Oil explorer Soco meets production expectations, reviews African market

Soco International reiterated its budget for capital expenditures this year, although the company continues to steady ways to further rationalise its portfolio of African assets.

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That followed a review of its investment plans on the heels of recent stability in the price of oil, the oil explorer said in a statement released ahead of its annual shareholders’ meeting.

The company also maintained its production guidance for the full-year, although it indicated that development of its Te Giac Trang (TGT)/H5 well is currently running ahead of its first oil schedule.

Soco said that year-to -date its average production was running at 11.9 thousand barrels of oil equivalent per day (KBOEPD), in line with its full-year guidance for between 10.5-12.0 KBOEPD – which it reiterated.

The key variable for the remainder of the year is the timing and associated production rates of H5, the company said, the company explained.

Chief executive Ed Story said the company remains committed to realising the potential of the TGT Field.

“Although we are making some progress in this regard, we expect the commencement of production from the H5 platform in several months to serve as the catalyst to bring these efforts into focus," Story said.

A dividend of 10p per share (c.$50 million) is to be approved at the AGM and to be paid on 19 June 2015.
Soco shares were up 0.094% to 182.60p at 10:44 on Wednesday.