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 today announces interim results for the six months ended 30 June 2003.

HIGHLIGHTS
- CNV-2X appraisal well in Vietnam confirms deeper and more extensive oil column in CNV structure
- Basement discovery in Yemen (2,000 gross BOPD) indicates significant reserve upside
- New pool discovery in Mongolia in previously untested formation
- Successful appraisal well in Tunisia (3,200 gross BOPD)
- Gazprombank acquired equity stake in SOCO and has signed a Heads of Agreement to acquire 20% stake in SOCO's Libya joint venture
- Turnover of £11.7 million (2002: £12.4 million)
- Net profit of £2.5 million (2002: £3.0 million)
- Earnings per share of 3.7 pence (2002: 4.4 pence)

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

"The first half of the year was extremely active. From an operational standpoint, we now believe the reserve potential of our position in Vietnam will substantially exceed our original expectations. However, we recognise that sufficient time will be required to fully demonstrate the magnitude of this resource. This coupled with the significant successes in Yemen, Tunisia and Mongolia provides a very bright outlook.

The addition of Gazprombank to our joint venture in Libya significantly expands the scope and scale of the opportunities available to the ODEX joint venture."



ENQUIRIES:

SOCO International plc

Ed Story, President and Chief Executive
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7457 2020 (today)
Tel: 020 7399 3300 (thereafter)

College Hill
James Henderson
Phil Wilson-Brown
Tel: 020 7457 2020

To download the published Interim Report

 
 
 
 
 
 
 
 

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