SOCO International plc ("SOCO" or "the Company")

The Company announces that its subsidiary, SOCO Exploration and Production Congo S.A. ("SOCO EPC"), has entered into a farm-out agreement wherein it has agreed to farm-out 8.5% of its interest in the Marine XI Block, offshore the Republic of Congo (Brazzaville), to Petrovietnam Exploration Production Corporation Ltd. SOCO EPC will remain as the operator with a 29% working interest in the Block. The remaining interests are held by Lundin Marine SARL (18.75%), Raffia Oil SARL (18.75%), the national oil company, Société Nationale des Pétroles du Congo (15%) and Africa Oil & Gas Corporation (10%).

The Block, located in the Lower Congo Basin, is in shallow water adjacent to the coast with water depths ranging up to 110 metres and covers approximately 1,400 square kilometres. There has been previous exploration activity on the Block resulting in four small oil discoveries, the largest of which has initial recoverable reserves estimated to be in the 30 to 60 million barrel range. The Marine XI consortium expects to tender around mid-year for a multi-well drilling programme which is likely to commence in the second half of 2008.

The assignment of interests is subject to approval of the appropriate regulatory authorities of the Government of the Republic of Congo (Brazzaville), waivers of any third party preferential rights, and certain obligations of Petrovietnam.

Ed Story, President and Chief Executive of SOCO, commented:

"We have worked very closely with Petrovietnam for many years and are, therefore, pleased that we can assist in expanding their international presence to West Africa."

4 March 2008


ENQUIRIES:


SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000

Pelham Public Relations
James Henderson. tel: 020 7743 6673
Alisdair Haythornthwaite, tel: 020 7743 6676

NOTES TO EDITORS:


SOCO is an international oil and gas exploration and production company, headquartered in London, traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola with production operations in Yemen. Its production operations in Yemen are currently the subject of a conditional sale and purchase agreement announced earlier this year.
 
 
 
 
 
 
 
 

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