SacOil Holdings Limited Announces the Completion of Phase 1 of the Field Development Operations At the Lagia Oil Field in Sinai, Onshore Egypt
Jan 28 15
SacOil Holdings Limited through its subsidiary Mena International Petroleum Company Limited announced the successful on-time completion of phase 1 of the field development operations at the Lagia oil field in Sinai, onshore Egypt. Highlights: Successful completion of hydraulic stimulation on all five existing wells; Phase 2 operations to commence by June 2015, installation of steam facilities and the drilling of up to 5 additional wells. As previously reported, the aim of phase 1 was to stimulate and re-complete the five existing production wells at the Lagia oil field in order to increase production. Following the successful completion of phase 1 the wells remain on production and SacOil is preparing and planning a second phase of field development and production optimisation to start by June 2015. This second phase includes the installation of steam facilities for a thermal recovery process on the existing production wells and the drilling of up to five additional thermal wells at the Lagia oil field, with the intent of further enhancing production and the recovery of oil at the oil field.
SacOil Announces Management Changes, Effective February 1, 2015
Dec 11 14
SacOil announced the appointment of Mr. Damain Matroos as the Chief Financial Officer of SacOil with effect from 1 February 2015. Mrs. Tariro Mudzimuirema, currently Acting Finance Director, will step down from her position on the same date. Tariro will return to the position of Financial Manager on the same date. Damain will join SacOil from Sasol, where he currently holds the position of Vice President - Corporate Finance responsible for mergers & acquisitions and specialized funding for the Sasol Group.
Sacoil Signs Joint Development Agreement with The Instituto de Gestão das Participações do Estado ave to Evaluate the Viability of the Construction of Transnational Terrestrial Gas Pipeline
Dec 8 14
SacOil and The Instituto de Gestão das Participações do Estado have signed a Joint Development Agreement dated December 3, 2014 to evaluate the technical and commercial feasibility of a transnational terrestrial gas pipeline and distribution facility that will carry natural gas from Mozambique's Rovuma fields into South Africa, with off-takes to other neighbouring Southern African Development Community countries. Under the JDA, whose effective date is 03 December 2014, the JDA Partners will work together to evaluate the viability of the Project. The feasibility studies will cover engineering, market development, gas purchasing, economic, financial, technical and commercial risk profiles as well as environmental, social and regulatory issues. The JDA partners are currently setting up a technical working group to commence pre-feasibility studies. A project company will be incorporated to ensure that total focus on the Project is maintained and emphasis will be placed on local ownership of businesses along the entire value chain. The Southern African energy market has been constrained by shortages for many years. Natural gas accounts for a very small portion of the energy demand in South Africa (3% versus 21% globally). The South African Government has stated its objective to reduce CO2 emission levels and to increase the use of natural gas (PwC 2012, The Gas Equation Report). The demand for natural gas is also expected to grow in Botswana, Malawi, Mozambique, Zambia, Zimbabwe and Africa in general. The main driver of this demand for gas is expected to be from gas-fired power stations, vehicle and related downstream industries and domestic consumption. The gas market in South Africa, which is the industrial powerhouse of Africa, is driven by demand from the Saldanha Industrial Development Zone, the Mossel Bay gas-to-liquid plant, the Mossel Bay and Atlantis diesel-fired power stations, an array of ageing coal-fired power stations, which could be converted to gas, as well as possible new power stations in Coega and Richards Bay. If constructed, it is proposed that the 2,600 km main pipeline from northern Mozambique to South Africa will, en route, deliver gas to key towns and settlements in all provinces of Mozambique, thereby stimulating industrial growth in the country. The indicative gas requirements of, as well as benefits to, Mozambique and South Africa appear to justify such a pipeline.