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 International plc ("SOCO") announces that its 100% owned subsidiary, SOCO North Africa Limited ("SOCO NA") and Oilinvest (Netherlands) B.V. ("Oilinvest"), have signed a Heads of Agreement, subject to contract, ("HOA") with Joint Stock Bank of the Gas Industry Gazprombank (Gazprombank) for Gazprombank to acquire the entire issued share capital of OILSOC Investment Company Limited ("OILSOC"), a company currently owned by Oilinvest (55%) and SOCO NA (45%).

OILSOC's 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. Under terms of the HOA, SOCO NA would receive US$2,454,550 for its net interest in OILSOC. Following completion of the transaction, the ODEX shareholders will be Oilinvest (46%), SOCO NA (34%) and Gazprombank via its OILSOC purchase (20%).

The transaction is subject to formal documentation and approval by the necessary regulatory authorities amongst other things.

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

"We are very pleased to have Gazprombank join the ODEX joint venture. We believe that their expertise in gas handling and production will be invaluable to the group. We also believe that the relationships and financial capability they add to ODEX will only improve an already formidable consortium."

10 April 2003

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

College Hill
Phil Wilson-Brown
Tel: 020 7457 2020
 
 
 
 
 
 
 
 

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