Operational Update – Egypt
EFORA ENERGY LIMITED
(Formerly SacOil Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
(“Efora” or “the Company”)
Efora Energy Limited
OPERATIONAL UPDATE – EGYPT
Spudding of Pilot Well Lagia #14
Efora, the South African based independent oil and gas company, is pleased to provide the following update on its wholly owned and operated operations at the Lagia field in Egypt.
The Company is pleased to announce that it has successfully spudded pilot well Lagia #14 on the Lagia Oil Field in the Sinai Peninsula, Egypt.
This multi-objective well is being drilled in order to achieve higher production rates, whilst also establishing a better understanding of the productivity potential of the field and the completion and steam injection strategies required to extract maximum value from the field.
The well, which will be drilled to a depth of 1410 feet, will fully penetrate the Nukhul reservoir interval, by intersecting the maximum column of the un-drained Nukhul Zone 3 for optimum exposure to reservoir.
The drilling of the well is expected to be completed in early December with the logging of the well to follow immediately afterwards. Efora’s technical team will then commence steam injection operations on the well ahead of it being placed on production in late December. Once in production, the well will be monitored for data and performance analysis throughout Quarter 1 2018, the results of which will be used to establish the optimum forward development strategy for the wider Lagia field.
Commenting on the update, Efora’s CEO Dr Thabo Kgogo said:
“We are pleased to be recommencing drilling operations at Lagia after a long period of data analysis. We are also pleased to be drilling in a stronger oil price environment, an important factor with heavy oil assets such as Lagia. This pilot well is a pivotal operation in our strategy to optimise the production capability of the overall field and will help establish optimal well completion across the reservoir intervals as well as the steam injection requirements for the wells that are still to be drilled. We look forward to providing an update once the drilling has completed and will provide a more detailed update once we have analysed the data and performance of the well over a sustained period of production. A successful outcome to this well will result in increased production from the field, but more importantly it will provide us with a roadmap to extract the true value of this material asset through an improved development plan.”
PSG Capital Proprietary Limited
29 November 2017
For further information please contact:
Efora Energy Limited
+27 (0)10 591 2260
Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000
Efora Energy Limited is a South African based independent African oil and gas company, listed on the JSE. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria and material downstream distribution operations throughout southern Africa. Our focus as a Group is on delivering energy for the African continent by using Africa’s own resources to meet the significant growth in demand expected over the next decade.
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