SOCO sees substantial production increase in 2012

FTSE 250 oil and gas group SOCO International said on Wednesday that it saw a whopping 170 per cent increase in production in 2012.

FTSE 250 oil and gas group SOCO International said on Wednesday that it saw a whopping 170 per cent increase in production in 2012.

However, shares were down 2.57% at 386.3p in early trading in morning trade as the firm said that it has extended the deadline for its option to sell its 80% interest in SOCO Cabinda in Angola.

The firm, which back in September that it was looking to "create more value for shareholders", is selling its stake to a minority shareholder which owns the remaining 20%.

The company, which has other interests in Vietnam and the Republic of Congo, said that production net to the company's working interest for 2012 averaged 14,757 barrels of oil equivalent per day (boepd), over 170% higher than in 2011. By January 2013, working interest averaged 18,825 boepd.

The Te Giac Trang (TGT) field in Vietnam performed in line with expectations, with field production ranging from 52-55,000 barrels of oil per day (bopd) in 2012, increasing to 54,702 bopd in January. The ongoing assessment of the TGT field currently estimates resources of 466-958m barrels of oil.

Sales of TGT crude are currently realising a premium of $5-6.50 per barrel to the Brent benchmark crude price.

Meanwhile, production at Ca Ngu Vang in Vietnam averaged 9,760 boepd in January. The firm said that the field needs another well to assess its full potential.

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Why the world’s most important economic data release has unnerved markets
US Economy

Why the world’s most important economic data release has unnerved markets

The US added only 194,000 jobs in September, far shorter than the 500,000 that were expected. John Stepek explains why markets didn't react as they no…
11 Oct 2021