Oilinvest (Netherlands) B.V. ("Oilinvest") and SOCO International plc ("SOCO");

Oilinvest is a private Dutch holding company with interests in all sectors of the downstream oil industry-supply, refining, distribution, retail and wholesale marketing and lubricants, as well as being active through associated companies in a number of related sectors such as bunker sales and trading in the chemical and petrochemical markets. It has refineries and retail operations throughout Europe and in parts of North Africa.

SOCO is a public international oil and gas exploration and production company, headquartered in London. The Company has exploration activities in Vietnam, Mongolia, Yemen, Thailand and North Korea with production operations in Yemen, Tunisia and Mongolia.


Oilinvest and SOCO announce the formation of a specific purpose upstream joint venture ('JV'), ODEX Exploration Limited ('ODEX'), initially to identify, develop, produce and market hydrocarbon opportunities in Libya and the surrounding countries in northern, central and western Africa. The joint venture is held 57% by Oilinvest and 43% by SOCO North Africa Ltd, a subsidiary of SOCO. Mutually beneficial, the JV provides Oilinvest with an entry into the upstream oil and gas industry and provides SOCO with an entry into areas where it wishes to establish new core business opportunities.

ODEX is expected to be a strong regional contender in the upstream hydrocarbon sector. Oilinvest brings its specialised financial knowledge and management strength of its downstream petroleum operations. As a group experienced in international upstream operations, SOCO has special expertise and success in identifying and exploiting complex upstream petroleum opportunities and accessing international financial networks. SOCO's financial strength and its status as a publicly listed company provide access to public financing

ODEX has been formed to capitalise on the strengths of Oilinvest and the SOCO group to identify and secure delineated oil and gas projects, which by reason of size, complexity, economic or other reasons are available for development. ODEX will then pursue oil and gas exploration opportunities in previously identified prospective regions, which, again by reason of size, complexity, economic or other reasons are not subject to extensive competition.

ENQUIRIES:

Soco International PLC
Rui de Sousa
+377 607 930 070
+377 93 15 12 12

College Hill 020 7457 2020
James Henderson
Archie Berens
 
 
 
 
 
 
 
 

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