originally announced on 17 September 2018. The RBL has a five-year term and matures in September 2023. The security of the facility remains unchanged.
Of the available facility $100m is currently drawn and was used to fund part of the cash consideration for the acquisition of Merlon Petroleum El Fayum Company, which completed on 2 April 2019.
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 Head of Investor Relations
Camarco Tel: 020 3757 4980
Billy Clegg/ Owen Roberts/Monique Perks
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 a vision and strategy to become a full cycle and growth orientated E&P company of scale.
SOCO has production, development and exploration interests in Vietnam.
SOCO holds a 30.5% working interest in the Te Giac Trang Field in 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 in 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.
In April 2019, SOCO acquired a 100% working interest in the onshore El Fayum concession in the Western Desert, Egypt, around 80km south west of Cairo. The concession includes ten active development leases for oil fields operated by Petrosilah, an Egyptian joint stock company held 50 / 50 between the SOCO Group and the Egyptian General Petroleum Corporation.