Vietnam Interest Acquisition

Soco International PLC 19 June 2006 SOCO International plc ('SOCO' or 'the Company') Acquisition of Minority Interest in Vietnam 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 interests in Vietnam, Yemen, Thailand and the Republic of Congo with production operations in Yemen. SOCO announces that it has purchased an additional 2% interest in Block 16-1 in the Cuu Long Basin, offshore in the Socialist Republic of Vietnam, taking its total interest in the Block to 30.5%. Exploration drilling on this Block to date has identified an 80 kilometre long play fairway with prospects and leads mapped at multiple horizons, and the Company expects to declare commerciality on the Te Giac Trang prospect in the near future. The purchase of the additional interest in Block 16-1 was carried out by SOCO's wholly owned subsidiary SOCO International (Cayman) Limited, which acquired the entire share capital of Opeco, Inc. from its shareholders on 16 June 2006. Opeco, Inc. holds the entirety of the shareholding of Opeco Vietnam Ltd., which holds a direct 2% interest in Block 16-1 in the Cuu Long Basin, offshore in the Socialist Republic of Vietnam. The consideration paid for the acquisition was US$22,000,000 in cash. Ed Story, President and Chief Executive of SOCO, commented: 'We think this is an extraordinary opportunity to further consolidate our interest in the oil rich Block 16-1. We believe that there is no greater potential reward for every exploration dollar spent than in the Cuu Long Basin in Vietnam.' 19 June 2006 ENQUIRIES: SOCO International plc Roger Cagle Deputy Chief Executive Tel: 020 7747 2000 and Chief Financial Officer Pelham Public Relations James Henderson Tel: 020 7743 6673 Alisdair Haythornthwaite Tel: 020 7743 6676 Notes to editors: SOCO holds its other interests in Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Limited ('SOCO Vietnam'). SOCO Vietnam holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company and following this transaction holds a 30.5% working interest in Block 16-1, which is operated by the Hoang Long Joint Operating Company. This information is provided by RNS The company news service from the London Stock Exchange I
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