SacOil Starts Development Operations at Lagia Field

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.

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