Re Joint Venture

Soco International PLC
5 November 2001

                  Oilinvest (Netherlands) B.V. ('Oilinvest')

                                     and

                       SOCO International plc ('SOCO')



                      Formation of Upstream Joint Venture



Oilinvest is a private Dutch holding company with interests in all sectors of
the downstream oil industry-supply, refining, distribution, retail and
wholesale marketing and lubricants, as well as being active through associated
companies in a number of related sectors such as bunker sales and trading in
the chemical and petrochemical markets.  It has refineries and retail
operations throughout Europe and in parts of North Africa.



SOCO is a public international oil and gas exploration and production company,
headquartered in London.  The Company has exploration activities in Vietnam,
Mongolia, Yemen, Thailand and North Korea with production operations in Yemen,
Tunisia and Mongolia.



Oilinvest and SOCO announce the formation of a specific purpose upstream joint
venture ('JV'), ODEX Exploration Limited ('ODEX'), initially to identify,
develop, produce and market hydrocarbon opportunities in Libya and the
surrounding countries in northern, central and western Africa.  The joint
venture is held 57% by Oilinvest and 43% by SOCO North Africa Ltd, a
subsidiary of SOCO.  Mutually beneficial, the JV provides Oilinvest with an
entry into the upstream oil and gas industry and provides SOCO with an entry
into areas where it wishes to establish new core business opportunities.



ODEX is expected to be a strong regional contender in the upstream hydrocarbon
sector. Oilinvest brings its specialised financial knowledge and management
strength of its downstream petroleum operations.  As a group experienced in
international upstream operations, SOCO has special expertise and success in
identifying and exploiting complex upstream petroleum opportunities and
accessing international financial networks.  SOCO's financial strength and its
status as a publicly listed company provide access to public financing



ODEX has been formed to capitalise on the strengths of Oilinvest and the SOCO
group to identify and secure delineated oil and gas projects, which by reason
of size, complexity, economic or other reasons are available for development.
ODEX will then pursue oil and gas exploration opportunities in previously
identified prospective regions, which, again by reason of size, complexity,
economic or other reasons are not subject to extensive competition.



                                                               5 November 2001


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James Henderson
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