tommytomata
10 Jun 2015
corrupt c o e avviva will all pull out Soco are toxic.
trader jack
10 Jun 2015
Contagion is everywhere Just seen this on Reuters:-British oil company Soco International (LSE: SIA.L - news) paid off an army officer accused of silencing critics of exploration in Democratic Republic of Congo's Virunga National Park, an NGO alleged on Wednesday.Global Witness published scans of four cheques totalling $15,600 (14,000 euros) allegedly issued by Soco's Congolese subsidiary to the major posted to the park, a UNESCO World Heritage Site that is home to many of the world's critically endangered mountain gorillas.The British NGO also published what it said was a receipt for the cheques signed by the officer on May 15, 2014, along with another dated April 30, 2014, confirming he had received $26,650 (24,000 euros)."These documents show that, despite Soco's repeated denials, the company has paid tens of thousands of dollars to an army officer accused of bribing and intimidating those trying to stop oil exploration in one of Africa's natural treasures," Nathaniel Dyer of Global Witness said."These payments may only be the tip of the iceberg," he said, calling on Britain's Serious Fraud Office and the US Department of Justice to launch a full investigation into Soco's practices in Virunga.Soco has previously denied breaching British bribery laws and condemned the use of violence and intimidation, and last year appointed law firm Clifford Chance to look into the allegations surrounding the Virunga project.In a statement Wednesday, it said this review had concluded that allegations of bribery were "substantially inaccurate", and that there was no evidence the firm or its staff promoted or supported any intimidation of opponents.However, there were "non-material instances where those with whom the company worked made payments in breach of group policy. These are subject to remedial advice".Clifford Chance found that Soco had paid "various governmental authorities (eg military escorts and park rangers) for the performance of legal and legitimate activities", the oil company said."They found no evidence that any payments were made to secure any unentitled advantage or to curry special treatment," it added.The oil firm said that it had engaged Clifford Chance to further advise on "improvements in employee/contractor policies and processes", to protect it from similar allegations in future.Global Witness says local and international NGOs have accused the army officer they name, and the troops under him, of beating, detaining and even killing opponents of Soco's work.In 2010, the Congolese government granted French oil giant Total and British group Soco permits to explore concessions in Virunga park, but the resulting outrage caused it to suspend them a year later.Total and Soco subsequently agreed not to enter into the limits of the park, although the latter said it intends to finish a seismic study requested by the government.Once this is completed in the middle of 2015, Soco says it will have no further involvement in the concession.
oilinvestor85
07 Jun 2015
AGM next week Is anyone planning on attending the AGM on the 10th?
Gogster
22 May 2015
Looking on the web site I noticed that the Virunga issue appears to have been put to bed now. No working being done or planned to be done. Is that the case? Very good for reputational issues if it is.
lambrini girl
21 May 2015
Re: Directors buying nice bounce offa the 180 diag..BANG ON!!
lambrini girl
20 May 2015
Re: RNS : Well Test Results >>>Not really Lamrini girl , Not really !!! It sailed through your 180p target !! you may as well have chosen any number between 250p and 135 and the result would have been the same. You could have written the same message " bang on " LOL<<<true oillie..in panic it cracked the 180 diagonal.but quikly bounced back to it...however see the chart its clung to it for past month....dont underestimate the power of the diagonals..
lambrini girl
20 May 2015
Re: Directors buying should be due a secondary bounce from here
dotlink
10 May 2015
ain't all oil producers the same they all destroy natural environment one way or another etc look at BP oil leak and also fracking you know what damages that do
dotlink
07 May 2015
get onboard for the 10p divi in 3 weeks time
albent
05 Apr 2015
SOCO International infographic Analyst estimates and intrinsic val for SOCO International (SIA): [link]
oilinvestor85
29 Mar 2015
Re: Directors buying Sorry tittymarsh.... That is incorrect They sold and bought back at the same time... Read the RNS next time ! Thanks
Alan Tittymarsh
28 Mar 2015
Re: Directors buying The Cathery family Trust sold 50,000 shares this week, being 10% of their holding. Robert Cathery is a non-exex director of Soco.
sage in the hills
24 Mar 2015
Re: Directors buying drop today ? think they will take it as a mere flesh wound tjSAGE
trader jack
24 Mar 2015
Re: Directors buying Oh dear, perhaps they are selling today........
trader jack
23 Mar 2015
Directors buying This was posted by Fool today, as they supply names, amounts and prices maybe for once they have actually done some reasonably accurate research:-:Soco International is another FTSE 250 firm. Like other oil companies, Soco has seen its shares fall heavily with the collapse of the oil price over the last six months or so. In it's favour, Soco has a break-even in the low $20s a barrel, no borrowings and cash of $166m.In its recent annual results, management said the cash on the balance sheet, plus operating cash flow, is sufficient to meet ongoing capital expenditure, but also gives the company the capacity "to take advantage of opportunities in the market as they arise".Since the results, non-executive director Ettore Contini has been buying shares with a vengeance, splashing out over £2m in three tranches at prices of between 142.6p 174.2p. Contini has been joined by smaller purchases from chairman Rui de Sousa (£164,000 at prices of 148.2p and 179.5p) and non-exec John Norton (£18,000 at 180p a share).At a current price of 170p (less than the high all three directors have been willing to pay), Soco's shares are trading at 62% below their 52-week high. If you're looking for a potential recovery stock in the oil sector, this company appears to merit further investigation.
