Valuation, sentiment, and SP direction

Wednesday, Jun 17 2009 by
17

Detailed discussion of Soco's assets should take place on other threads, but this thread is to discuss the latest valuations both by ourselves and analysts, sentiment (ie will the shares go nowhere because there's not much upcoming news) and likely moves in the share price in the next six months.  How should the shares be valued?  How reasonable is it that any drilling without a firm commitment further than several months away is ignored by the market?

I haven't seen many recent analysts' reports on Soco, but I have one from Cazenove with a core NAV of 1370p and no doubt considerable explo NAV on top of that.  I imagine that's approximately concensus, but maybe with crude rising again these concensus NAV figures will start to rise.  Has anyone any other recent broker estimates?

My view, as stated elsewhere, remains that in the absence of much to get the market excited the shares will wander aimlessly for the rest of 2009.  I've previously guessed that if crude were $65 at Christmas 09, then Soco's SP would be somewhere near £13 then, and I'm still very happy with that guess.  What does anyone else think?

Of course unexpected bids and other events may overtake this, but these sort of events may happen to any company, and perhaps Soco (where management seem unlikely to accept bids since they believe there is considerable value not recognised by the market) is one of the less likely companies to be affected by the unexpected.  The key new news for Soco might be (a) a bid (IMO unlikely), (b) some sort of presentation by management of the drilling data they claim to have that demonstrates a significant strike has been made at E, currently ignored by the mkt, or (c) possibly hitting oil off the Congo.

 

Moderation note: posts will only be deleted from this thread by the site admins or by agreement from at least three of sirlurkalot, emptyend, djpreston and doverbeach.  If three of this list agree to delete a post, the names of those three and the reason for deletion will be noted in a post on this thread so everything's completely transparent.


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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)
308.7p
Change
23.2  8.1%
P/E (fwd)
12.2
Yield (fwd)
4.9
Mkt Cap (£m)
1,025



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1316 Posts on this Thread show/hide all

peterg 7th Aug 1297 of 1316

In reply to kenobi, post #1296

My memory seems not to be what it once was! Can anyone remember if any guidance on timing was given for the next TGT FPSO capacity test at the AGM? With 2 more development wells drilled and producing they must be moving towards being able to do it.

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emptyend 7th Aug 1298 of 1316
5

In reply to kenobi, post #1296

That's a lot of hopefully's ;-)

IMO the FDP should sensibly plan for producing across the Bach Ho facilities....and also IMO there is no higher priority than finding a way to by-pass the FPSO constraint (which would never have existed in the first place if the company had been able to prove it's own initial bullishness to its partners without the need to drill a couple of dozen wells)

In terms of the three wells drilling, I'd say that the LXM-101 well is the most important of the three, primarily because it would be completely new news but also because unitisation could lead to cash flow increases in 2015 (because ENI are already well-advanced in developing the field). After that, the TGT-11X is important, because it would have a major input into the ERC Equipoise modelling (and particularly might enable validation of connectivity in the Miocene!). But, yes, the CNV-7P is also important, both for the (smallish) production uplift potential and for avoiding a reduction in the reserves carried at CNV (which are small in the context of TGT,....but nevertheless....)

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emptyend 7th Aug 1299 of 1316
2

In reply to peterg, post #1297

Peter,

I don't think there was ANY indication of timing for the FPSO test this time. If I was the FPSO operator (or Talisman), I'd be really really keen to get the test done - because otherwise it just makes a production solution that doesn't involve the FPSO more likely.

However, they did say it was still the intention to test it, so I'd guess it must be sometime in the next few months -otherwise there may be no point? I think it is moving towards being an irrelevance - but obviously one can't know that without inside knowledge of the JOC politics.

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kenobi 7th Aug 1300 of 1316

In reply to emptyend, post #1299

well I'm nothing if not hopeful !

re Peters points,
I don't think a date was given for tests to take capacity upto 70k, other than stating that plans had been made for what needed doing and that it would be implemented at the next routine shutdown.

I agree ee , if I were the fpso owner I would be wanting to get onside with this, the first logical step would be to agree a deal for production to 60k, sadly for whatever reason this hasn't been possible, impossible to know if one party or other is being difficult. Without an agreement in advance to produce at 70k, it seems a leap of faith to invest the time and effort to increase possible production levels further.

Re other solutions to the bottle neck, my understanding at the time of the agm was that it would not be possible to get the partners to agree a pipeline solution until H5 was on stream and it's production was proven. which pushes out the date to when a pipeline could be operational to probably early 2016 ? I may be wrong, or perhaps things have changed on this front ?

Certainly at the time of the AGM, the mood music had distinctly changed to a Bach Ho tie in, which had not been mentioned for some time. (agm wasn't the first mention), But as you say, the fpso side was still discussed. I don't know when the next routine shutdown will take place, I would guess sometime in the next few months too,

K

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rhomboid1 8th Aug 1301 of 1316
4

Interesting to see that the Gertler controlled Fleurette has announced their seismic reprocessing findings;

"Oil of DRCongo completes analysis of first and second phase seismic campaign
Total investment in project of $75 million
Seismic results indicate c. 3 billion barrels of oil in place

Oil of DRCongo, the Fleurette Group's oil exploration subsidiary, today announces an update of the interpretation of the recently processed 3D seismic surveys acquired in 2013-14 over its prospects in Blocks I and II in Lake Albert in the Democratic Republic of Congo.
The seismic campaign (1st and 2nd phases) has covered approximately 700km offshore and 150km onshore. Oil of DRCongo has invested in excess of $75 million in the exploration works of the Blocks I & II so far including above $20 million on the seismic investigations. The seismic data acquisition itself was carried out by TESLA (UK). Oil of DRCongo employed 250 people based in Kasenyi, out of which 204 were Democratic Republic of the Congo (DRC) locals, for the seismic works.
Oil of DRCongo has now completed the interpretation of the seismic data. The analysis was undertaken by the UK's GeoTrace and Italy's Ecopetrol in conjunction with Sproule International. The analysis indicates around 3 billion barrels of oil in place (STOOIP). As anticipated from early stage seismic results, the oil in place on the DRC side of Lake Albert mirrors that of the Ugandan side. Therefore, the results show a potential significant resource which has the ability to fundamentally rescale the GDP of the DRC if it can be safely and economically extracted and exported. As Oil of DRCongo has previously indicated, a production from Lake Albert of c. 50,000boe/day will increase the present GDP of the DRC by 25%.
Oil of DRCongo's next priority is the establishment of two exploratory wells plus a 3D seismic campaign acquisition focused on the most complex structures identified. Oil of DRCongo is presently carrying out a Feasibility Study aimed at evaluating the entire drilling exercise with particular reference to the two wells to be made on the identified prospects.
The preparation phase of the drilling includes relocation of some local communities, transport to the site of the drilling equipment, installation of a base camp for staff, new supply roads, a new dock on Lake Albert and a landing strip for moving personnel and equipment. The Tender Documents for the drilling works expect to be launched by the end of October 2014.
Oil of DRCongo has also made further progress on a number of important social commitments. Oil of DRCongo is proud that it, in its capacity as operator of Bocks I and II on the Albertine Graben, it has far exceeded the licencee's obligations to the DRC with regards to providing local community support.
Work has been completed on the refurbishment of the most critical sections of the Bunia-Kasenyi Road (14km over a total of 40km) into which Oil of DRCongo invested USD $700,000 jointly with the Government of the Oriental Province. The road is a vital artery linking the towns of Bunia and Kasenyi. Oil of DRCongo has invested over $4 million in other local projects including assistance to the medical/maternity centre in Kasenyi, staffed by two full time doctors and eight nurses. Oil of DRCongo was also proud to host the inauguration of the school in Jiba (North-West Tchomia-Block I area) for 400 students, which was also attended by the Governor of the Oriental Province H. E. Jean Bamanisa. A new school for up to 400 students will be built in the coastal village of Roo-Voo that will host the rig for the first of the two scheduled wells. The construction of 25 houses to relocate part of the local Community has been scheduled and is presently under a Tender Process.
Giuseppe Ciccarelli, CEO of Oil of DRCongo commented:
"These are very positive results from our extensive seismic campaign. We continue to believe the project has the potential to provide significant revenues and multiple other benefits to the people of the DRC, generating jobs, fuelling development and prosperity and contributing to social progress. We remain committed to making the investment necessary to progress the project, which has the potential to transform the DRC."
About Fleurette Group
The Fleurette Group of Companies ("Fleurette") is a Dutch entrepreneurial business with significant investment in diverse sectors, including natural resources, infrastructure, agriculture and technology. Fleurette has substantial investments and operations in the Democratic Republic of Congo (DRC). The parent company of the group, Fleurette Properties Limited, a Dutch resident company, is owned by Line Trust Corporation Limited strictly and solely as trustees of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler. Mr Gertler is a citizen and resident of Israel and the DRC (and honorary counsel to the DRC) and is committed to developing the country's natural resources and infrastructure, while investing in the Congolese people and their communities.
Fleurette has a proven track record of successful co-operation with diverse parties, including the DRC State-owned mining company Gécamines, and to date has brought more than USD $7 billion of investment into the DRC, on top of its USD $2 billion in private investment. As a result, Fleurette's subsidiaries and partnerships support around 30,000 jobs in the DRC and are amongst the DRC's leading taxpayers, contributing significant revenues to the State.
Fleurette is also a major contributor to social development in the DRC through the Gertler Family Foundation (GFF) and through direct investment in social infrastructure. The GFF is the largest charitable organization in the DRC, funding more than 50 programs and projects across the DRC, which help tens of thousands of Congolese every year. These include rebuilding key hospitals, notably the Kisangini "Hospital du Cinquantenaire"; supporting the Operation Smile campaign in Lubumbashi and Kinshasa; rebuilding Blaise Pascal School in Lubumbashi; and supporting the Lubumbashi Zoo.
Food security is a critical issue for the DRC and in Kinshasa, Fleurette and the GFF are developing 1,482 acres of land into the Kitoko Food Farm in partnership with local and international organizations. The farm is expected to employ 400 people and is expected to produce more than 4,500 tons of carrots, tomatoes, onions, potatoes and other vegetables in 2014.
About Oil of DRCongo
On 5th May 2010, Fleurette, through Caprikat and Foxwhelp Ltd, two entities created for the Project, entered into a PSC with the DRC Government relating to the oil exploration and production of the Blocks I&II on the Albertine Graben. Presidential Approval was granted on June, 18th, 2010. The Blocks cover an area of over 7000 km2, including onshore and offshore acreage. Caprikat and Foxwhelp Ltd, through Caprikat and Foxwhelp SARL (DRC), hold a 85% interest in the Blocks, while the remaining 15% is held by the DRC Government. Oil of DRCongo was established by
Caprikat and Foxwhelp Ltd in the last Quarter of 2010 as Operator. It is responsible, on behalf of the interest holders, for the management and performance of all the activities envisaged by the PSC for the Blocks' development.
A video of the work being done by Oil of DRCongo can be found here: http://www.youtube.com/channel/UCtp5vMqUpnZWxLlCyDj8l5Q. "

I'd be unsurprised if Block V to the South yielded a similar result in the fullness of time, the Albertine Graben is proving to be one of the best Explo postcodes of recent years

Cheers

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peterg 8th Aug 1302 of 1316
2

In reply to rhomboid1, post #1301

I'd be unsurprised if Block V to the South yielded a similar result in the fullness of time, the Albertine Graben is proving to be one of the best Explo postcodes of recent year

It would certainly put the cat amongst the pigeons if Soco's seismic report came back containing something similar! I'm sure WWF would use it to refill their coffers again, while some very interesting negotiations between the DRC and Unesco took place.

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emptyend 8th Aug 1303 of 1316
4

In reply to rhomboid1, post #1301

Personally I would see these reports as an indication for the WWF of the sort of company that might come into Block V if SOCO International (LON:SIA) ever relinquished it - see the comments in that link re Global Witness' concerns.

The key stat is this one, though: production from Lake Albert of c. 50,000boe/day will increase the present GDP of the DRC by 25%. 

....which is too big an impact to ignore!

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emptyend 28th Aug 1304 of 1316
2

There's a pleasant surprise in the interim results today .......22p a share return to shareholders.

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kenobi 28th Aug 1305 of 1316
5

yes, that's a nice surprise, though I can't help wonder if it would have been more prudent to keep some of that money for the time being to help fund a bach ho tie in ,

the bad news is that what appeared to be a straight forward well on cnv, has been abandoned, after two side tracks, and will now be re evaluated, whether the partners will want to persue this further we shall see. They have seemed pretty reluctant to drill on cnv in the past, these problems might have put them off.

Having had that route to higher production cut off, we also read that fpso test will now be first half of 2015, if I were a betting man, I would wonder whether this will slip a little further to beyond the agm next year, leaving us at the 2016 agm to hear about if these tests worked out and if a commercial arrangement has been reached with the fpso owner yet. We have been hearing about increasing fpso capacity since tgt phase 2 came on line, it's disappointing that this cannot be expedited more quickly.

Will be interesting to hear more about the reserves in the near future, though again, that's turned into a multi year saga too. (I am sure we all remember the reserves update in the fall, which was now 3 or 4 years ago ?)

sorry to sound grumpy, not had a coffee yet. Its just that the obvious routes to increasing production, via cnv or fpso capacity increases both seem to have been kicked into next year, possibly second half, and if they happen at all.

For the most part it's no news is good news, and it's nice to get a bit of a larger divi, but it doesn't sound very prudent to do this to me,

cheers K

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emptyend 28th Aug 1306 of 1316
14

In reply to kenobi, post #1305

OK – here are the bits I picked out:

Proposed cash return of $121 million, or 22 pence per share, representing c. 60% of free cash flow for 2013

In July 2014, the HLJOC successfully tested with the existing facilities on the FPSO beyond the current total liquids nameplate capacity of 120,000 barrels of liquids per day to approximately 140,000 barrels of liquids per day. The test also allowed confirmation of minor additional production system modifications to increase the total liquids handling capacity to the level expected to be in excess of 160,000 barrels of liquids per day. Accelerating the total liquids test will enable the HLJOC to work with the vessel owner/operator (BAB-VSP Alliance) to allow the capacity of the vessel to be re-certified at higher levels.……the oil production test to above 60,000 BOPD expected in H1 2015

net cash and liquid investments of $284 million as at 30 June 2014

the H5 well head platform due to be installed ahead of schedule by mid-September in preparation for the five initial development wells to be drilled after installation.

The well encountered unexpected geological problems, not encountered previously on the structure, in the upper hole section just above the reservoir, requiring the section to be re-drilled. The same geological problems persisted during two attempted side-tracks preventing the successful completion of this section to be safely achieved. The decision was made to suspend the well and to allow for a review of alternative plans and well paths that will enable the well to be successfully completed. …..the CNV-7P well which unfortunately had to be suspended due to unexpected geological issues. It is anticipated that the well will be re-entered during the 2015 programme. The decision to suspend the well is not expected to have any material impact on the Company's financial performance. (though of course the expected production uplift won’t be happening as early! And the fact that two sidetracks were attempted suggests to me that they may need to quite substantially change the well path.)

The TGT field is currently producing from 16 wells from two unmanned platforms

The two producer wells, TGT-17PST1 and TGT-18PST1, are on-line and producing in line with expectations. The third well, TGT-11X, an exploration/appraisal well on the H2S fault block, is currently being completed as a producer/injector. This well was targeting primarily an Oligocene oil column with only a thin Lower Miocene column. However, the actual pay sections in both horizons of this well are thinner than expected from the pre-drilling prognosis. The well is being completed as a producer with the ability to convert to an injector when required. (Disappointing with regard to the extent of further reserves upside from H2S, though limited impact on the bigger picture)

The ERCE study is currently ongoing, with full field simulation model expected to be completed by the end of 2014. The new field model will enable us to further advance our understanding of the field and to optimise future drilling and field management activity. The results of the new model will be incorporated into the reserves assessment at year-end. SOCO also expects to commission an independent reserves evaluation report following completion of the ERCE work.

work is ongoing on the H5 FDP which is expected to be submitted for approval by the relevant Vietnamese authorities by the end of the third quarter……To coincide with the expected completion of the activities under the original TGT Field Development Plan ("FDP"), the partners are also working on an updated TGT FDP which is expected to be submitted to the relevant authorities in Q1 2015. (IMO this is the most significant point in the whole report. Whilst the H5 submission remains on schedule for the next month or so, they are plainly planning a new production approach to TGT as a whole – and I think it is very significant that this will be preceded by the reserves update at year-end (with prelims, I guess). I also think it is relevant to note in this context that they are paying out 60% of FCF, rather than the 50% previously flagged. That suggests a high level of confidence in relation to 2015, IMO)

The Company's farm-in to acquire a 60% working interest in the offshore MPS Block has been completed following government approval of the commencement of the relevant two-year licence period from 1 June 2014. The partners have now commenced a detailed well location study and would look to drill in mid 2015. (pushed back – presumably lack of rig without mob costs – or maybe they want a longer contract with 1-2 optional wells?)

Overall, I’d say much as might have been expected. There is a bit more jam today with an extra 4p or so over recent expectations for the distribution but more very near-term operational issues and delays than would have been hoped for. OTOH, there is also plainly a very big news period coming up in H1 2015, with the reserves report (which by rights should include a big net upgrade) and the clear intention to expand production capacity at TGT as a whole under the new FDP.

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tournesol 28th Aug 1307 of 1316
12

Good morning EE - (almost wrote good morning Viet Nam - which would seem quite appropriate.)

The co says that by year-end ERCE will complete the full field simulation model with the results of that model being incorporated into a year-end reserves assessment.

Question - does this mean that ERCE will have completed all of its work by year-end? or is there more remaining to be done after the model is finished?

Question - does a year-end reserves assessment mean that it is done at the year-end or does it mean it is done "AS AT" year-end? If the latter, then it could well mean that the revised reserves figures do not get published until the full year results are published some months after the end of the calendar year. I'm concerned here that we avoid unrealistic expectations which will lead to disappointment.

Question - what is the point of the "independent reserves evaluation report" which Soco says will be commissioned "following completion of the ERCE work"? Will that independent report be a pre-requisite to the publication of revised reserves? If so, what kind of timescales might we expect?

I wonder if we are in danger of getting our hopes up that there will be a reserves revision at year-end, only to find we have another 6 months to wait? That would be damaging to morale and to investor sentiment and I'd rather we avoided that. I think that Soco has perhaps been guilty of allowing investors expectations to get ahead of reality in terms of the timing of reserves revisions and I hope they avoid a repetition.

T

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emptyend 28th Aug 1308 of 1316
5

Interim results presentation now on website

The H5 project budget is put at $300mn gross....and note the comment on slide 8:

Evaluating mid/long term options to de‐bottleneck production including tie‐in to Bach Ho, CPP platform

....and the dashed pipeline line  on slide 9 from the H5 platform to H1

More background too on the TGT-7P drilling problems.

Any testing of the LXM-101 well will add a month (so test results in mid- late Oct, unless a dry hole)

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kenobi 28th Aug 1309 of 1316
2

>>The same geological problems persisted during two attempted side-tracks preventing the successful completion of this section to be safely achieved. The decision was made to suspend the well and to allow for a review of alternative plans and well paths that will enable the well to be successfully completed. ….

yes agreed ee, sounds like something serious if two side tracks didn't get round the problem. Hopefully this can be resolved and the partners go along with it,

I share T's caution re getting hopes up too much about an early reserves upgrade, the management can only in good faith give their best estimates, we have already seen that sometimes these things can take much longer,

seems quiet a lot is due next year, but of course when we get there, some will have come off, others will not, and quiet a lot will be due the year after, by then hopefully we'll be talking about commisioning a tie in, to bach ho, anyone willing to bet we'll have a gas/liquids deal for CNV ??

K

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emptyend 28th Aug 1310 of 1316
6

In reply to tournesol, post #1307

Question - does this mean that ERCE will have completed all of its work by year-end? or is there more remaining to be done after the model is finished?

Open issue, I think. But the key point is that the completion of the model to that stage is a necessary waypoint on the road to getting a reserves assessment (and, by the way, to the plans for an upgraded TGT FDP that will undoubtedly include plans to raise production capacity!)

Question - does a year-end reserves assessment mean that it is done at the year-end or does it mean it is done "AS AT" year-end? If the latter, then it could well mean that the revised reserves figures do not get published until the full year results are published some months after the end of the calendar year. I'm concerned here that we avoid unrealistic expectations which will lead to disappointment.

I think we should all assume that it will be "as at" year-end - but with an expected completion/announcement date with or before the prelims announcement. If I were them, I'd delay the prelims into March if necessary to give enough time.

Question - what is the point of the "independent reserves evaluation report" which Soco says will be commissioned "following completion of the ERCE work"? Will that independent report be a pre-requisite to the publication of revised reserves? If so, what kind of timescales might we expect?

Yes it is a pre-requisite. Two months, IMO. All the data will be available by year-end - and is likely to be worked on before the final ERCE inputs are available.

I wonder if we are in danger of getting our hopes up that there will be a reserves revision at year-end, only to find we have another 6 months to wait? That would be damaging to morale and to investor sentiment and I'd rather we avoided that. I think that Soco has perhaps been guilty of allowing investors expectations to get ahead of reality in terms of the timing of reserves revisions and I hope they avoid a repetition.

There is always that sort of danger. It is intrinsically impossible to predict timings with accuracy, even when (as I'm certain is always the case!) managements do their level-best to be realistic. There are just too many moving parts.

You should remember that, in relation to past guidance from SOCO, one of the major factors behind the delays to expected timings was in fact the successful THT-10X well that flowed 27,000bopd on H5. Not only does that take time to drill up and incorporate in the plans, but it has also meant that other appraisal drilling has been deferred. And it is still the case that drilling has been pushed into 2015 - so we shouldn't look at the upcoming reserves report as a "final" number, because there is likely to be a further upgrade (though perhaps a more modest one?) at the start of 2016. That further upgrade will incorporate more development drilling, more production history (including from H5) and, significantly, the commercialisation impact of the new TGT FDP......which leads me to wonder whether it will actually be "more modest" after all!

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peterg 28th Aug 1311 of 1316
6

In reply to tournesol, post #1307

Question - does this mean that ERCE will have completed all of its work by year-end? or is there more remaining to be done after the model is finished?

Talking to ES after the AGM he said (something along the lines of) that the field simulation would be an ongoing process. It appeared that once the initial model is complete the intention is that it would be updated as new production and drilling data came in, allowing ongoing adjustments to production profiles to be made over time to maximise recovery from the reservoirs.

I'm not sure if that's the sort of ongoing work you were talking about in this context? Of more immediate interest to investors my understanding is that once the initial model is complete then a reserves evaluator can be let loose with it to come up with an independent reserves report - which I suspect would be of more immediate interest to the market.

Peter

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tournesol 28th Aug 1312 of 1316

EE/PG et al

thanks for your responses - much appreciated

T

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RedTedsRoadshow 13th Nov 1313 of 1316
4

IMS out today as expected...

http://www.socointernational.com/interim-management-statement-131114

I'm not as up-to-speed as I used to be but this is useful confirmation of continued cash return...

•The combination of cash generation from the Vietnam producing assets, even at lower oil prices, and the Company’s strong balance sheet means that SOCO can fund its exploration and development activities and continue its strategy of cash returns to shareholders

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marben100 3rd Dec 1314 of 1316
1

Good afternoon Socoites!

I haven't been invested in Soco for quite some time... but it's starting to look distinctly tempting at current price levels - especially in the light of prospective shareholder returns.

I note, however, that broker consensus is forecasting a lower payout in the current FY than the last one. I can see no particular reason why that should be the case. Is this a case of overcaution/misunderstanding by the analysts, or am I missing something?

TIA for any light that can be shed on this.

Mark

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emptyend 3rd Dec 1315 of 1316
3

In reply to marben100, post #1314

Hi Mark,

There are two things there:

a) Oil price...obviously and

b) production increase, which is a H2 2015 event

40p was paid in 2013, 22p this October and my guess would be 15p ish next year (but I haven't run the numbers). The other factor is that they have flagged that they will be moving to a conventional divi structure of interims and finals, rather than the B/C share scheme, but they haven't indicated when that will start.

We're waiting for production and reserves upgrades in the next few months. Timing and quantum uncertain in both cases, but should be clear by Q2.

HTH and hope all is well with you now.

cheers

ee

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marben100 3rd Dec 1316 of 1316

In reply to emptyend, post #1315

Thanks ee,

Much appreciated & most useful.

I'm feeling fine but still under medical supervision. Hope life is treating you well.

Best,

Mark

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