IFRS

Soco International PLC
23 September 2005

                             SOCO International plc
                           ('SOCO' or 'the Company')


         Adoption of International Financial Reporting Standards (IFRS)


SOCO is an international oil and gas exploration and production company,
headquartered in London traded on the London Stock Exchange and a constituent of
the FTSE 250 Index. The Company has continuing interests in Vietnam, Yemen,
Libya, Thailand and the Republic of Congo with ongoing production operations in
Yemen.


SOCO today publishes the restatement of its 2004 comparative financial
information from UK Generally Accepted Accounting Practices (UK GAAP) to IFRS in
US dollars.  With effect from 1 January 2005 SOCO will report its results in
accordance with IFRS.  Additionally, SOCO's financial statements will be
presented in US dollars, following the decision by the Group to adopt US dollars
as its presentation currency reflecting the primary economic environment in
which the Group operates.


On 27 September 2005 the Group will publish its interim results for the six
months ended 30 June 2005, which will be the first results to be prepared under
IFRS and in US dollars, and will include IFRS comparative financial information
for the six months ended 30 June 2004.  The Group will present its first annual
report and accounts under IFRS in US dollars for the year ended 31 December
2005, which will include comparative IFRS financial information for the year
ended 31 December 2004.  The Group's date of transition to IFRS is 1 January
2004.


Changes to the Group's reported financial information for the year ended 31
December 2004 as a result of the adoption of IFRS are summarised as follows:


  
                                                    UK GAAP      Conversion to US    Change under          IFRS
                                                                      Dollars            IFRS
                                                      £'000             $'000             $'000             $'000

Income Statement

Operating profit                                    12,438            22,830               641            23,471
                                                                                           
Profit after tax                                    15,499            28,930               641            29,571
                                                                                           
Earnings per share (basic)                           22.2p             41.5c              0.9c             42.4c

Balance Sheet

Net Assets                                         134,356           258,027          (10,840)           247,187


Changes arise principally due to the following adjustments:

•  IFRS 2 'Share-based Payment': The fair value of share based incentive
awards is calculated at the date of grant using an option pricing model and is
recognised over the performance period.  Under UK GAAP, the intrinsic value of
the awarded shares at grant date is recognised over the performance period.

•  IFRS 6 'Exploration for and Evaluation of Mineral Resources':
Pre-licence acquisition costs have been expensed as incurred and income on the
sale of exploration ventures has been recognised when realised.  Under UK GAAP,
these costs net of the income were included in intangible fixed assets pending
determination of commerciality.  Further, under UK GAAP the level at which
assets were aggregated for impairment assessment was higher than under IFRS,
giving rise to an additional impairment on transition.

•  SOCO has chosen to adopt the US dollar as its presentation currency in
accordance with IAS 21 'The Effects of Changes in Foreign Exchange Rates'.
SOCO's UK GAAP financial statements were prepared using pounds sterling as the
reporting currency.


Additionally, changes in the form and presentation of the financial information
have been implemented in compliance with IAS 1 'Presentation of Financial
Statements', IAS 7 'Cash Flow Statements' and IAS 16 'Property, Plant and
Equipment'.


The full text of the Group's restatement of 2004 financial information upon
adoption of IFRS is available on SOCO's website within the Financials section.
The document includes the preliminary comparative 2004 financial information for
the year ended 31 December 2004 and the six months ended 30 June 2004, the
opening balance sheet as at 1 January 2004, and the relevant audit and review
reports addressed by Deloitte & Touche LLP to the Directors of SOCO. The
document additionally includes the Group's accounting policies as revised to
reflect IFRS.


SOCO's website can be accessed at www.socointernational.co.uk.


                                                               23 September 2005


ENQUIRIES:

SOCO International plc

Roger Cagle                       Deputy Chief Executive                          Tel: [phone]
                                  and Chief Financial Officer

Pelham Public Relations

James Henderson                                                                   Tel: [phone]
Charles Vivian                                                                    Tel: [phone]


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            The company news service from the London Stock Exchange