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Soco International confirms growth spending plan ahead of AGM

The oiler's AGM will take place in Knightsbridge, London at 10:00am this morning
oil and gas operations
Soco will pay a 5.25p final dividend to shareholders

Soco International Plc (LON:SIA) chief executive Ed Story has told investors that the oiler remains committed to growing the business – it is spending US$40mln on development and exploration this year, and it is looking at selective acquisition opportunities.

It comes ahead of Soco’s annual general meeting scheduled for 10:00am today, where shareholders are expected to rubber stamp a proposed 5.25p per share final dividend.

READ: Shell downgraded by SocGen which now prefers BP

In the statement, Soco revealed that it had a US$150mln cash balance at the end of May, and, that it generated some US$72mln of revenue in the first five months of the year, with an average realised oil price of US$73 per barrel which is a US$3 premium to the Brent crude price.

Story said: “SOCO remains committed to growing the business, sustainable cash flow generation and returns to shareholders.

“We are pleased to have secured rigs for commencement of our Vietnam drilling programme on TGT and CNV and are very much looking forward to progressing the evaluation of Blocks 125 & 126 in the under-explored Phu Khanh Basin.”

He added: “We continue to focus on evaluating opportunities that are in line with our growth strategy and that will be value accretive for our shareholders."

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