Soco Abandons Merger with Kuwait Energy
UK-listed Soco International and Jersey-registered independent Kuwait Energy have called off their merger plans. Two months ago both companies had said they were in preliminary discussions on a potential merger.
Soco confirmed March 5 that it has "terminated these discussions because it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction." Likewise Kuwait Energy said its discussions with Soco "have been terminated as the parties could not reach agreement on mutually acceptable transaction terms."
Bahrain-based Kuwait Energy's 2017 average daily working interest production was 26,819 barrels of oil equivalent/day (boe/d); it has a mix of oil and gas assets in Egypt, Iraq, Oman and Yemen. Soco operates two mainly oil offshore projects in Vietnam (net production 8,606 boe/d) plus two offshore exploration blocks, one each in Angola and Congo-Brazzaville.
Update July 2 2018: Soco said it has entered into a sale and purchase agreement with Quill Trading Corporation and WMLC Resources Limited to sell its entire shareholding in Soco Cabinda for up to $5mn cash. Soco's 85%-owned Soco Cabinda holds a 22% non-operating, working interest in the PSC for the Cabinda North Block onshore Angola's Cabinda enclave.