Soco Completes Sale of OILSOC Shares to Gazprombank

SOCO has completed the transaction announced last year wherein its 100% owned subsidiary, SOCO North Africa Limited and Oilinvest (Netherlands) B.V. agreed to sell the entire issued share capital of OILSOC Investment Company Limited to Joint Stock Bank of the Gas Industry Gazprombank.

OILSOC assets consist entirely of its 20% shareholding in ODEX Exploration Limited, a specific purpose upstream joint venture formed by Oilinvest and SOCO NA to identify, develop, produce and market hydrocarbon opportunities in Libya and other countries. SOCO NA received US$2,454,505 for its 45% net interest in OILSOC. The current ODEX shareholders are Oilinvest (46%), SOCO NA (34%) and a subsidiary of Gazprombank via its OILSOC purchase (20%).