Way Oversold - Volume Ramping
MENA Hydrocrbons Droll Rigs Busy in Egypt.(Lagia Oil Field) ..Tremendous Value ! Worth Easy Multiples. $8 Million Placenment Just moved into MNH in March....Technical Double Bottom - Bounce should be Huge on Rig Update
Operations on the Lagia oil field development commenced March 16, 2012. Using Petroservices Drilling Overseas (PSDO) 750 HP rig Shams 1, the six well programme consists of working over two existing wells, the drilling of two development wells and drilling a further two appraisal wells.
Well Lagia 6, drilled in 2000, has now been successfully re-entered and re-perforated.
The existing Lagia 6 and 7 wells are expected to be completed with a subsurface pump whereafter two development wells and two appraisal wells are planned to be drilled to the top of the Thebes formation at around 1500 ft. The development wells will be completed with thermal casing in order to facilitate steam injection as part of a cyclic steam soak pilot project and fitted with a sucker rod pump. A contract for the rental of a 24 MM BTU steam plant is currently being finalised. The plant is expected to arrive by mid 2012. Installation of production facilities for the pilot phase is being finalised to be operational after completion of the workovers. The produced oil will be transported by road tanker to the production facilities of the General Petroleum Company (GPC) at Ras Gharib.
Lagia Oil Field
MENA is the sole participant in the joint venture company with EGPC, which operates the Lagia Development Lease covering a 32 square kilometre block of land located on the Sinai Peninsula, directly adjacent to the Gulf of Suez. Within the lease, four wells have been drilled between the years 1949 to 2000 that have identified the Lagia oil field. Three producing oil fields, Sudr, Matarma and Asl, are located as close as 26 km to the north of the Lagia oil field.