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Soco reassures on funding needs

SOCO International, the oil explorer, reported a full-year net profit yesterday that missed market expectations, but said it did not require additional funding in the short term.

For the year ended 31 December, the company posted a net profit of $51.1m (£34.3m), compared with $411.1m a year ago. The company had made a profit of $380.5m from discontinued operations in 2008.

Revenue more than doubled to $131m.

Analysts on average were expecting full-year net profit of $54.3m , on revenue of $133.5m.