SacOil Holdings Limited Commencement of development operations: Lagia (3743B)
January 06 2015 - 3:00AM
UK Regulatory
TIDMSAC
RNS Number : 3743B
SacOil Holdings Limited
06 January 2015
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: SCL AIM Share Code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company")
Commencement of development operations - Lagia oil field
SacOil Holdings Limited, through its subsidiary Mena
International Petroleum Company Limited ("Mena"), is pleased to
announce 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. Schlumberger is
one of the leading international oil field services companies, with
a proven track record of success in Egypt.
Operations commenced on the 4(th) January 2015 and well results
are expected by the end of January 2015. The Company anticipates
total daily production of approximately 350 barrels of oil per day,
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. More details of
this phased development, as well as progress on the current
operations, will be announced in due course.
JSE Sponsor
PSG Capital Proprietary Limited
6 January 2015
For further information please contact:
SacOil Holdings Limited +27 (0)11
Bradley Cerff 575 7232
finnCap Limited (Nominated Adviser
and Broker) +44 (0) 20
Matthew Robinson / Christopher Raggett 7220 0500
FirstEnergy Capital (Financial Adviser
and Joint Broker UK) +44 (0) 20
Travis Inlow 7448 0200
Instinctif Partners London (UK Investor
Relations) +44 (0)20
David Simonson / Anca Spiridon 7457 2020
Instinctif Partners Johannesburg
(SA Investor Relations) +27 (0)11
Nicholas Williams / Tshepo Mophiring 447 3030
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFVDLRIRIIE
Sacoil (LSE:SAC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sacoil (LSE:SAC)
Historical Stock Chart
From Jul 2023 to Jul 2024