SacOil Holdings Limited announced Wednesday, on behalf of its subsidiary Mena International Petroleum Company Limited, that a production target of 1,000 barrels of oil per day has been achieved at the Lagia oil field in Sinai, onshore Egypt.
The production progress was achieved as part of Phase 2 of the field’s development program, which included the drilling of five new thermal wells. This development program was successfully completed under budget with no health or safety incidents reported, according to a SacOil statement.
Commenting on the field development, SacOil CEO Thabo Kgogo said in a company statement:
"The completion of the Lagia phase 2 development program and reaching our target of 1,000 bopd are significant operational milestones for SacOil. 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.
“Our technical team has been pivotal in unlocking value at the Lagia oil field, particularly from the Thebes formation, which for the last 30 years has been explored and evaluated by a number of independent oil companies with very limited success. Our focus moving forward on Lagia will be to optimize production commensurate with the current low oil price environment and to further evaluate and appraise the discovery in the Thebes formation. Further updates will be announced in due course, as operations progress.”
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