Acreage. Story also said the field's economics were very good, with a breakeven oil price of less than $26 per boe. [14], On 17 October 2019, Pharos Energy plc announced the appointment of John Martin, to succeed Rui de Sousa as Non-Executive Chair following his retirement.[15]. [19], In September 2018, the Company reached an agreement to buy Merlon Petroleum El Fayum Company and 100 percent of the El Fayum concession, completing the acquisition in April 2019. Earlier this month, Soco came to an agreement with WWF to pull out. " In March 2011 the then DRC Environment Minister Jose Endundo rejected an environmental assessment submitted by SOCO and announced that the government would now be conducting its own environmental assessment into oil exploration in Virunga, as well as the entire border region. In January 2018, the Company announced that its assets in Africa were no longer a core strategic priority, and this is a step that will deliver an exit from a material portion of the non-core African business. [35] SOCO's Deputy Chief Executive Officer Roger Cagle said at the time that "The forcible entry is blatantly false." Egypt. [6][26], In 2005, the company sold its Mongolian assets to PetroChina Subsidiary, Daqing Oilfield Limited Company. There is hardly a listed oil explorer of similar size where management has greater exposure to the company's success than at SOCO. [24][25] In 2016, the company sold its Angola interests to Quill Trading Corporation and WMLC Resources for US$5 million. We have high regard for the business that Merlon has established in Egypt and are excited that Jason and his team are joining SOCO. In January 2018, the Company announced that its assets in Africa were no longer a core strategic priority, and this is a step that will deliver an exit from a material portion of the non-core African business. [32][33] Drilling was strongly opposed and condemned by the World Wide Fund for Nature. Executives. Oil & gas fields. Ed Story, President and Chief Executive Officer of SOCO, commented: 'SOCO has had a positive start to the year with the completion of the Merlon acquisition in April. [17], In 2002, the Group farmed out 50% of its Vietnam interests to PTT Exploration and Production Co. (PTTEP). Visuals by Clarence Peters. [13], On 16 October 2019 the company announced that it had changed its name to Pharos Energy plc. Soco’s president and CEO, Ed Story, said Merlon had been successfully integrated into the company in the first half. [5][28] In 2018, the Company sold its interests in Congo Brazzaville for $US10 million to Coastal Energy. Ed Story President and CEO at SOCO International plc. [37][38] However, SOCO did not immediately relinquish its operating permits or commit to an unconditional withdrawal…"They’re leaving the door open," said Zach Abraham, director of the World Wildlife Fund's global campaigns. [42], In 2010 the company agreed to sell its Thailand assets to UK listed Salamander Energy for $US105m. Trinity University, University of Texas Graduate School. Facebook Twitter LinkedIn WhatsApp Email. ... both people and the environment where it does the most good for a place that we think can have a better future," said Ed Story, Soco CEO told a news website Planet Experts. In 1998, production in Tunisia commenced from the Didon field until the company let go of its Didon/Zarat interests in Tunisia in 2004. [5] Pharos Energy no longer holds interests in Africa, and their strategy now focuses on interests in the Middle East and Asia. Core Finance CEO interview: Ed Story of SOCO Malcolm Graham-Wood is joined by Ed Story, President & CEO of SOCO Mariette 2018-10-09T18:48:10+01:00 9 October 2018 | Categories: Interviews | Tags: SOCO | 4 Comments Ed Story, Pharos Energy chief executive. Mr. Story received a Bachelor of Science Degree in Accounting from Trinity University, San Antonio, Texas and a Masters of Business Administration from the University of Texas in Austin. The leading global oil, gas and energy news resource. In 2010 SOCO received a Presidential decree from the Democratic Republic of Congo (DRC) to explore for hydrocarbons in Block V, in the southern Albertine Graben, onshore eastern DRC. Edward T. "Ed" Story is President and Chief Executive Officer and a member of the Nominations Committee of SOCO International plc and has served as a member of the Board since April 1997. Story was formerly "President of Snyder Oil Corporations international subsidiary, Vice Chairman of Conquest Exploration Company, Vice President and CFO of Superior Oil Company and holder of various positions with Exxon Corporation, including seven years resident in the Far East. He served as Vice President, Finance and Chief Financial Officer of Superior Oil Company from 1979 to 1981. Geographically diverse portfolio. [9], In 2014 they explored for oil in Virunga National Park, a UNESCO World Heritage site in the DRC, and attempted to bribe and intimidate people who opposed their efforts. [20], In 2020, Pharos announced plans to evaluate the North Beni Suef concession and to target CO2 emission reduction at the El Fayum concession. Oilman Ed Story enjoys a game of elephant polo. Pharos at a glance. Cagle said SOCO was with a provincial member of parliament and had permission to enter the park.[35]. Ed Story, President and Chief Executive Officer of SOCO, commented, "SOCO has had a positive start to the year with the completion of the Merlon acquisition in April. Nevertheless, in September 2011 former Minister Endundo passed an order giving SOCO the authorisation to conduct the evaluation of hydrocarbons in the context of the Strategic Environmental Evaluation. Pharos Energy Plc, previously SOCO International, is an oil and gas exploration and production company, headquartered in London. Currently, [he is] a director of Cairn Energy PLC." President and CEO Ed Story talks about Pharos Energy, the origin of the name and an overview of the company. Employees. Speaking after the ceremony, Ed Story said: 'SOCO began its serious evaluation of the exploration potential of Blocks 125 & 126 in the Phu Khanh Basin in 2010, following an interest that preceded that time by many years. He held various positions in Esso Standard's international companies from 1966 to 1975. SOCO International plc ('SOCO' or the 'Company' or, together with its subsidiaries, the 'Group') SOCO International plc, an international oil and gas exploration and production company, issues the following Trading and Operations update in advance of the Company's AGM which is being held at 12:30 today. The company changed its name to Pharos Energy Plc in October 2019. [6][3], In April 1997, the company was founded by Ed Story and was first listed on the London Stock Exchange in May that year. Block V encompassed an area of the Virunga National Park, a World Heritage Site, including a part of Lake Edward. [43], "Pharos Energy Annual Report and Accounts", "Soco International Investors Approve Pharos Energy Name Change", "Pharos targets emissions reduction plans in Egypt, defers Vietnam work", "SOCO commences drilling from Congo well – News for the Oil and Gas Sector", "PHAROS ENERGY PLC London Stock Exchange", "PHAROS ENERGY PLC: Shareholders Board Members Managers and Company Profile", SOCO International launching major oil exploration programme, "Congo's former president awarded oil block in UNESCO heritage site", "UK oil firm 'paid Congolese officer who offered bribe to Virunga park ranger, "Bribery scandal forces UK oil firm to abandon Congo oil block", "Soco halts oil exploration in Africa's Virunga national park", "Pharos Energy Picks Chair After Changing Name From Soco; COO Departs", "Test confirms 'major oil field' off Vietnam", "Pharos targets emissions reduction plans in Egypt, defers Vietnam work | Upstream Online", "Israel grants two groups offshore exploration licenses", Pharos agreed to sell Yemen ops to China's Sinochem for $US465 million, "SOCO International plc 18.8% Potential Decrease Indicated by Barclays Capital", "Soco International exits Africa. 4 Comments Seven 9 October 2018 at 8:39 pm - Reply. Ed Story, president and chief executive of SOCO, commented: “The results from the Lideka Marine East well, while not as good as we had hoped, are in line with that seen in regional analogs like the Yombo and Sendji Fields. Jann Brown - Non-Executive Director. SOCO Int’l’s Ed Story on his plans to launch firm forward with major progress in Egypt (SIA) 29 Oct 2018 | by: Richard Mason Despite doubling production with a potentially game-changing acquisition in Egypt last month , shares in oil and gas player SOCO International (LSE:SIA) sit at 87.6p, significantly below highs of 129p hit in January. [22], In 2008 the company agreed to sell its operations in Yemen to Sinochem for $US465 million. Cracking interview….Malcy as per usual channelling all the right questions and extracting the fine detail…Ed, “Their will be more to come, & they will be done prudently”. Founding year. Snyder Oil Compnay: Edward T. Story "a director and Vice President - International of the Company and President of SOCO International, Inc., joined the Company in 1991. StarBoy Entertainment Worldwide presents the visuals to its recently released smash single - "SOCO". History The CEO, Ed Story, focused the Company on international gas and oil exploration and production, and the Company soon held assets in Mongolia, Tunisia, Yemen, and Thailand. Share This Story, Choose Your Platform! Having secured a second rig in Egypt we look forward to the commencement of our increased drilling programme. [10][11][12] Following international pressure they agreed to suspend further exploration. [12], In a statement, Ed Story, SOCO's chief executive in 2017, said: “Hopefully we can all get back to activities focused on both people and the environment where it does the most good for a place that we think can have a better future.”[40], By July 2018, the group no longer held any African investments. Ed Story, President and Chief Executive Officer of SOCO, commented: “We are delighted to have reached an agreement to acquire Merlon. 1997. The well targeted gross prospective recoverable resources of 330 million barrels of oil. [21], In 1998, production in Tunisia commenced from the Didon field until the company let go of its Didon/Zarat interests in Tunisia in 2004. [4] The company previously held interests in the Republic of Congo and Angola. Ed Story, SOCO’s president and CEO, said: “In January 2018 the company announced that its assets in Africa were no longer a core strategic priority, and this is a step that will deliver an exit from a material portion of the non-core African business. [41], SOCO began the first production of oil from the Bualuang Oil Field in Thailand in 2008. Comfort, TX. Mr. Story held the positions of Exploration and Production Controller and Refining Controller with Exxon USA from 1975 to 1979. [1]. In 2008 the Company agreed to sell its operations in Yemen to Sinochem for $465 million. 20,537km 2. [36], In June 2014, SOCO signed a joint declaration with the World Wildlife Fund, saying it would not drill in Virunga "unless UNESCO and the D.R.C. [29][30], In 2012 SOCO began to explore for oil in the Virunga National Park, Democratic Republic of the Congo, a UNESCO World Heritage Site which is home to 200 of the remaining 700 endangered mountain gorilla. "Mongolian ambassador opens consulate here,", https://www.sourcewatch.org/index.php?title=Edward_T._Story&oldid=504042, Creative Commons Attribution-NonCommercial-ShareAlike. Ed Story, SOCO's chief executive, said: "The financial and operating results for 2012 demonstrate the transformation of this Company. Edward T. "Ed" Story is President and Chief Executive Officer and a member of the Nominations Committee of SOCO International plc and has served as a … SOCO International PLC (OTCPK:SOCLF) Q2 2017 Results Earnings Conference Call September 13, 2017 4:30 AM ET. The bizarre, three-a-side game, developed in Thailand, sounds straight out of Monty Python. [8], During 2010, the company aimed to derisk 600 million barrels of potential net recoverable reserves with a drilling programme focused in Vietnam and the Democratic Republic of Congo. Malcolm Graham-Wood is joined by Ed Story, President & CEO of SOCO . Mr. Story serves as a director of First BanksAmerica, Inc., a bank holding company, Hi/Lo Automotive, Inc., a distributor of automobile parts, Hallwood Realty Corporation, the general partner of Hallwood Realty Partners, L.P., an American Stock Exchange-listed real estate limited partnership, and Seaunion Holdings Limited, an oil and gas company listed on the Hong Kong Stock Exchange." 2012 Annual Report, p.9. Ed Story, President and Chief Executive Officer of SOCO, commented, In 2018 SOCO set out its vision to become a full cycle and growth orientated E&P company of scale. The sharply contrasting reservoir characteristics within these fields are indicative of changes that could be present at our Lideka discovery. Speaking after the ceremony, Ed Story said, "SOCO began its serious evaluation of the exploration potential of Blocks 125 & 126 in the Phu Khanh Basin in 2010, following an interest that preceded that time by many years. This page was last edited on 17 December 2010, at 23:13. Mr. Story was co-founder, Vice Chairman of the Board and Chief Financial Officer of Conquest Exploration Company from 1981 to 1990. From 1990 to 1991, Mr. Story was Chairman of the Board of a jointly-owned Thai/US company, Thaitex Petroleum Company. SOCO International plc ... Ed Story, President and Chief Executive Officer, commented: "We are pleased to have concluded this financing transaction, and to have received such strong interest in the bank market and firm support from our new lenders. [26], SOCO's operations in eastern Democratic Republic of Congo in the Onshore North Congo Basin commenced in 2013 with a short bathymetry study of Lake Edward and ceased in August 2014, in accordance with its June 2014 public commitment. [17], In 2005, the Te Giac Trang (TGT) Field was discovered in Block 16-1. 3. Covering the latest oil and gas news including shale, lng, drilling, exploration and production. The signing ceremony in Hanoi was attended by SOCO’s President and Chief Executive, Ed Story. Ed Story--United States. Between them, Roger Cagle and Ed Story … [39] They at the time supposedly told the government they were planning to stay in the hope that the park borders would be changed. [34], In January 2011 SOCO employees allegedly forced their way into the Park, resulting in the conservation head of the park and several international agencies declaring their intention to bring lawsuits against SOCO. [23], From July 2007, SOCO held a 17% interest in Cabinda Onshore North Block, in the North Congo Basin, onshore western Cabinda in Angola. Countries. SOCO's share price subsequently fell. government agree that such activities are not incompatible with its World Heritage status". [31] SOCO said it was not drilling for oil and had no plans to drill. Ed Story - CEO. At the meeting, Ed Story, President and Chief Executive Officer, will give a presentation which will be made available on the Company website www.socointernational.com. Ed Story - SOCO President and Chief Executive Officer. Ed Story, Soco President, and Chief Executive Officer, said: “I am delighted that the agreement for the sale of SOCO’s Congo (Brazzaville) interests has been signed. [26], The Group entered Brazzaville, Congo, following the signing of the Production Sharing Agreement in Block Marine XI in 2006. [3], It is listed on the London Stock Exchange. [4], In October 2019, Israel’s Energy Ministry granted Pharos, along with Cairn Energy and Ratio Oil, eight offshore exploration licenses for offshore blocks. In May 1999, the Group signed the petroleum contract for Block 16-1 in Vietnam and the Block 9-2 petroleum contract was signed a year later in 2000. Ed Story, Soco’s boss and a former Exxon executive, said the deal provided a high quality source of free cash flow and “a new hub for our business in … With the … Focus solely on Vietnam", "Republic of Congo approves Soco's Marine XI block award", "SOCO Drilling Baobab Marine-1 Well in Search of 330 Million Barrels", http://awsassets.panda.org/downloads/soco_wwf_statement_11_june_2014.pdf, "DR Congo blocks Soco from oil search in Virunga park", "Soco International Oil Exploration in Democratic Republic of Congo Sanctuary Opposed By British", "Congo Wildlife Authority Presses Charges Against Soco", "UNESCO commends the decision by SOCO to halt oil exploration activities in Virunga National Park as a step in the right direction", "Oil company Soco not to drill in Virunga World Heritage Site", "Oil Dispute Takes a Page From Congo's Bloody Past", "British oil company SOCO agrees to cease operations in Congo's", "Soco Sells Mongolian Assets to PetroChina Subsidiary", "First Oil From Bualuang Field in the Gulf of Thailand", Timeline of the electricity supply industry, Department for Business, Energy and Industrial Strategy, Minister of State for Business, Energy and Clean Growth, Department for Environment, Food and Rural Affairs, Climate Change and Sustainable Energy Act 2006, Centre for Renewable Energy Systems Technology, Hadley Centre for Climate Prediction and Research, Association for the Conservation of Energy, Double Glazing & Conservatory Ombudsman Scheme, https://en.wikipedia.org/w/index.php?title=Pharos_Energy&oldid=1003690524, Oil and gas companies of the United Kingdom, Companies based in the City of Westminster, Companies listed on the London Stock Exchange, Creative Commons Attribution-ShareAlike License, This page was last edited on 30 January 2021, at 05:56. [27] In February 2016, the company started drilling the Baobab Marine-1 well in the Mer Profonde Sud block offshore the Congo Brazzaville – Marine XI. Pharos has been active in Vietnam since 1996 and currently has two oil and gas producing blocks in the country: Block 9-2 of the (Ca Ngu Vang field) and Block 16-1 of the (Te Giac Trang field)[16] and commenced oil production there in August 2015. In the same year, the Ca Ngu Vang (CNC) Field from Block 9-2 was discovered. CEO Interview - Ed Story : SOCO International Plc - YouTube The signing ceremony in Hanoi was attended by SOCO's President and Chief Executive, Ed Story. 12. The company currently has interests in Egypt, Israel and Vietnam. 14. Mr. Story became a director of the Company in February 1996. --From Snyder Oil SEC filings. Note to Editors. SOCO had advised that Block V was not located close to the Mikeno Section, which is home to the mountain gorillas. However some question whether the company cut a deal with WWF in order to avoid a public relations fiasco. Billy Clegg / Georgia Edmonds / Owen Roberts. [7] Since April 1997, Ed Story is CEO of Pharos Energy PLC. Ed Story, President and Chief Executive Officer, commented: "I am delighted that the agreement for the sale of SOCO's Congo (Brazzaville) interests has been signed. 66. SOCO International plc, an international oil and gas exploration and production company, announces its preliminary results for the year ended 31 December 2018. Camarco Tel: 020 3757 4980. Ed Story. [18], In 2020, Pharos announced that evaluation of the offshore Phu Khanh basin blocks 125 & 126 would continue, though planned 3D seismic work would be deferred, possibly until 2021. SOCO International plc. Blocks & Licences. Ed Story, President and Chief Executive Officer Jann Brown, Managing Director and Chief Financial Officer Mike Watts, Managing Director Sharan Dhami, Group Investor Relations Manager . 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