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Monday, January 12, 2015
SacOil Holdings Ltd., through its recently acquired subsidiary Mena International Petroleum Co. Ltd., 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.
Operations commenced on January 4 and well results are expected by the end of the month. Sacoil said it anticipates total daily production of approximately 350 bpd of oil, 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 at Lagia. More details of this phased development, as well as progress on the current operations, will be announced in due course.
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