Business
AGM TRADING AND OPERATIONS UPDATE
AGM TRADING AND OPERATIONS UPDATE.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9173Z Soco International PLC 23 May 2019 \n\n \nSOCO International plc\n(\"SOCO\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\nAGM TRADING AND OPERATIONS UPDATE \nSOCO International plc, an international oil and gas exploration and production company, issues the following Trading and Operations update in advance of the Company's AGM which is being held at 12:30 today. At the meeting, Ed Story, President and Chief Executive Officer, will give a presentation which will be made available on the Company website www.socointernational.com.\n \nEd Story, President and Chief Executive Officer of SOCO, commented,\n\"SOCO has had a positive start to the year with the completion of the Merlon acquisition in April. Having secured a second rig in Egypt we look forward to the commencement of our increased drilling programme. In Vietnam, production is in line with guidance and the 2D seismic acquisition on Blocks 125 & 126 in the under-explored Phu Khanh Basin is progressing well. Whilst we develop our current assets, we continue to pursue new business opportunities to offer a combination of capital growth and returns to our investors. With that in mind, we have proposed a 2018 final dividend of 5.5p per share.\"\nFINANCIAL UPDATE \n \nCash balances as at 30 April 2019 were approx. $87m. Vietnam revenues for January-April were circa $51m. The average realised oil price per barrel from Vietnam achieved for the same period was just over $69/bbl, representing a premium of nearly $4/bbl to Brent. The company has put in place a hedge swap on 822,000 bbls of Vietnam production for a period of twelve months and is actively reviewing further hedging protections. Egyptian revenue from 2 April - 30 April was circa $4m. The average realised oil price per barrel from Egypt achieved for April was approx. $66/bbl, representing a discount of approx. $5/bbl to Brent.\n \nA proposed dividend of 5.5 pence per share for 2018 is expected to be approved at the AGM and to be paid on the 31 May 2019 which amounts to approx. $28m.\n \nThe capital expenditure budget for Vietnam for 2019 remains unchanged at approximately $33m, of which $21m is allocated to the development work of the TGT and CNV fields, and the remaining $12m for the purchase, processing and interpretation o...