SacOil Holdings Limited, through its subsidiary Mena International Petroleum Company Limited (Mena) announces the successful on-time completion of phase 1 of the field development operations at the Lagia oil field in Sinai, onshore Egypt.
• Successful completion of hydraulic stimulation on all five existing wells • Phase 2 operations to commence by June 2015, installation of steam facilities and the drilling of up to 5 additional wells
As previously reported, the aim of phase 1 was to stimulate and re-complete the five existing production wells at the Lagia oil field in order to increase production.
Operations commenced on the 4th January 2015 and initial production indications are positive and the Company is confident that the targeted average production of 350 barrels of oil a day will be achievable from these five wells once they are in sustained production.
The oil produced from the Lagia field is trucked to the GPC (General Petroleum Company) facilities, which is owned by Egyptian General Petroleum Corporation, approximately 300 km from the Lagia field. Payments for delivered crude are paid directly to Mena.