Soco acquires Egypt-focussed Merlon Petroleum

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...

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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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