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, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola.
The Group today announces its Half Year Results for the six months ended 30 June 2008.
Significant Operational Progress
Balance Sheet Strengthened
Ed Story, President and Chief Executive of SOCO, commented:
“What differentiates SOCO from its peers is a focus on building value through the drill bit and then realising that value at the appropriate point in an asset’s lifecycle. The success of this strategy has been demonstrated in the first half of 2008.
The Group’s balance sheet has been transformed by the sale of our Yemen interests, the proceeds of which provide us with financial flexibility as we drive forward our operational programmes in both Vietnam and West Africa. The combination of near term production cashflow increases, medium term development projects and exciting reserves upside potential from the “E” discovery and the Group’s West Africa portfolio means SOCO is well positioned to create stakeholder value going forward.”
Click here to view the full announcement.
28 August 2008
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
SOCO is aware of attempts to impersonate the company on social media. SOCO does not have a Facebook page.