SacOil acquire oil field in Egypt

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.