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SOCO International shares drop on Vietnam reserves downgrade.

SOCO International plc (LON:SIA) shares were down 4% in Thursday's deals after a downgrade to its reserves in Vietnam.

Combined reserves for the TGT and CNV assets were revised to 23mln barrels oil equivalent, from 25.4mln barrels, due to operational delays that have pushed anticipated production volumes beyond the licence expiry date.

READ: Thursday's stock market movers report

The company, in a statement, meanwhile retained its production guidance for this year to 6,500 to 7,500 barrels oil equivalent.

It also highlighted that the anticipated completion of the Merlon acquisition in the first half of 2019 is expected to add 24mln barrels of new reserves.

In London, SOCO shares fell 3.22p or 4.34% to change hands at 70.98p.

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Publication:Oil Capital
Date:Feb 14, 2019
Words:209
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