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

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.

The Company today announces its Preliminary Results for the year ended 31 December 2007.

2007 HIGHLIGHTS


Operational

Development
  • Progress towards first oil in Vietnam and Thailand


Exploration
Vietnam:
  • Extension of exploration licence on Block 16-1 in Vietnam

  • Unconfirmed significant new discovery on Block 16-1

    • Drilling on TGD-1X side track well commenced in November 2007, but series of minor, unconnected operating problems have delayed final results


West Africa:
  • Continued expansion of the West African portfolio by adding a Block in Angola


Financial

  • Post Tax profits rose to a record high of $32.3 million [2006 : $29.1 million]

  • Post year end disposal of Yemen assets will realise $465 million for reinvestment into existing and new exploration and development opportunities

2008 OUTLOOK


Vietnam:

  • The CNV field on Block 9-2 will come on-stream mid-year

  • The Company is confident that the TGT field on Block 16-1 will be declared commercial before the end of the first half of 2008


Thailand:

  • First production from Bualuang field expected during the second quarter of 2008


West Africa:

  • First of multiple wells to spud in West Africa on Marine XI during the second half of 2008



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

"With near term production from the CNV field in Vietnam and the Bualuang field in Thailand, medium term development and exploration upside in Vietnam and long term exploration potential in West Africa, we are very optimistic about SOCO’s future growth prospects.

"With the proceeds following the disposal of our Yemen interests, we have the financial strength to fund this growth, whilst we look forward with anticipation to the results of the TGD well drilling on the E prospect on Block 16-1 in Vietnam."


ENQUIRIES:


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

Pelham PR
James Henderson
Alisdair Haythornthwaite
Tel: 020 7743 6676

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