16th Nov 2015 09:07
LONDON (Alliance News) - SacOil Holdings Ltd on Monday said its Mena International Petroleum Co Ltd subisidiary has started drilling on the Lagia 11 well at the Lagia oil field in Egypt.
The well is part of a five-well drilling campaign the group will handle at the field, which is 100%-owned by SacOil.
SacOil said the well is also part of the second phase of development work on the project, which will also include the installation and commissioning of steam facilities for a thermal recovery process on the production wells.
SacOil shares were down 11% to 1.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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