I am considering attending the AGM. Anyone else going?
Mike
Hi Mike,
Trains permitting, I'll be there ! There are 2 x threads on advfn where there's been some discussion about topics to raise and who's likely to be attending.
ATB
About the Author
MadDutch
13 comments
SalvorHardin
The AGM is next Wednesday (10th June), starting at 10am.
It is being held at The Bulgari Hotel, Knightsbridge, London, SW7 1DW. The hotel is roughly 150 yards west of Knightsbridge underground station.
http://www.socointernational.com/annual-report-and-accounts-2014-and-notice-of-meet
http://www.investegate.co.uk/soco-international/rn...
I am hoping to be there, though this does depend on the rail strike remaining suspended
MadDutch
Well, here is a bit of guesswork to cheer us up a bit. Looks like the oil price is higher than it was so maybe they will have a divi increase.
MD
Damian Cannon
I'll be interested to hear any feedback from the AGM but the trading update put out this morning seems reasonably positive:
- Production averaged 11.9 KBOEPD year to date through 31 May 2015. Production guidance for the full year 2015 is maintained at 10.5-12 KBOEPD, with the high end of the range depending on earlier start-up time of H5, H5 well performance as well as optimised reservoir management.
- TGT/H5 drilling programme for 2015 has completed with both rigs released. Five wells out of a planned 5-6 have been drilled and completed since the beginning of the year.
- The TGT H5 development continues to progress well and is currently ahead of the first oil schedule of September/October 2015.
- The TGT partners are working with the HLJOC to submit an updated RAR/FDP for the TGT field in Q3/Q4 respectively.
- An independent audit by Gaffney, Cline & Associates completed in June 2015 has confirmed SOCO's management estimates of Commercial Reserves and Contingent Resources for TGT and CNV as of 31 December 2014.
- SOCO retains its financial flexibility, given no debt on the balance sheet, low operating costs and attractive Vietnam production economics with operating cash flow break-even oil price per barrel in the low $20s.
Also from the production numbers it looks like SOCO International (LON:SIA) have produced almost as much oil in the first half of this year (Jan - May) as they did for the whole of 2014. This is also positive but on the other hand the guidance is for not much more oil for TGT for the rest of the year? i.e. we have 10.2 KBOEPD in the bag already and yet the forecast is fo10.5-12 KBOEPD. A little odd.
Damian
peterg
Hi Damian,
Those figures are rates per day, so current expectations for 2015 are down on 2014.
Peter
Damian Cannon
Ah so they are thanks Peter. That'll teach me not to pay attention to the units! *blush*
Still the rest of the statement makes much more sense now!
Damian
Daytona
The trading statement has woken me up - I don't really take much notice of my shares, so forgive me if I've missed something - why, in the worst environment for decades, when they're cash flow positive, have ~$100m in the bank, is Soco contemplating the sale of its African assets ?
AnonymousUser858
"The trading statement has woken me up - I don't really take much notice of my shares, so forgive me if I've missed something - why, in the worst environment for decades, when they're cash flow positive, have ~$100m in the bank, is Soco contemplating the sale of its African assets ?"
Did you just wake up in a house smothered in over-grown roses, with a splinter in your finger and a strange man in your bedroom?
Have you checked the calendar?
emptyend
Just for the record on the African assets:
They went in primarily to test a geological play in West Africa (Cabinda, Nganzi etc) - they tested it via the drillbit, and it hasn't lived up to expectations. Whilst they were building that portfolio, they got an opportunity to go into Block V in DRC, which looked geologically promising. Unfortunately, that block was heavily populated by NGOs in search of a fund-raising cause, with the result that it cost about $40mn more than it should have done to get even basic work done., despite considerable efforts being made to set responsible operating parameters in an environment of utter lawlessness.
Essentially the company has got fed up of throwing cash down the drain. Yes others may well come in to places like Block V - but you can guarantee that they will be much shadier outfits that will be immune to NGO pressure and will be equally useless for fundraising. So everyone will lose.
End of.....
