Last checked at 28 Jun 2010 07:00
SOCO International plc
('SOCO' or 'the Company')
Presidential Decree for Block 5 in Democratic Republic of Congo
The Company has been informed by its wholly owned subsidiary SOCO Exploration Production DRC SPRL that the Production Sharing Agreement for Block 5 in the Albertine Graben area of the Democratic Republic of Congo ("DRC") has received the Presidential Decree, the final step in the concession award of the block.
The Block, operated by SOCO Exploration Production DRC SPRL, is located at the southern end of the Albertine Rift system and includes part of Lake Edward. During the initial five year exploration period the Block 5 partnership have committed to acquire at least 300 km of seismic data and drill two exploration wells.
The Block 5 partnership consists of SOCO Exploration Production DRC SPRL holding 38.25%, Dominion Petroleum Congo SPRL with 46.75% and the state oil company of the Democratic Republic of Congo Congolaise des Hydrocarbures ("COHYDRO") with 15%.
28th June 2010
ENQUIRIES:
SOCO International plc Tel: 020 7747 2000
Antony Maris, Vice President - Operations and Production
Pelham Bell Pottinger Tel: 020 7861 3232
James Henderson
Evgeniy Chuikov
NOTES TO EDITORS:
SOCO is an international oil and gas exploration and production company, headquartered in London, traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in Vietnam, Thailand, Angola, the Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa) with production operations in Vietnam and Thailand.
SOCO holds its interests in the Democratic Republic of Congo through its 80% owned subsidiary SOCO Exploration Production DRC SPRL.