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Sunday, September 15, 2019
SOCO International has announced its Interim Results for the six months ended 30 June 2019. The company ended the period with a total group working interest production of 12,541 boepd from Egypt (91 days) and Vietnam (181 days), a significant increase from H1 2018 results of 7,748 boepd. The company also implemented initiatives for Greenhouse Gas (GHG) emissions reduction in Egypt.
Ed Story, President and Chief Executive Officer, commented: “‘We are pleased with the strategic progress SOCO has made in the first half of the year. We completed the acquisition of Merlon, and successfully integrated the business. The acquisition significantly increases group reserves, resources and production, and importantly gives SOCO the diversified base to grow production further. The Egyptian assets complement our Vietnamese portfolio and allow us to invest cash flow into activities focused on increasing reserves and production.
Storey continued: “We look forward to a busy second half of the year as we implement our increased drilling program in Egypt and continue to focus on meeting production guidance in Vietnam. To further SOCO’s ongoing commitment to operating a sustainable business, a new ESG Board Committee, to be chaired by John Martin, has been established to ensure that SOCO is striving for the highest standards across all Environment, Social and Governance matters.”
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