SacOil Holdings Limited, through its subsidiary Mena International Petroleum Company Limited (Mena), has commenced 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 4th 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.