StockMarketWire.com - Oil and gas company Soco International swung to a first-half loss, owing to lower revenue and a higher tax charge.

Net losses for the six months through June amounted to $18.7m, compared to a profit of $3.5m on-year.

Revenue fell to $91.8m, down from $93.2m on-year.

'We are pleased with the strategic progress Soco has made in the first half of the year,' chief executive Ed Story said.

'We completed the acquisition of Merlon, and successfully integrated the business.'

'The acquisition significantly increases group reserves, resources and production, and importantly gives Soco the diversified base to grow production further.'

'The Egyptian assets complement our Vietnamese portfolio and allow us to invest cash flow into activities focused on increasing reserves and production.'

'We look forward to a busy second half of the year as we implement our increased drilling programme in Egypt and continue to focus on meeting production guidance in Vietnam.'


At 8:01am: [LON:SIA] SOCO International PLC share price was -0.45p at 63.55p



Story provided by StockMarketWire.com