15th Dec 2015 14:03
LONDON (Alliance News) - SacOil Holdings Ltd on Tuesday said it has received results from the drilling programme conducted at the Lagia oil field in Egypt.
Five wells have been drilled at the project and SacOil's Mena International Petroleum Co Ltd subsidiary has received results from three of the Lagia wells, numbers 11, 15 and 16. Lagia 12 and 13 are still to be drilled.
Lagia 11 was drilled to depth and encountered around 213 feet of gross oil bearing formation. The well has been placed into production and is production oil, the company said.
Lagia 15 was also drilled to depth and found oil flows in both the Nukhul and Thebes formations and has also been placed into production. Lagia 16 also encountered oil and will also be placed into production, SacOil said.
"The discovery of a light oil in the Thebes formation is very significant for the Lagia assets and for SacOil as a company. This discovery should add to the field reserves and may add to production from the Lagia field in the future," said Thabo Kgogo, SacOil's chief executive.
Shares in SacOil were up 46% to 1.5 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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