Proactive Investors - Run By Investors For Investors

SOCO International counts down to Egyptian acquisition

The Merlon acquisition is expected to close in the first half of 2019.
oil and gas operations
Production guidance is pitched at 6,500 to 7,500 boepd.

SOCO International plc (LON:SIA) told investors it is on track to complete its Egyptian acquisition in the first half of this year.

The oiler, in a statement, noted that it has shareholder approval for the deal which is expected to complement and diversify the currently Vietnam portfolio.

It also adds a material hub of operated onshore oil production, the company added.

READ: Columbus Energy achieves production target for 2018 exit

“The acquisition of Merlon is a significant step forward in SOCO's stated objective of expanding and diversifying its resource base to create a full-cycle, growth orientated E&P company of scale that delivers shareholder returns through dividends,” SOCO said in the statement.

In Vietnam, SOCO said it produced an average of 7,274 boepd during 2018, in line with the prior guidance of 7,000 to 7,400 boepd.

Looking to 2019, production guidance is pitched at 6,500 to 7,500 boepd.

The company said that if it is to achieve the higher end of the range it will depend on several operational factors - including the timing of approved well programmes which presently still need rig contracts.

View full SIA profile View Profile

Soco International Timeline

Related Articles

oil and gas operations
July 03 2018
Analyst Ashley Kelty highlighted what could be characterised as favourable environment and opportunity for Rose Petroleum
oil and gas operations
December 04 2018
Farm-out deals and new opportunities are anticipated over the coming months
waste
October 18 2018
If contracts can be agreed, they might result in the installation of Powerhouse’s DMG technology at multiple locations

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use