SOCO INTERNATIONAL PLC

SOCO is an international oil and gas exploration and production company, headquartered in London with operations in Mongolia, Yemen, European Russia, Thailand, Tunisia, Vietnam and North Korea.

Download accounts Jan-June 2000 (Zipped PDF file 0.4mb)

Interim Results for the half year ended 30 June 2000

Through the acquisition of Torobex, SOCO has also formed an association with an investor group with access to a range of production and development opportunities in the Middle East and North and West Africa. SOCO today announces record interim results for the half year ended 30 June 2000.

HIGHLIGHTS

* Turnover increased 140% to £20.4 million (1999: £8.5 million)

* Net income rose over ten fold to £8.7 million (1999: £0.6 million)

* Basic earnings per share grew ten fold to 12.7p (1999: 1.2p)

* Further reduction in per barrel operating costs to £3.40 (1999: £3.74)

* Cash balances increased to £34.9 million (1999: £7.0 million)

* Active exploration programme in Mongolia with three successful wells

* Agreement with Huabei Oilfield Services saving US$1.7 million per well

* Average daily production increased 22% to 8,525 BOPD (1999: 6,985 BOPD)

Ed Story, Chief Executive of SOCO, said:

"These record results are attributable to both the sharp increase in oil prices during the year as well as the Group's rise in daily production. With a strong net cash position SOCO is in a better position than most to exploit the high oil price environment.

"Our forward strategy is clear. We intend to exploit our exploration portfolio during an unprecedented period of relatively low service costs. We will also continue to look for meaningful portfolio opportunities in the Middle East and North and West Africa."
21 September 2000
Enquiries:

SOCO International plc Tel: 020 7457 2020 (today)
Ed Story, Chief Executive Tel: 020 7399 3300 (thereafter)
Roger Cagle, Chief Financial Officer

College Hill Tel: 020 7457 2020
James Henderson
 
 
 
 
 
 
 
 

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