2nd Mar 2016 10:02
LONDON (Alliance News) - SacOil Holdings Ltd on Wednesday said it has hit its initial production target for the Lagia field in Egypt and has completed the phase two development programme on the project.
SacOil said all five thermal wells drilled at the project had successfully intersected hydrocarbons.
All ten wells drilled at the project were put in production at the end of February and have reached SacOil's wellhead production target of 1,000 barrels per day.
"We are pleased to have achieved our stated production target, which represents another step towards our strategic aim to become a leading Pan African oil and gas company engaged in upstream, midstream and downstream activities," said SacOil Chief Executive Thabo Kgogo.
SacOil shares were flat at 1.375 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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