SacOil announce Acquisition of a 100% interest in the Lagia oil field
SacOil, the African independent upstream oil and gas company, is pleased to announce that it has entered into a sale and purchase agreement dated 9 September 2014 (the “Agreement”) to acquire a Cyprus-registered exploration and production company, Mena International Petroleum Company Ltd (“MIP”), from Mena International Petroleum Holdings Company Ltd (the “Seller”), a wholly-owned subsidiary of TSX Venture listed Mena Hydrocarbons
Inc. (TSXV:MNH) (“Mena Hydrocarbons”) (the “Acquisition”).
Highlights of the Acquisition include:
· The Lagia oil field represents the acquisition by SacOil of a de-risked onshore development asset in Egypt with short timelines to production and cash flows;
· Proven plus probable reserves net to MIP of 6.174 million barrels (audited by Degolyer and MacNaughton as at the year ended 31 December 2013); and
· The Acquisition represents a strategic entry to Egypt, where SacOil sees the potential to build a substantial E&P business.
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