SOCO: 2009 Marked Strongest Results to Date

SOCO announced its preliminary results for the year ended December 31, 2009.

HIGHLIGHTS

Financial

  • After tax profit of $51.1 million reflecting full year's earnings from producing assets in South East Asia
  • Current exploration, appraisal and development program fully funded with year end cash, cash equivalent and liquid investments balance of $307.6 million and an additional £99.2 million received from a share placing in Q1 2010

Operational

  • Production averaged 6,415 boepd from Block 9-2 in Vietnam and Bualuang field in Thailand
  • Received sanction of TGT field development and commenced Phase 1 development
  • 3D seismic completed over TGT and TGD - encouraging results ahead of appraisal drilling
  • Drilling program launched with 2 well program in Marine XI Block, offshore Congo

Outlook

  • Biggest exploration program to date targeting over c.600 million barrels of potential recoverable reserves from 2 to 3 high impact exploration wells in the Democratic Republic of Congo (Kinshasa)
  • Appraisal and development drilling on TGD and TGT targeting reserves increase and production ramp up to 50,000 bopd by mid 2011

Ed Story, Chief Executive commented, "2009 are our strongest results to date, marked by start up of activities on our largest development project, record cash position and successful launch of our exploration program. We have carried this momentum into 2010, further strengthening our balance sheet with a £99.2 million share placing and gearing towards de-risking 600 million barrels of potential reserves across our prospects in DRC. With appraisal and development drilling also set to start in Vietnam, 2010 will be an eventful year."

 

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