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ID - Soco closes purchase of El Fayum concession - April 2019



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London-listed Soco International closed its previously announced $237 million acquisition of Merlon Petroleum El Fayum from Merlon International. The deal added the El Fayum concession to Soco’s Vietnam-focused portfolio. El Fayum has 11 producing fields across 451,200 acres in Egypt’s Gindi Basin and net 2P reserves of 24 MMbbl. The transaction was for $136 million in cash and the issue of 65.6 million new shares, making Merlon International a 16.5% owner of Soco. In addition, Soco assumed $22 million in net debt......
 
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