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Sacoil Holdings Limited - Commencement Of Development Operations Lagia Oil Field

Release Date: 06/01/2015 10:00:00      Code(s): SCL     
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: SCL     AIM Share Code: SAC
ISIN: ZAE000127460
(?SacOil? or ?the Company?)

COMMENCEMENT OF DEVELOPMENT OPERATIONS ? LAGIA OIL FIELD

SacOil Holdings Limited, through its subsidiary Mena International
Petroleum Company Limited ("Mena"), is pleased to announce the
commencement of field development operations at its 100% owned
Lagia oil field in Sinai, onshore Egypt.

Mena has contracted Schlumberger Egypt to conduct an initial phase
of development, which includes the hydraulic stimulation of the
Lagia 6,7,8,9 and 10 wells, specifically targeting the intersected
productive Nukhul geological formation. Schlumberger is one of the
leading international oil field services companies, with a proven
track record of success in Egypt.

Operations commenced on the 4th January 2015 and well results are
expected by the end of January 2015. The Company anticipates total
daily production of approximately 350 barrels of oil per day,
provided the completion of operations at each of these wells is
successful. In addition to these hydraulic stimulation operations,
a thermal recovery process is being planned for the first half of
2015, which should further enhance oil production and recovery of
the reserves from the Lagia oil field.

SacOil is preparing and planning a second phase of development
operations to start by June 2015, which includes the drilling of
up to five additional wells in the Lagia oil field. More details
of this phased development, as well as progress on the current
operations, will be announced in due course.

JSE Sponsor

PSG Capital Proprietary Limited

6 January 2015

For further information please contact:

SacOil Holdings Limited
Bradley Cerff                                        +27 (0)11 575 7232

finnCap Limited (Nominated Adviser and
Broker)
Matthew Robinson / Christopher Raggett               +44 (0) 20 7220 0500

FirstEnergy Capital (Financial Adviser and
Joint Broker UK)
Travis Inlow                                         +44 (0) 20 7448 0200

Instinctif Partners London (UK Investor
Relations)
David Simonson / Anca Spiridon                       +44 (0)20 7457 2020

Instinctif Partners Johannesburg (SA
Investor Relations)
Nicholas Williams / Tshepo Mophiring                 +27 (0)11 447 3030

Date: 06/01/2015 10:00:00 Supplied by www.sharenet.co.za                     
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