SOCO International

Latest SOCO International News

• Production for the first four months of 2012 averaged 11,690 barrels of oil equivalent per day ("BOEPD") net to the Company's working interest, a 358% increase compared with the same period in 2011.
• Entitlements production equalled 13,924 BOEPD and is on track to meet the ca. 16,000 BOEPD guidance for the full year.
• Net cash as at 15 May 2012 equalled $181.8 million (31 December 2011: $113.5 million).

• Undertaking a share repurchase programme to purchase shares up to an equivalent value of £25 million through Merrill Lynch International.

• Exploration to remain core to the Company's growth strategy with plans to add several high potential projects.

• SOCO's capital consisted of 340,659,452 ordinary shares of £0.05 each with voting rights.

• Makouala Marine 1 ("MKM-1") exploration well spudded on 19th November 2011.

• Soco International announces its TGT Phase II development drilling operations continue offshore Vietnam.
• The Makouala Marine 1 exploration well spudded on 19th November 2011 in the Marine XIV Block located in the Congo Basin.

• Lundin Petroleum starts drilling of exploration well Makouala Marine-1, located offshore in Block Marine XIV Congo.
• The planned depth is approximately 2,700 metres below mean sea level and the well will be drilled using the semi-submersible drilling rig ENSCO 5003. The drilling operation is expected to take approximately 30 days.

• The well did not encounter oil shows in the target pre-salt section.
• The well will now be logged, and a full geological interpretation of the results will be undertaken.
• The recovery and production estimates of the Company's resources provided herein are only estimates and there is no guarantee that the estimated resources will be recovered or produced.

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