Business
RESPONSE TO PRESS SPECULATION
RESPONSE TO PRESS SPECULATION.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2413B Soco International PLC 08 January 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n8 January 2018\n \nSOCO INTERNATIONAL PLC\nRESPONSE TO PRESS SPECULATION\nSOCO International plc (\"SOCO\") notes the recent press speculation regarding a possible transaction with Kuwait Energy plc (\"Kuwait Energy\"). SOCO confirms that, in the context of its stated objective to strategically reshape its business and grow its portfolio, it is evaluating a potential merger of equals with Kuwait Energy. \nDiscussions with Kuwait Energy's newly-constituted Board of Directors are preliminary and no transaction terms have been agreed. \nThere can be no certainty that any agreement will be reached between SOCO and Kuwait Energy or its shareholders. SOCO will update the market as and when it is appropriate to do so.\nSOCO's Board remains committed to its strategy of shareholder value creation through sustainable cash returns to shareholders and growth of the business. The SOCO team, which has a track record of delivering shareholder value through asset acquisition and monetisation, delivering large scale developments, and returning capital to shareholders, evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. Any transaction will be pursued only if it is determined by SOCO's Board to be in the best interest of shareholders.\n \n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\nSOCO International plc\n\n\nTel: +44 (0) 20 7747 2000\n\n\n\n\nEd Story, President and Chief Executive Officer\nJann Brown, Managing Director and Chief Financial Officer\nMike Watts, Managing Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCamarco\n\n\nTel: +44 (0) 20 3757 4980\n\n\n\n\nBilly Clegg\nGeorgia Edmonds\n\n\n\n\n\n\n\n \nFurther Information\nGiven the relative sizes of SOCO and Kuwait Energy, including their respective stated oil & gas reserves, any transaction would be likely to constitute a reverse takeover for SOCO for the purposes of the UK Listing Authority's Listing Rules. Further background and financial information on Kuwait Energy is available on Kuwait Energy's website: ht...