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 June 16, 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:
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