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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.

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