GREY:SKNAF - Post by User
Comment by
BennyFarmson Feb 05, 2013 11:09am
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Post# 20940084
BIG Upside Was $100M MCap Last Year
BIG Upside Was $100M MCap Last Year
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.