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SOCO International plc, Company Intelligence Report

  • August 2014
  • -
  • Global Data
  • -
  • 112 pages

SOCO International plc, Company Intelligence Report

Summary

SOCO International plc (SOCO) is an independent oil and gas Exploration and Production (E&P) company. Its areas of operation are South Asia and Central Africa. In South Asia, the company has interests in the Te Giac Trang (TGT) and Ca Ngu Vang (CNV) fields, in Vietnam. In Central Africa, SOCO’s operations are spread across three countries: the Republic of Congo, the Democratic Republic of Congo (DRC) (Kinshasa), and Angola. In Vietnam, SOCO conducts its operations in Block 16-1 and Block 9-2, which are SOCO’s primary producing assets. In the Republic of Congo, SOCO has interest in three blocks: Marine XI, Mer Profonde Sud (MPS), and the Nanga II A blocks. In DRC, SOCO’s has interest in Block V, and in Angola SOCO is present in the Cabinda North Block.
SOCO’s headquarters are located in London

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

Table Of Contents

SOCO International plc, Company Intelligence Report
1 Table of Contents

2 SOCO International plc, Company Overview 14
3 SOCO International plc, Key Highlights 19
3.1 Strong Performance in Vietnam to Support SOCO's Growth Trajectory 19
3.2 Central Africa to Supplement Growth Objectives 23
4 SOCO International plc, SWOT Analysis 27
4.1 Strengths 27
4.1.1 Declining Debt and Improved Debt Metrics 27
4.1.2 Strong Cash Flows to Facilitate Growth 29
4.2 Weakness 31
4.2.1 Limited Geographical Presence 31
4.3 Opportunities 31
4.3.1 Leveraging on its Exploration Program in Central Africa 31
4.4 Threat 31
4.4.1 Regulatory and Permitting Procedures Can Have a Negative Impact on Company's Drilling Program 31
5 SOCO International plc, Goals and Strategies 32
5.1 To Capitalize on the Development of Assets in Southeast Asia and Central Africa 32
5.2 Asset Monetization through Divesture 33
6 SOCO International plc, Production Overview 34
6.1 Production Profile 34
6.2 Assets Portfolio 36
6.2.1 Vietnam 37
7 SOCO International plc, Exploration and Development Overview 38
7.1 Vietnam 40
7.1.1 Block 16-1 Te Giac Trang 43
7.1.2 Block 9-2 Ca Ngu Vang 46
7.2 Central Africa 48
7.2.1 Republic of Congo 51
7.2.2 Democratic Republic of Congo 54
7.2.3 Angola 56
8 SOCO International plc, Capital Expenditure 57
8.1 Costs Incurred 58
9 SOCO International plc, Forecast Production and Financial Statements 60
9.1 Income Statement, 2011-2018 61
9.2 Balance Sheet, 2011-2018 63
9.3 Cash Flow Statement, 2011-2018 65
10 SOCO International plc, Valuation 66
10.1 Discounted Cash Flow Methodology 66
11 SOCO International plc, Peer Comparison 68
11.1 Share Price Performance 68
11.2 Operational and Financial Performance 69
11.3 Key Financial and Operational Ratio 75
12 SOCO International plc, Production and Reserves Trends 78
12.1 Total Oil and Gas, Reserves and Production 78
12.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 78
12.1.2 Total Crude Oil and Natural Gas Production and Reserves By Country/Region, 2009-2013 79
12.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 80
12.2 Total Crude Oil and Natural Gas Reserves Life Index 81
12.2.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 81
12.2.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 82
13 SOCO International plc, EandP Costs Trends 83
13.1 Allocation of the Upstream Capital Expenditure 83
13.1.1 Upstream Capital Expenditure, 2009-2013 83
13.1.2 Exploration and Development Costs, By Country/Region, 2009-2013 84
13.2 Oil and Gas Cost Per boe, US$/boe 85
13.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 85
13.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 87
14 SOCO International plc, Reserve Replacement Ratio 88
14.1 Oil and Gas Production Replacement Ratio 88
14.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 88
14.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 90
15 SOCO International plc, Results of Oil and Gas Operations Trend 93
15.1 Oil and Gas Revenue and Expenses 93
15.1.1 Oil and Gas Revenue and Expenses, 2009-2013 93
15.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 95
15.2 Oil and Gas Revenue and Expenses, Per boe 100
15.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 100
15.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 101
15.3 Oil and Gas Performance Metrics 104
16 Appendix 105
16.1 Abbreviations 105
16.2 Sources 107
16.3 Research Methodology 109
16.3.1 Coverage 109
16.3.2 Secondary Research 109
16.3.3 Primary Research 110
16.4 Disclaimer 111

1.1 List of Tables

Table 1: SOCO International plc, Total Proved Reserves (mmboe), 2013 15
Table 2: SOCO International plc, Total Proved and Probable Reserves (mmboe), 2013 15
Table 3: SOCO International plc, Total Oil and Gas Production (mmboe), 2013 15
Table 4: SOCO International plc, TGT Test Zones, 2013 20
Table 5: SOCO International plc, Cash Flow from Operations to Capital Expenditure, 2010-2013 30
Table 6: SOCO International plc, Total Oil and Gas Production (mmboe), 2011-2018 35
Table 7: SOCO International plc, Vietnam, Block Details, 2014 40
Table 8: SOCO International plc, Central Africa, Block Details, 2014 48
Table 9: SOCO International plc, Costs Incurred (US$ mil), 2009-2013 59
Table 10: SOCO International plc, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$ per boe), 2010-2013 59
Table 11: SOCO, Total Oil and Gas Production (mmboe), 2011-2018 60
Table 12: GlobalData, Price Forecasts, 2014-2018 60
Table 13: SOCO International plc, Income Statement (US$ mil), 2011-2018 61
Table 14: SOCO International plc, Balance Sheet (US$ mil), 2011-2018 63
Table 15: SOCO International plc, Cash Flow Statement (US$ mil), 2011-2018 65
Table 16: SOCO International plc , Free Cash Flow Calculation (US$ mil), 2014-2018 66
Table 17: SOCO International plc, Discounted Cash Flow Calculation, 2013 67
Table 18: SOCO International plc, Peer Group Comparison, Operational and Financial Performance, 2013 69
Table 19: SOCO International plc, Peer Group Comparison, Total Reserves and Production (mmboe), 2013 73
Table 20: SOCO International plc, Peer Group Comparison, Financial and Operational Ratios, 2013 75
Table 21: SOCO International plc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 78
Table 22: SOCO International plc, Total Crude Oil and Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 79
Table 23: SOCO International plc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 80
Table 24: SOCO International plc, Oil and Gas Reserves Life Index, Years, 2009-2013 81
Table 25: SOCO International plc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 82
Table 26: SOCO International plc, Upstream Capital Expenditure, US$ mil, 2009-2013 83
Table 27: SOCO International plc, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 84
Table 28: SOCO International plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 86
Table 29: SOCO International plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 87
Table 30: SOCO International plc, Oil and Gas Production Replacement Ratio, %, 2009-2013 89
Table 31: SOCO International plc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 92
Table 32: SOCO International plc, Revenue and Expenses, US$ mil, 2009-2013 94
Table 33: SOCO International plc, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 99
Table 34: SOCO International plc, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 100
Table 35: SOCO International plc, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 103
Table 36: SOCO International plc, Oil and Gas Performance Metrics, 2009-2013 104

1.2 List of Figures

Figure 1: SOCO International plc, Operational Map, 2014 14
Figure 2: SOCO International plc, Financial and Operational Overview, 2010-2013 16
Figure 3: SOCO International plc, Share Volume and Price Movement, August 2013 to July 2014 18
Figure 4: SOCO International plc, Vietnam Operations, 2014 19
Figure 5: SOCO International plc, Vietnam TGT Wells, 2014-15 21
Figure 6: SOCO International plc, Vietnam Operations Program, 2014 22
Figure 7: SOCO International plc, Central Africa Operations, 2014 23
Figure 8: SOCO International plc, Litchendjili Extension Overview, 2014 25
Figure 9: SOCO International plc, Central Africa Operations Program, 2014 26
Figure 10: SOCO International plc, Debt Metrics, 2009-2013 28
Figure 11: SOCO International plc, Cash Flow from Operations to Capital Expenditure, 2009-2013 29
Figure 12: SOCO International plc, Total Oil and Gas Production (mmboe), 2011-2018 35
Figure 13: SOCO International plc, Production Mix by Area (%), January-April 2014 36
Figure 14: SOCO International plc, Operational Map, 2014 38
Figure 15: SOCO International plc, Operations Program, 2014 39
Figure 16: SOCO International plc, Vietnam Operational Map, 2014 41
Figure 17: SOCO International plc, Vietnam - Cuu Long Basin Blocks, Operational Map, 2014 42
Figure 18: SOCO International plc, Vietnam TGT Hydrocarbon Columns, 2014 44
Figure 19: SOCO International plc, Vietnam TGT Wells, 2014-15 45
Figure 20: SOCO International plc, CNV Prospects, 2014 47
Figure 21: SOCO International plc, Central Africa, Operational Map, 2014 50
Figure 22: SOCO International plc, Litchendjili Extension Overview, 2014 52
Figure 23: SOCO International plc, Mer Profonde Suds Prospect Exploration Well, 2014 53
Figure 24: SOCO International plc, Block V Activity, 2014 55
Figure 25: SOCO International plc, Cabinda North, Operational Map, 2014 56
Figure 26: SOCO International plc, Capex by Area (US$ mil), 2010-2013 57
Figure 27: SOCO International plc, Costs Incurred (US$ mil), 2009-2013 58
Figure 28: SOCO International plc and Peers, Relative Share Price Performance Index (%), August 2013-July 2014 68
Figure 29: SOCO International plc and Peer Group, Financial and Operational Parameters (US$/boe), 2013 70
Figure 30: SOCO International plc and Peer Group, FandD Cost and Reserve Replacement Comparison, 2013 71
Figure 31: SOCO International plc and Peer Group, Total Reserves and Production (mmboe), 2013 72
Figure 32: SOCO International plc and Peer Group, Reserve Life Index (years), 2013 74
Figure 33: SOCO International plc and Peer Group, Valuation Ratios, 2013 77
Figure 34: SOCO International plc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 78
Figure 35: SOCO International plc, Total Oil and Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 79
Figure 36: SOCO International plc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 80
Figure 37: SOCO International plc, Oil and Gas Reserve Life Index, By Country/Region, Years, 2009-2013 82
Figure 38: SOCO International plc, Upstream Capital Expenditure, US$ mil, 2009-2013 83
Figure 39: SOCO International plc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 85
Figure 40: SOCO International plc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 88
Figure 41: SOCO International plc, 3-Year Wt. Avg. Oil and Gas FandD Production Replacement, By Country/Region, %, 2009-2013 90
Figure 42: SOCO International plc, 3-Year Wt. Avg. Oil and Gas RRC Production Replacement, By Country/Region, %, 2009-2013 91
Figure 43: SOCO International plc, Revenue and Expenses, US$ mil, 2009-2013 93
Figure 44: SOCO International plc, Depreciation, Depletion and Amortization From Upstream Oil and Gas Operations, By Country/Region, US$ mil, 2009-2013 95
Figure 45: SOCO International plc, Oil and Gas Revenue, By Country/Region, US$ mil, 2009-2013 96
Figure 46: SOCO International plc, Production Costs, By Country/Region, US$ mil, 2009-2013 97
Figure 47: SOCO International plc, Total Expenses From Upstream Oil and Gas Operations, By Country/Region, US$ mil, 2009-2013 98
Figure 48: SOCO International plc, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 100
Figure 49: SOCO International plc, Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 101
Figure 50: SOCO International plc, Total DDandA per boe, By Country/Region, US$/boe, 2009-2013 102
Figure 51: SOCO International plc, Oil and Gas Performance Metrics, 2009-2013 104

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