Business
INTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE 2017
INTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE 2017.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5697Q Soco International PLC 13 September 2017 \n\nSOCO International plc\n(\"SOCO\" or the \"Company\")\nINTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE 2017\nSOCO, an international oil and gas exploration and production company, today announces its Interim Results for the half year ended 30 June 2017 (\"1H 2017\").\nEd Story, President and Chief Executive Officer, commented:\n\"Underpinned by financial strength that has endured low oil prices and harsh macro-economics, whilst delivering sustained cash returns to shareholders, our tenacity was rewarded on many fronts in the first half of 2017. The $42.7m payable associated with the 2005 sale of our Mongolia assets was recovered in full, whilst in Vietnam, the TGT Full Field Development Plan was formally approved, additional water-handling construction commenced and development infill drilling was completed on time and within budget. In Congo (Brazzaville), favourable terms on the Lidongo Permit were achieved, with potential for three further permits to be agreed. We remain confident that, as we focus on strategically reshaping the business and growing our portfolio, we will continue to deliver substantive value to shareholders.\"\n \nOPERATIONAL HIGHLIGHTS\nVietnam\n· Stable rates of production during 1H 2017, averaged 29,600 BOEPD gross and 8,606 BOEPD net to SOCO's working interest (1H2016: 37,180 BOEPD and 10,862 BOEPD, respectively).\no Te Giac Trang (\"TGT\") production averaged 7,056 BOEPD net (1H2016: 9,252 BOEPD)\no Ca Ngu Vang (\"CNV\") production averaged 1,550 BOEPD net (1H2016: 1,610 BOEPD)\n· Full Field Development Plan for TGT approved in February 2017\n· Two infill wells, TGT-30P on the H1-WHP and TGT-29P on the H5-WHP, executed on time and within budget\no TGT-30P producing at 2,500 BOEPD and TGT-29P producing at 1,600 BOEPD\n· Installation of new processing equipment on the TGT H1 Wellhead Platform (\"WHP\") currently well advanced which will allow for higher levels of water management and oil production\nRepublic of Congo (Brazzaville)\n· Discussion to improve the commercial terms of the 20-year Lidongo Permit concluded in 1Q 2017\no Discussions with the authorities and the Marine XI...