View
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 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. 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.
Sacoil share price has been under pressure with the falling of the oil price unfortunately. Something interesting. Hamra Oil first phase of analysis shows there are oil tracks in Lake Malawi. [link] I just want to highlight in the article this paragraph: Then Hamra Oil joined with other three other companies, Rakgas of the united Arab Emirates, Pacific Oil and Gas of Singapore and the South African Company Sacoil have also been granted licences for prospecting. And this sentence: “What we have managed to get is giving us confidence that there are oil tracks in Lake Malawi.†Chiza-Mkandawire said Kind regards Gerald.
Maybe its badly worded , but the Sens today from SAC indicates they are in negotiations to cancel the agreements on one of their Nigerian assets. Althought this seems negative at first glance , its actually not a bad plan, I'm sure the asset will be OPL 281 which is still a long way off any sort of production, has yet to get perfection of title passed to SAC , and will require significant cash flow to become operational. At this stage SAC cannot afford to raise more capital at these reduced share prices. However by selling this asset even for the amount they paid ie: $12.5 mill , the net result is they can use those funds to for near production assets which is the Dr's goal. similar to the Mena deal
George Mpofu wrote about the Multi-Billion-Dollar Gas Pipeline In Development To Link South Africa With Mozambique on Ventures Africa website [link]
Finally, the world is waking up to SAC. This makes SAC /SCL stock hotter than the Alibaba IPO.
Latest from the Community...
Latest from the Community...
Latest from the Community...
