OmniChart

SIA sage in the hills 18 Nov 2015

We always knew we awaited oil uplift ...... With production averaging 12 thousand barrels of oil equivalent per day (kboepd) in the first ten months of the year, Soco has increased guidance for 2015 from 11-12 kbopd to 11.8-12 kboepd, thanks to the early start-up of the H5 wellhead platform of the Te Giac Trang (TGT) field in the Cuu Long basin.TGT has averaged 34kboepd, with Soco's 30.5% stake worth 10.2kboepd. One month ahead of schedule and under budget, H5 started pumping in August and is currently producing from five wells. Unfortunately, production of 9kbopd is behind both expectations and an initial 11-12kbopd flow rate, although bosses think unperforated intervals will increase that.Soco's updated reserve assessment report has been completed, too, and will be presented to the Vietnamese authorities soon. A new field development plan (FDP) should be submitted in the first quarter of 2016. Until it has been approved, no firm production target has been agreed, although preliminary is just 10-11.5kbopd.graph 1(click to enlarge)"The delay to the original Q4 2015 schedule reflects the complex architecture of the revised geoscience model and integrated approach to field development and reservoir management," explained the group. "The scope of the development programme in the updated FDP is expected to include additional wells and facilities options to increase water handling capacity."Issues with reservoir pressure maintenance at the Ca Ngu Vang field has forced a cut in 2016 forecasts to 25% below 2015 levels. Production reached 1.8kboepd from January-October thanks to higher-than-expected uptime.Budget-wise, the group still expects capital investment to reach around $90 million (£59 million) in 2015, although some of the $25-$30 million cost of the Mer Profonde Sud in Congo could be also be booked before the year end if drilling begins ahead of schedule, currently pencilled in for the first quarter of 2016.Soco is still working with PetroVietnam and SOVICO Holdings to decide a Production Sharing Agreement over the Blocks 125-126 offshore Vietnam. As it looks to maximise value from its Africa portfolio, management is looking forward to the $52.7 million earn-out payment from the sale of its Mongolia interest in 2005. But how much of this shareholders will see is uncertain."The company remains committed to its long-term strategy of targeting cash returns to shareholders and pursuing future growth; at the same time, with the current oil price uncertainty and potential capital commitments, SOCO believes maintaining its balance sheet and strategic flexibility is important to deliver long-term value and growth to shareholders," said Soco Wednesday."Therefore, the board will decide on the level of future cash returns in light of the oil price, cash flow generation from Vietnam and expected capital expenditure at the time."SAGE

ETO sage in the hills 18 Nov 2015

Re: Interim results The results are past news.The consolidation in the business restructuring, and the expansion of cashflow from brandsis the near term future.SAGE

PDL Andy Reilly 18 Nov 2015

Re: Added real shares at 54 S - I completely understand your approach, particularly in this market, which has been so distorted by QE and effectively moving sideways for so long.Interesting rise for PDL today, and hopefully it will encourage more upside tomorrow, but I havent made the best fist of reading PDL so far, although I am pleased with todays SP action - I am just in profit. I would be very happy if the SP got to 69/70p max for an exit, as I don't plan to hang on for long.

QPP Orchard Gate 18 Nov 2015

Re: I have drunk?

AGTA Count Quesnay 18 Nov 2015

Re: Life in the company Could easily have the potential for a good % increase in SP....... Looking forward to Finals, and further news !.

HLMA LK Hyman 18 Nov 2015

Re: Uncharted heights Hardboy,"I'm kicking myself for selling Dignity when (like you) I thought it was getting too expensive."AND you lost that discount on your funeral, m8! Bummer!LKH on the flybridge

HTG Doggedly persevering 18 Nov 2015

Re: NEW ARTICLE: What Goldman Sachs thinks o... Thanks Goldman Sachs. Never thought I'd hear myself say that!This, plus the fact that growing instability in the Middle East is going to make oil security an increasing concern. To mitigate against that risk will need home-grown oil.Oh what a time to be an oil services company in good shape to benefit.I'm in big time (well, big for me anyway) first thing tomorrow.

MJW CASTLEFORD TIGER 18 Nov 2015

Re: Small buy at 281 someone up there likes me.up from 281 to 344 that's 20%.Not even paid for them yet!Tiger

CRAW CASTLEFORD TIGER 18 Nov 2015

new high Don't say it.........Tiger WAS wrong!

HLMA Hardboy 18 Nov 2015

Re: Uncharted heights I Agree, VMB, if you can find a company that grows sales, profits and dividend year on year on year on year, buy it when you can & stick with it. Long term the share price correlates with profits, and a rising dividend, in days of low inflation does not take many years to look significant on your original investment, even if the yield is low. I'm kicking myself for selling Dignity when (like you) I thought it was getting too expensive.

AEX jackson 18 Nov 2015

CPH1 ,you never konw how to do the invest ,learn more before you do post here ,such a jok every post you made

AEX jackson 18 Nov 2015

CPH1 sick of your post ...idiot

SIA II Editor 18 Nov 2015

NEW ARTICLE: Soco missive triggers sell-off "A broker warned just three weeks ago that things could only get worse for the oil exploration sector. They were right. Fear of the unknown has just wiped millions from LSE:SIA:Soco's market value after the Vietnam- and Africa-focused firm ..."[link]

JPR fast sailor 18 Nov 2015

watch for BOD new share options Who will give me odds that the BOD issue new share options at the ludicrously low share price One might almost think this fall is being manipulatedLess than 1.5m shares traded and can move this by such a magnitude I would never suggest there is such a connection between Highfield and the cronies With only 345k shares his investment and confidence in the company is nothing less than a joke Why should anyone else have a shred of confidence

KMR ALAN22211 18 Nov 2015

on the positive there's always no news is good news