SOCO terminates merger talks with Kuwait Energy

Soco has formally terminated merger talks with Kuwait Energy over valuation differences. Full press release from Soco below. On 8 January 2018, SOCO International plc (“SOCO”) announced that it was in preliminary discussions with the newly-constituted Board of Directors of Kuwait Energy plc (“Kuwait Energy”) regarding a potential transaction. SOCO confirms that it has terminated these discussions because it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction. SOCO’s Board remains committed to its strategy...

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Dragon Oil increases stake in Block 9 to 45% from Kuwait Energy

Kuwait Energy has farmed out a 15% interest in Block 9, Iraq to Dragon Oil. Kuwait Energy will reduce its interest to 45% and Dragon Oil will increase its stake to 45%. The 15% will be made up of the following: 8.57% for USD100 million cash; 6.43% in settlement of a dispute in favour of Dragon Oil Full press release by Kuwait Energy follows: Kuwait Energy Company is pleased to announce the signing of the Block 9, Iraq Farm-out Agreement with Dragon Oil Plc (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the national oil company...

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