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

SOCO is an international oil and gas exploration and production company, headquartered in London traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand, the Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa) with production operations in Yemen.

The Company announces that its subsidiary, SOCO Exploration and Production Congo ("SOCO EPC"), has entered into a farm-out agreement wherein it has agreed to farm-out 18.75% of its interest in the Marine XI block, offshore the Republic of Congo (Brazzaville), to each of a subsidiary of Lundin Petroleum AB and Raffia Oil SARL. SOCO EPC will remain as the operator with a 37.5% working interest in the block. The exploration and production branch of SNPC (15%) and Africa Oil & Gas Corporation (10%) hold the remaining interests.

The block, located in the Lower Congo Basin, is in shallow water adjacent to the coast with water depths ranging up to 110 metres and covers approximately 1,400 square kilometres. There has been previous exploration activity on the block resulting in four small oil discoveries, the largest of which has initial recoverable reserves estimated to be in the 30 to 60 million barrel range. A contract has been awarded to PGS Overseas AS for the acquisition of a 1,200 square kilometre 3D seismic programme. The Ramform Explorer is expected to begin acquisition in early October.
The assignment of interests in the Agreement is subject to approval of the appropriate regulatory authorities of the Government of the Republic of Congo (Brazzaville).

06 September 2006



ENQUIRIES:


SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000

Pelham Public Relations
James Henderson, Tel: 020 7743 6673
Alisdair Haythornthwaite, Tel: 020 7743 6676
 
 
 
 
 
 
 
 

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