SacOil Holdings Limited Commencement of development operations: Lagia (3743B)

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

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