Business
2018 PRELIMINARY RESULTS
2018 PRELIMINARY RESULTS.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9543R Soco International PLC 06 March 2019 \n\n \n SOCO International plc\n(\"SOCO\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n2018 PRELIMINARY RESULTS \nSOCO International plc, an international oil and gas exploration and production company, announces its preliminary results for the year ended 31 December 2018.\n \nEd Story, President and Chief Executive Officer of SOCO, commented,\nIn 2018 SOCO set out its vision to become a full cycle and growth orientated E&P company of scale. We made some significant steps towards achieving this in 2018, including the announcement and shareholder approval of the Merlon Petroleum El Fayum Company acquisition, putting in place SOCO's new debt facility and portfolio optimisation through the divestment of our West African position. A year of opportunities and achievements, but 2018 has also had its challenges, including operational issues and delays which impacted on production from Vietnam. Upon completion, the Merlon acquisition will mark a significant turning point for SOCO, as we double our production, open up a whole new region of potential future opportunities and welcome key members of the Merlon team with a track record and proven ability to create value in Egypt. We look to deliver on increased production in Egypt and on our exploration plans in both Egypt and Vietnam. We remain committed to creating value for our shareholders through a combination of capital growth and capital returns. I am pleased that the Board has decided to recommend a 2018 final dividend of 5.5p per share, a 5% increase on 2017. In addition, we have repositioned SOCO to support further growth in the wider Middle East and North Africa region, both organically and through additional mergers and acquisitions.\n2018 STRATEGIC HIGHLIGHTS \n· Shareholder approval of the Merlon transaction in Egypt with completion on track for 1H 2019 - the acquisition will;\n- Add proven and probable (2P) reserves of 24 million barrels and contingent (2C) resources of 37 million barrels\n- Complement and diversify SOCO's existing Vietnam-focused portfolio and create a new hub for our business in Egypt\n- Increase SOCO's through-cycle financial resilience through Merlon's low cost re...