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STATEMENT ON DISCUSSIONS WITH KUWAIT ENERGY PLC
STATEMENT ON DISCUSSIONS WITH KUWAIT ENERGY PLC.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6460G Soco International PLC 05 March 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\n \n5 March 2018\n \n \nSOCO International plc\n(\"SOCO\" or the \"Company\")\nSTATEMENT ON DISCUSSIONS WITH KUWAIT ENERGY PLC\nOn 8 January 2018, SOCO International plc (\"SOCO\") announced that it was in preliminary discussions with the newly-constituted Board of Directors of Kuwait Energy plc (\"Kuwait Energy\") regarding a potential transaction.\nSOCO confirms that it has terminated these discussions because it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction.\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 and only pursues transactions if they are determined by SOCO's Board to be in the best interest of shareholders. SOCO's Board continues to evaluate opportunities in accordance with these criteria.\nENQUIRIES:\nSOCO International plc\nEd Story, President and Chief Executive Officer\nJann Brown, Managing Director and Chief Financial Officer\nMike Watts, Managing Director\nSharan Dhami, Group Investor Relations Manager\nTel: 020 7747 2000\n \nCamarco\nBilly Clegg\nGeorgia Edmonds\nTel: 020 3757 4980\n \nNOTES TO EDITORS\nSOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange. The company has exploration, field development and production interests in Vietnam and exploration and appraisal interests in the Republic of Congo (Brazzaville) and Angola.\nSOCO holds a 30.5% working interest in the Te Giac Trang Field of Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.\nSOCO holds ...