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2017 Annual Report

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2017 Annual Report SOCO INTERNATIONALPLC POISED FOR SOCO International plc 48 Dover Street ANNUAL REPORTAND ACCOUNTS 2017 London W1S 4FF GROWTH United Kingdom ANNUAL REPORT AND T +44 (0)20 7747 2000 F +44 (0)20 7747 2001 ACCOUNTS 2017 www.socointernational.com WE ARE AN OIL AND Company Information GAS EXPLORATION AND REGISTERED OFFICE ADVISORS SOCO International plc Auditor Registrar PRODUCTION COMPANY 48 Dover Street Deloitte LLP Equiniti Limited London London, United Kingdom Aspect House Headquartered in London and listed on the main W1S 4FF Spencer Road United Kingdom Bankers Lancing market of the London Stock Exchange, we have Registered in England Bank of America Merrill Lynch BN99 6DA T +44 (0)20 7747 2000 Merrill Lynch Financial Centre United Kingdom exploration, development and production interests F +44 (0)20 7747 2001 2 King Edward Street in Vietnam, and exploration and appraisal interests Company No. 3300821 London Solicitors EC1A 1HQ Clifford Chance LLP in Congo (Brazzaville) and Angola Website United Kingdom 10 Upper Bank Street www.socointernational.com London J.P. Morgan E14 5JJ Company Secretary 125 London Wall United Kingdom Tony Hunter London EC2Y 5AY Financial Calendar United Kingdom Group results for the year to 31 December are announced Financial Advisor and in March. The Annual General Corporate Broker Meeting is held during the second Jefferies Hoare Govett quarter. Interim Results to 30 June Vintners Place are announced in September. 68 Upper Thames Street London EC4V 3BJ United Kingdom J.P. Morgan Cazenove 25 Bank Street London E14 5JP United Kingdom Financial Advisor Evercore 15 Stanhope Gate London SOCO has more than 20 years’ experience in all stages of the upstream W1K 1LN Design and production United Kingdom oil and gas life cycle. We have been active in a number of locations Wardour, London throughout the world and currently hold interests in core producing www.wardour.co.uk assets in Vietnam and exploration and appraisal interests in Africa. Photography We have a strong track record of efficient portfolio management, iStockphoto facilitating the regular return of cash to shareholders. Oscar Nord John Hepler SOCO’s strategy is to deliver value for shareholders by Board and Management: building a balanced portfolio of cash generative and Barry Willis development assets, which provide robust risk Print adjusted returns through the oil and gas lifecycle. CPI Colour Our focus is on the exploitation of growth opportunities combined with effective capital discipline to maximise returns for all shareholders, and to deliver an annual dividend. SOCO International plc Annual Report and Accounts 2017 Contents Strategic Report 2 SOCO at a Glance STRATEGIC REPORT STRATEGIC 4 A Solid Financial Foundation 6 Building for the Next Phase 8 Vietnam – A Valued Asset 10 Chairman and Chief Executive Officer’s Statement 14 Measuring Our Performance (KPIs) 16 Review of Operations GOVERNANCE 24 Financial Review 28 Risk Management Report 34 Corporate Social Responsibility Report 45 Approval of the Strategic Report Governance 46 Our Leadership Team 50 Chairman’s Introduction STATEMENTS FINANCIAL 52 Annual Report of the Directors 56 Corporate Governance Report 64 Nominations Committee Report ABOUT THE STRATEGIC REPORT 67 Audit & Risk Committee Report The Directors present their Strategic Report for the year 70 Directors’ Remuneration Report ended 31 December 2017 for the Group, which comprises pages 2 to 45 and includes: ADDITIONAL INFORMATION ADDITIONAL 2–3 SOCO at a Glance Financial Statements 87 Independent Auditor’s Report 4–5 A Solid Financial Foundation 6–7 Building for the Next Phase 96 Consolidated Income Statement 8–9 Vietnam – A Valued Asset 96 Consolidated Statement of Comprehensive Income 10–13 Chairman and Chief Executive Officer’s Statement 97 Balance Sheets 14–15 Measuring Our Performance (KPIs) 98 Statements of Changes in Equity 16–23 Review of Operations 99 Cash Flow Statements 24–27 Financial Review 100 Notes to the Consolidated Financial Statements 28–33 Risk Management Report 34–45 Corporate Social Responsibility Report Additional Information 45 Approval of the Strategic Report 119 Key Performance Indicators 121 Five Year Summary This Strategic Report has been prepared for the Group 121 Reserves Statistics as a whole and therefore gives greater emphasis to those matters which are significant to SOCO International plc and 122 Report on Payments to Governments its subsidiaries when viewed as a whole. The Directors, in 124 Glossary of Terms preparing the Strategic Report, have complied with s414C of the Companies Act 2006. IBC Company Information 1 Strategic Report SOCO International plc Annual Report and Accounts 2017 SOCO at a Glance Headquartered in London and listed on the main market of the London Stock Exchange, we have exploration, development and production interests in Vietnam and exploration and appraisal interests in Congo (Brazzaville) and Angola. Our core strategic objectives Since our incorporation in 1997, we have applied our core strategic objectives to our projects, and they remain at the centre of our operations today. RO CP Recognising Opportunity Capturing Potential By cultivating relationships and By adding the Company’s having early access into regions, managerial, technical and projects or situations where commercial expertise to there is potential to create progress activities through the significant upside through the formative stages or through Company’s participation periods of difficulty RV Realising Value By locking in returns, regardless of the phase of the project life cycle, once the Company’s capability to add value begins to diminish This key is used throughout the report. 2 SOCO International plc Annual Report and Accounts 2017 Our business around the world We have participated in projects in many parts of the world over the last 20 years, and our current portfolio is in two regions. UK STRATEGIC REPORT STRATEGIC 1 1 LONDON HEADQUARTERS VIETNAM PORTFOLIO GOVERNANCE 2 BLOCK 16-1 2 BLOCK 9-2 3 BLOCKS 125 & 126 SOCO interest: SOCO interest: SOCO interest: 30.5% 25% 70% SOCO Vietnam and SOCO Vietnam SOCO Exploration OPECO Vietnam (Vietnam) Operator: Operator: Operator: Hoang Long Hoan Vu SOCO Exploration Joint Operating Company Joint Operating Company (Vietnam) VIETNAM STATEMENTS FINANCIAL Location: Location: Location: Cuu Long Basin, Cuu Long Basin, Phu Khanh Basin, offshore Vietnam offshore Vietnam offshore Vietnam 3 Operational phase: Operational phase: Operational phase: 2 Production/field Production/field Exploration development development ADDITIONAL INFORMATION ADDITIONAL AFRICA PORTFOLIO 4 LIDONGO / VIODO / 5 CABINDA NORTH BLOCK LIDEKA / LOUBANA (former Marine XI Block) CONGO SOCO interest: SOCO interest: 4 40.39% 22%* 5 SOCO Exploration & SOCO Cabinda Production Congo ANGOLA Operator: Operator: SOCO Exploration & Eni Angola* Production Congo Location: Location: Offshore Congo Onshore Cabinda, (Brazzaville) Angola Operational phase: Operational phase: Exploration/appraisal Exploration/appraisal * Pending formal governmental approval, as described in more detail in the Review of Operations 3 Strategic Report SOCO International plc Annual Report and Accounts 2017 A Solid Financial Foundation Provided by steady revenues, low operating costs and a disciplined approach to capital allocation. $m 200 RV 180 $42.7m 160 RECOVERY OF MONGOLIA VALUE SOCO received the outstanding Value realised $42.7m against the financial asset, 140 associated with the 2005 sale of its Mongolia $45.0m interests 120 Cash from operating activities 100 $100.3m 80 60 CP RV OPERATING CASH FLOW Production from the Te Giac Trang and Ca Ngu Vang fields generated revenues of $156.2m. The average 40 realised oil price achieved for the same period was $56/bbl, representing a premium of over $2/bbl to Brent. Average cash operating cost achieved in the year was $13.7/boe2. 20 8,276 RO CP BOEPD Cash at 31 December 20161 0 Key RO Recognising Opportunity CP Capturing Potential RV Realising Value 1 Cash, cash equivalents and liquid investments 2 See page 120 for details 4 SOCO International plc Annual Report and Accounts 2017 STRATEGIC REPORT STRATEGIC RV $476m GOVERNANCE Total value of returns $29.3m to shareholders since 2006 Capital expenditure $21.0m Returned to shareholders STATEMENTS FINANCIAL $1 3 7.7m CP CAPITAL DISCIPLINE A $29.3m capital expenditure programme was fully funded from existing INFORMATION ADDITIONAL cash resources “Steady revenues with low operating costs and good capital discipline has led to a strong year end cash position that provides a platform for growth.” RO CP Cash at 31 December 20171 5 Strategic Report SOCO International plc Annual Report and Accounts 2017 Building for the Next Phase The Company is well positioned for growth, and we will use this platform to grow the business and deliver value by maintaining focus on capital discipline, capital allocation and capital return. We aim to build a business focused on sustainable cash flow generation, maximising value creation and total shareholder return. We have the right people and the right financial strength to create opportunities to grow the business. 6 SOCO International plc Annual Report and Accounts 2017 STRATEGIC REPORT STRATEGIC A STRONG TEAM “Not only do Jann and Mike This year SOCO invigorated its corporate bring the experience, capability strategy to further strengthen the business through inorganic and organic growth and industry network to suggest opportunities that would upscale the business in line with our financial strategy of
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