Oil and gas explorer SOCO has seen its profits plunge in the first six months of the year, but continues to focus on its Vietnam operations.
Interim half year results revealed revenue was down at $116.6million compared to $246.4million for the same period in 2014. Net profit crashed to $5.9 million from $79.8million last year.
SOCO chief executive Ed Story said: “Despite a challenging oil price environment, significant capital expenditure to bring the H5 development to first oil and the $51 million in dividends paid to shareholders during the first half of the year, SOCO remains in a strong financial position providing us with the strategic flexibility to access attractive opportunities that fit the business model and our regional expertise.”
Production from SOCO’s Vietnam H5 development is set to begin imminently, significantly ahead of original September/October target with topsides having been installed on 15 July and first oil expected before mid-August
SOCO, has operations in Vietnam and Africa. Its cash balance is $96.6million as at 30 June, down from $166.4million (including liquid investments) as at 2014 year end.
Recommended for you
