Merger talks between London-listed Soco International and MENA-focused Kuwait Energy have been terminated as the two parties could not reach an agreement.
Soco announced that it was in preliminary discussions with the newly-constituted board of directors of Kuwait Energy regarding a potential transaction on January 8, 2018.
On Monday, March 5 Soco confirmed that it has terminated these discussions because it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction.
Soco said it evaluates M&A opportunities with reference to strict strategic, financial and operational criteria and only pursues transactions if they are determined by Soco’s board to be in the best interest of shareholders. Soco’s board continues to evaluate opportunities in accordance with these criteria, said the company.
Soco International has assets in Vietnam, Congo, and Angola. Kuwait Energy’s portfolio currently consists of ten exploration, development and production oil and gas assets in Egypt, Iraq, Yemen and Oman. Kuwait Energy currently produces oil from six of its assets.