SOCO International Responds to Press Speculation

Posted On January 10th, 2018 - 9:32 am | by Oil and gas press

SOCO International plc (“SOCO”) notes the recent press speculation regarding a possible transaction with Kuwait Energy plc (“Kuwait Energy”). SOCO confirms that, in the context of its stated objective to strategically reshape its business and grow its portfolio, it is evaluating a potential merger of equals with Kuwait Energy.

Discussions with Kuwait Energy’s newly-constituted Board of Directors are preliminary and no transaction terms have been agreed.

There can be no certainty that any agreement will be reached between SOCO and Kuwait Energy or its shareholders. SOCO will update the market as and when it is appropriate to do so.

SOCO’s Board remains committed to its strategy of shareholder value creation through sustainable cash returns to shareholders and growth of the business. The SOCO team, which has a track record of delivering shareholder value through asset acquisition and monetisation, delivering large scale developments, and returning capital to shareholders, evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. Any transaction will be pursued only if it is determined by SOCO’s Board to be in the best interest of shareholders.

The Company has interests in Vietnam, the Republic of Congo (Brazzaville) and Angola.

Source / More: SOCO International plc

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