Soco Reports First Half 2004 Results



SOCO announces interim results for the half year ended June 30, 2004.

HIGHLIGHTS

  • 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."
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