Soco Announces Major Exploration as Profit Rolls in

12 August 2009 (Last Updated August 12th, 2009 18:30)

British company Soco International has reported a first-half profit after tax of $31.6m on revenues of $66.6m for the first six months of 2009. It hopes to continue its success with an extensive exploration and appraisal programme in the waters off Vietnam and Africa over the next 12 t

British company Soco International has reported a first-half profit after tax of $31.6m on revenues of $66.6m for the first six months of 2009.

It hopes to continue its success with an extensive exploration and appraisal programme in the waters off Vietnam and Africa over the next 12 to 18 months, where it believes it can find 600 million barrels of oil.

Soco, which acquired projects in Vietnam and Thailand during the second half of 2008, reported a total production of 6,734 barrels of oil equivalent per day (boepd), up from 6,501boepd last year.

The new exploration campaign will be the company's biggest yet if it goes ahead, Soco CEO Ed Story said.

The company plans to begin drilling in the Congo this month and its Vietnam projects are awaiting final regulatory approvals.

“Soco is well positioned to continue to deliver growth and value to shareholders,” Story said.