SacOil, the African independent upstream oil and gas company, has announced the acquisition of a 100% interest in the Lagia oil field, onshore Sinai Peninsula, Egypt.
It is currently held by Mena International Petroleum Company. which has a 100% interest in the development lease for the Lagia oil field, covering an area of approximately 32 square kilometres on the Sinai Peninsula in Egypt.
The field is at a development stage with heavy oil (16-18° API) in shallow reservoirs and light oil potential in deeper reservoirs.
As consideration for the acquisition Mena will be entitled to receive $10m in SacOil shares.
Dr Thabo Kgogo, SacOil's CEO, said, "The signing of a definitive agreement to acquire Mena International Petroleum Company Ltd is another significant milestone in the history of the company, and endorses our short to medium term strategy of balancing our existing exploration and appraisal portfolio with lower risk production and development assets."
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