Soco proposes investor cash return of $121 million
LONDON, Aug 28 (Reuters) - London-listed oil company Soco International said on Thursday it will pay shareholders a cash return of 22 pence per share, rewarding investors with a $121 million payout.
The energy firm also reported a drop in net profit over the first half of the year to $79.8 million, down 24 percent on the same period a year ago.
First (Other OTC: FSTC - news) -half revenue came to $246.4 million, also 24 percent lower than in 2013, but said it was generating strong cash flow from its Vietnam operations.
Soco maintained its full-year production guidance of 14,000-15,000 barrels of oil equivalent per day. (Reporting by Karolin Schaps; Editing by Neil Maidment)