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

SOCO is an international oil and gas exploration and production company, headquartered in London. The Company has interests in Vietnam, Mongolia, Yemen, Libya, Tunisia, and Thailand with production operations in Yemen, Tunisia and Mongolia.

SOCO announces the completion of the transaction announced last year wherein its 100% owned subsidiary, SOCO North Africa Limited ("SOCO NA") and Oilinvest (Netherlands) B.V. ("Oilinvest") agreed to sell the entire issued share capital of OILSOC Investment Company Limited ("OILSOC") to Joint Stock Bank of the Gas Industry Gazprombank ("Gazprombank").

OILSOC assets consist entirely of its 20% shareholding in ODEX Exploration Limited ("ODEX"), a specific purpose upstream joint venture formed by Oilinvest and SOCO NA to identify, develop, produce and market hydrocarbon opportunities in Libya and other countries. SOCO NA received US$2,454,505 for its 45% net interest in OILSOC. The current ODEX shareholders are Oilinvest (46%), SOCO NA (34%) and a subsidiary of Gazprombank via its OILSOC purchase (20%).

5 March 2004


ENQUIRIES:

SOCO International plc
Ed Story, Chief Executive
Roger Cagle, Chief Financial Officer
Tel: 020 7399 3300

College Hill
James Henderson
Tel: 020 7457 2020
 
 
 
 
 
 
 
 

SOCO is aware of attempts to impersonate the company on social media. SOCO does not have a Facebook page.