SOCO is rebuilding its business with the proposed USD215 million acquisition of Merlon Petroleum.
Merlon will significantly diversify the SOCO business adding Egypt as a new base from which to build a MENA portfolio. The acquisition will double SOCO's 2P reserves and production through the addition of 24mmbbl of oil.
Merlon's key asset is its 100% interest in the El Fayum licence which currently produces at c.7,000bbopd. The block contains 37mmbbl...
