Petroleum Africa
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Thursday, September 11, 2014
South African firm SacOil Holdings Ltd. is expanding on the continent with the acquisition of the entire issued share capital of Mena International Petroleum Company Ltd. from its parent company, Mena International Petroleum Holdings Company Ltd., a subsidiary of Calgary-based Mena Hydrocarbons Inc. SacOil will pay a total of $14.1 million for the business, split between $10 million in shares of SacOil and $4.1 million in cash to settle all of MIP’s liabilities.
Through the acquisition the company will gain a 100% stake in the Lagia oil field in the Sinai Peninsula for an estimated $14.1 million in cash and shares. The Lagia field is currently in the development stage, with heavy oil in shallow reservoirs and light oil potential in deeper reservoirs.
The company said it intends to implement a phased development program in order to bring the field into production.
“This acquisition represents the first booked reserves for the company and through our anticipated development program, we will be targeting a daily production rate from the Lagia oil field of more than 1,000 bpd of oil by Q4 2015,” said SacOil Chief Executive Thabo Kgogo.
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