Soco said Yemen disposal strengthened balance sheet

14.05.2008

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Soco International said the disposal of the oil and gas explorer's Yemen interest has strengthened its balance sheet significantly and has enabled the company to cancel its $50m unsecured term loan facility with BNP Paribas.

The majority of the Yemen disposal proceeds will be used to fund Soco's exploration and development programmes, particularly to further develop the group's assets in Vietnam.

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The remaining proceeds will provide the financial flexibility necessary to participate in future opportunities as and when they arise, the group added.

Soco announced in April that it has completed the disposal of its Yemen interest to a subsidiary of Sinochem Petroleum for $465m in cash.

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Soco said Yemen disposal strengthened balance sheet

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