SOCO announces interim results for the half year ended June 30, 2004.
Operating profit of £4.1 million (2003: £4.2 million)
Net profit of £2.0 million (2003: £2.5 million)
Earnings per share of 2.9p (2003: 3.6p)
Cash balance of £26.7 million at half year end
Finalized the sale of an interest in ODEX creating a consortium of SOCO (34%), Oilinvest (46%) and Gazprombank (20%) in the special purpose entity to progress initiatives in Libya and other countries
Continued reinterpretation of existing 3D seismic and acquisition of 650 sq km of new 3D seismic in Vietnam prior to commencement of drilling in Q1 2005
3D seismic program completed in Mongolia with two wells drilled, both apparent discoveries, and a third well spudded
First ever deviated Basement well drilling in East Shabwa in Yemen
Ed Story, President and Chief Executive of SOCO, said:
"Following an extended period of quiet preparation, the release of interim results coincides with the commencement of a very active drilling program for SOCO, one that I believe has company transforming potential."