SacOil launches field development work at Lagia field in Egypt

SacOil launches field development work at Lagia field in Egypt

GAUTENG, South Africa -- SacOil Holdings, through its subsidiary Mena International Petroleum (Mena) has announced the commencement of field development operations at its 100% owned Lagia oil field in Sinai, onshore Egypt.

Mena has contracted Schlumberger Egypt to conduct an initial phase of development, which includes the hydraulic stimulation of the Lagia 6, 7, 8, 9 and 10 wells, specifically targeting the intersected productive Nukhul geological formation.

Operations commenced on the Jan. 4, 2015 and well results are expected by the end of January 2015.  The company anticipates total daily production of approximately 350 bopd, provided the completion of operations at each of these wells is successful. In addition to these hydraulic stimulation operations, a thermal recovery process is being planned for the first half of 2015, which should further enhance oil production and recovery of the reserves from the Lagia oil field.

SacOil is preparing and planning a second phase of development operations to start by June 2015, which includes the drilling of up to five additional wells in the Lagia oil field.