Market Reaction: positive. The drilling at Lagia 15 is the first time that producible oil has been demonstrated from the deeper, lighter oil Thebes formation. The oil will have to undergo further analysis and equipment will have to be brought to the rig before flow testing can commence but the potential is there for a reserves upgrade. With the continued drilling of the Nukhul formation, the Company remains on track to hit its target of 1,000 bbl/d by financial year end.
15 Dec 2015
SACOIL HOLDINGS LIMITED (SAC LN): PHASE 2 LAGIA FIELD DEVELOPMENT UPDATE IN EGYPT
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SACOIL HOLDINGS LIMITED (SAC LN): PHASE 2 LAGIA FIELD DEVELOPMENT UPDATE IN EGYPT
Market Reaction: positive. The drilling at Lagia 15 is the first time that producible oil has been demonstrated from the deeper, lighter oil Thebes formation. The oil will have to undergo further analysis and equipment will have to be brought to the rig before flow testing can commence but the potential is there for a reserves upgrade. With the continued drilling of the Nukhul formation, the Company remains on track to hit its target of 1,000 bbl/d by financial year end.