Upside The Company Paid $13.5 Million in Cash and issued 65 Million shares for a 100% Interest in Lagia Oil Field. Last Year at this time the Market Cap of MNH stood over $100 Million Dollars.
Lagia Development Lease (100% Working Interest)
Lagia Development lease is located on the western flank of the Sinai Peninsula, adjacent to the Gulf of Suez. Four wells were drilled there between 1949 and 2000 that discovered the Lagia oilfield. Three analogous producing oil fields are located on-trend approximately 25km north of the Lagia block (GPC?s Sudr, Asl and Matarma oilfields).
Geologically, Lagia field lies in the prolific Gulf of Suez rift basin where late Tertiary extension caused faulting that provides a structural component to the oil trapping at Lagia. The Lagia oil is trapped in porous sandstones of the Nukhul Formation which is interpreted to be an alluvial fan deposit of Miocene age.
The Company is currently in the process of Appraisal of the wells to better delineate the extent of the oilfield,
Current market Cap of under $10 Million does not hod much Rational. A re-calibration upwards is soon due.