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Soco International H1 Profit, Revenue Down On Weak Prices; Production Up

Soco International Plc. (SIA.L), an oil and gas exploration and production company, reported Wednesday that its first-half operating profit fell to $20.7 million from $27.8 million last year. Gross profit declined to $32.4 million from prior year's $38.3 million.

Group revenue was $91.8 million, down from last year's $93.2 million.

Total Group working interest production, however, grew to 12,541 boepd from 7,748 boepd last year.

Oil Price Realised dropped to $69.04 per barrel from $74.08 per barrel last year. Oil & Gas Price Realised declined to $61.96 per boe from $66.06 per boe a year ago.

Looking ahead, the company noted that in Egypt, production guidance for the El Fayum concession continues to be a 2019 exit rate of 6,500 bopd. In Vietnam, production guidance for 2019 remains unchanged at an average of 6,500-7,500 boepd for the full year

Further, SOCO said it will be hosting a Capital Markets Day on October 29.

SOCO is proposing to change its registered name to Pharos Energy plc. The change of name, in order to take effect, requires SOCO shareholders to pass a special resolution at a general meeting of the Company.

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