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Soco International In Talks To Gain More Stake In Angola's Cabinda Block

09-10-2007

Soco International PLC (SIA.LN) is in talks with Angolan state-oil company Sonangol to increase its stake from a current 17% in an Angolan oil exploration block, the U.K. company's chief executive said .

In an interview, CEO Ed Story said Sonangol may, for instance, get access to its Congolese asset in exchange for a higher share in the block, which is located in the restive Angolan region of Cabinda.

In July, Soco got 17% in the block and Sonangol, 51%. Occidental Petroleum Corp. (OXY) was formerly the nominal operator of the license but did not conduct exploration due to a force majeure.

Teikoku Oil Co. Ltd. (17%) and Angola E&P Company (15%) hold the remaining interests.