Incidental stuff

Thursday, May 21 2009 by
25

NO TA ON THIS THREAD PLEASE - (edit) and no pointless speculations either!

I've created this thread just to park stuff in that is only tangentially-related to SOCO's interests and doesn't relate to any of the specific assets.


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SOCO International plc is an international oil and gas exploration and production company. The Company has oil and gas interests in Vietnam, which includes Block 9-2 and Block 16-1; Republic of Congo (Brazzaville), which includes Marine XI Block and Marine XIV Block, the Democratic Republic of Congo (Kinshasa), consists of Nganzi block and Block V and Angola, which include Cabinda Onshore North Block. The Company's operations are located in South East Asia and Africa. It holds its interests in the Republic of Congo (Brazzaville), through its 85%-owned subsidiary, SOCO Exploration and Production Congo SA (SOCO EPC). It holds its interests in the Democratic Republic of Congo (Kinshasa) through its 85%-owned subsidiary SOCO Exploration and Production DRC Sprl. The Company’s net entitlement volumes were approximately 15,500 barrels of oil equivalent per day. more »

Share Price (Full)
407.6p
Change
-8.5  -2.0%
P/E (fwd)
10.3
Yield (fwd)
4.3
Mkt Cap (£m)
1,381



  Is SOCO International fundamentally strong or weak? Find out More »


1286 Posts on this Thread show/hide all

MadDutch 3rd Dec '12 1127 of 1286

Can't think of an answer, Log! ;-)

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loglorry 3rd Dec '12 1128 of 1286

To be fair the article is pretty old and it is mostly about raising funds to buy Cove but there is a bit left over (not enough) and it seems reasonable to have a bit of fun speculating!

Log

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peterg 5th Dec '12 1129 of 1286

Cynthia joins the board.
http://www.investegate.co.uk/soco-international-(sia)/rns/directorate-changes/201212051719368534S/

I'll leave it to the Kremlinologists to tell me what the significance is. I'm not sure if there is any!

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emptyend 7th Dec '12 1130 of 1286
2

Worth noting this piece on Chevron perhaps?

$21bn is a chunk of cash.

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emptyend 11th Dec '12 1131 of 1286
2

I notice that today's fall in Tullow Oil (LON:TLW) has finally led to Tullow Oil (LON:TLW) underperforming SOCO International (LON:SIA) over the last two years:

...the race isn't always to the swift - and sometimes it is a good thing not to appear to be a hare.

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loglorry 11th Dec '12 1132 of 1286

nice graph ee - and over 1 year SIA is an absolute knock out vs TLW. I think it is fair to say this more down to TLWs recent problems than SIA racing northwards. However we have had a decent bit of strength in the last few months while others in its peer group have dropped. Coastal still doing well on a comparative basis though and its recent fracturing results look very encouraging.

Log

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emptyend 11th Dec '12 1133 of 1286
1

In reply to loglorry, post #1132

I think it is fait to say this more down to TLWs recent problems than SIA racing northwards.

...or even "fair"....which is why my comment was about Tullow Oil (LON:TLW) underperforming.

Same is true of PMO and CNE for example.....both have been dribbling downwards for ages. The reserves report will be key for SOCO International (LON:SIA).

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emptyend 1st Jan '13 1134 of 1286
4

Interesting move being considered by PTT:

PTT Plc, Thailand's energy flagship, is considering building a world-scale refinery and petrochemical complex in Vietnam at a cost of US$28.7 billion to tap into high-potential petroleum demand.

The company on Thursday submitted a pre-feasibility study of a refinery with capacity of 660,000 barrels per day, which would make it one of the largest in the world
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emptyend 16th Jan '13 1135 of 1286
1

A spot of idle Googling has revealed a live location record for the PV Drilling 2 rig. No doubt someone much cleverer than me could overlay that location on the blocks......  ;-)

More info on the rig here

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extrader 21st Jan '13 1136 of 1286
8

Hi all,

Interesting (and perhaps timely ?) developments with ENI/VietNam ?

Eni Signs MoU with PetroVietnam on Business Development in Vietnam
Today : Monday 21 January 2013
.By Giovanni Legorano

MILAN--Energy company Eni SpA (E) said Monday it signed an agreement with Vietnamese national oil company PetroVietnam to develop business opportunities in Vietnam and abroad.

Eni added that under the agreement it will allow PetroVietnam to acquire shares in international areas and blocks where it owns the rights to exploration and development.

In a statement, the Italian company said the agreement was signed by Eni Chief Executive Paolo Scaroni and PetroVietnam President and Chief Executive Do Van Hau in Rome, after a meeting between Italian Prime Minister, Mario Monti, and the General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong.

Eni has been present in Vietnam since June 2012 through a 50% participation and the operatorship of three exploration blocks located in the Hong Son basin in the Gulf of Tonkin that is estimated to contain 10% of the hydrocarbon resources of Vietnam.

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emptyend 13th Mar '13 1137 of 1286
2

In reply to extrader, post #1136

Interesting (and perhaps timely ?) developments with ENI/VietNam ?

ENI have a strategy presentation tomorrow afternoon.

I'll be otherwise engaged, but there may be matters of interest...?

 

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emptyend 21st Mar '13 1138 of 1286
3

Can't find where I parked the comment about the recent increase in Chemsa's position but they have just announced a decrease that is 850,000 shares larger than the original increase. As usual, it isn't clear why this was done, but I'd guess it was a $3.4mn payment to a Maugein beneficiary - which may well have been just a transfer of shares since there is no evidence of a sale across the LSE (just as there was no evidence of a purchase 10 days ago).

Shuffling stakes around ahead of the capital distribution seems to be a popular activity......

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tournesol 3rd Apr '13 1139 of 1286
6

Haoma on TMF has spotted that Soco has applied for pre-bid accreditation in Lebanon

see www.lebanon-exploration.com/DownLoads/Press/PQ_Application_Registry_3Apr2013.pdf

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emptyend 4th Apr '13 1140 of 1286
3

In reply to tournesol, post #1139

Yes - good spot Haoma  :-)

I've no doubt that they take a close look at all new opportunities - the problem is that the hit rate is often low, due to terms (or withdrawal of blocks, in some cases). Still, as they say about lotteries - you've got to be in it to win it...

It is obviously a consortium big situation, incidentally, perhaps with Cairn India, Inpex or ENI as the intended operator?

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tournesol 4th Apr '13 1141 of 1286

Presumably if they do go into Lebanon they'll have to change their sedar code?

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peterg 4th Apr '13 1142 of 1286
1

In reply to tournesol, post #1141

Awful! :-)

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emptyend 5th Apr '13 1143 of 1286
6

Wall Street Journal interview with the CEO of Petrovietnam:

WSJ: Are China’s territorial claims affecting foreign companies’ investments in Vietnam?

Do Van Hau: Our petroleum activities over the past years have completely been conducted in the continental shelf and the exclusive economic zone of Vietnam, under the sovereignty and territory of Vietnam, in compliance with international laws, particularly the United Nations Convention on the Law of the Sea.

Recently, although there have been some Chinese claims about the sovereignty of Vietnam’s territorial waters in the East Sea (also known as the South China Sea), there have still been many investors–domestic and foreign petroleum companies–continuing their research and cooperation and signing contracts to conduct petroleum activities in Vietnam’s waters.

This clearly demonstrates international recognition of the sovereignty of Vietnam’s territorial waters and reaffirms the strong support of the international community to the legitimacy of Vietnam in conducting petroleum activities within our national territorial waters.

So far we have not made commercial discoveries (in disputed areas), but if there are commercial discoveries–and I am optimistic that we will have them–then we will start developing them if they are within our continental shelf.

WSJ:. What are the expectations for future oil and gas output?

Mr. Hau: PetroVietnam’s domestic crude-oil and gas output has always been higher than planned, with crude-oil production reaching a peak of 15.5 million tons, and gas production reaching about 9.5 billion cubic meters. However, most of the major fields have passed their peak, while new ones that have just been put into production are mostly small and unable to make up for this reduction.

Combined crude output from domestic and international fields this year will be around 16 million tons, or 321,000 barrels a day, with most of the expected foreign output–totaling between 25,000 and 28,000 barrels a day–coming from a joint venture in Russia

PetroVietnam has been…prepared for this issue. We have worked out some solutions to maintain the current output through new exploration and production and by increasing oil and gas recovery from operating fields. We will accelerate the development of new fields and increase investment in overseas oil and gas activities.

....perhaps finally PV is on the same page as SOCO International (LON:SIA) re production from TGT and we can expect some swift action once the FPSO test results are in (and H5 is drilled)?

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adam 5th Apr '13 1144 of 1286

 

Recently, although there have been some Chinese claims about the sovereignty of Vietnam’s territorial waters in the East Sea (also known as the South China Sea), there have still been many investors–domestic and foreign petroleum companies–continuing their research and cooperation and signing contracts to conduct petroleum activities in Vietnam’s waters.

 

 

So put some off then

 

This clearly demonstrates international recognition of the sovereignty of Vietnam’s territorial waters and reaffirms the strong support of the international community to the legitimacy of Vietnam in conducting petroleum activities within our national territorial waters.

 

 

 

So there is a problem there as they would not be making a point about the requirement for support,

 

So far we have not made commercial discoveries (in disputed areas), but if there are commercial discoveries–and I am optimistic that we will have them–then we will start developing them if they are within our continental shelf.

 

 

Really. Because someone here conveniently left out the fact that Premier Oil has not made any commercial discoveries in the disputed areas

 

4) reported capex plans to drill 3 wells in Vietnam this year, including a 40% paying stake in the Ca Voi well in May....which is in block 121 off Eastern Vietnam. Roughly 40% of block 121 is claimed by China and lies within their "9-dash map" line !

 

 

Now that could leave the reader with the impression that Premier's Vietnamese operations are within the 9-dashed line. Which of course they are not.

Pretty clear that oil companies are treating the disputed zone with an extra dollop of risk. Quite right too.

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emptyend 5th Apr '13 1145 of 1286
2

In reply to adam, post #1144

Broken record, and still spouting inaccuracies......

Now that could leave the reader with the impression that Premier's Vietnamese operations are within the 9-dashed line. Which of course they are not.

....err yes they certainly are. Around a third of £PMO's block 121 (which they co-own with Origin) lies within the Chinese 9-dash line area. I don't know where the planned Ca Voi well is to be drilled in block 121 - and it could easily be in the undisputed VN part - but the eastern end of the block  is certainly at risk based on the logic previously offered by Adam.....

Because Block 121 extends some 125km from the coast of VN, but the Chinese 9 dash map at that point comes to within about 75km.

Of course the Chinese 9 dash map has no basis in international law and is nothing more than an Aunt Sally negotiating position, that has no chance of getting close to being agreed under international law. But it is simply wrong to say that £PMO's block 121 isn't partly within it.

ee

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adam 5th Apr '13 1146 of 1286
1

Around a third of £PMO's block 121 (which they co-own with Origin) lies within the Chinese 9-dash line area.

 

The point I was making they have no operations there. No commercial discoveries within the nine-dashed-line.

You were trumpeting their production - remember? - and how they have a block that crosses 40% into disputed territory, but you failed to point out they are not producing from the dipsuted zone area.

They might in the future, but I think it is very apparent (apart from to you and your groupies) the oil companies are applying an additional risk weighting before kicking sand in the dragon's eyes.

The tenor of the interview you posted yourself proves that. (including the fact that it is being discussed at all as opposed to slammed down as a non-issue as you seem to do)

 

QED

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