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Date: Friday 10 Oct 2008

LONDON (ShareCast) - Oil and gas group Soco International rallied hard Friday after receiving an early stage bid approach.

Confirmation that a deal is in the pipeline boosted the company’s value by a fifth to more than £1bn. Talk is that Chinese group Sinochem Petroleum Exploration & Production is interested.

“The board of Soco can confirm that it has received a very preliminary approach regarding the sale of a majority of the company's asset portfolio,” a short statement read.

“There can be no certainty that any transaction will occur or as to the terms of any such transaction.”

The firm, which has interests in Vietnam, Thailand, Angola and the Congo, made a profit before tax of $392.5m in the first half of 2008 following the sale of its Yemen interest for around $465m.

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