SOCO International to acquire remaining 20% stake in SOCO Vietnam

SOCO International plc (SI), a UK-based oil and gas exploration and production company, has entered into an agreement to acquire the remaining 20% stake in SOCO Vietnam, Ltd., engaged in oil and gas field development and production, from Lizeroux Oil & Gas, Ltd. for a cash consideration of $95 million.
The consideration is to be satisfied out of the existing cash resources of SI.
SOCO Vietnam generated profit before tax of $157 million and gross assets of $839.1 million for the year to 31 December 2011.
Bank of America Merrill Lynch is acting as financial advisor and Pelham Bell Pottinger is acting as PR advisor for SI.
The acquisition is expected to complete by the end of July 2012.