MENA
Hydrocarbons Inc. confirmed that it has entered into a share purchase agreement with
SacOil Holdings Ltd. The agreement, dated September 9, has
SacOil acquiring Mena International
Petroleum Company Ltd. from Mena International
Petroleum Holdings Company Ltd., a wholly-owned subsidiary of MENA
Hydrocarbons, subject to certain conditions. The principal asset of MENA is the
Lagia Project in
Egypt.
Magdy Bassaly, president and CEO of MENA stated: “The interest shown by SacOil in the Lagia properties and the offer made by SacOil to purchase the project for a combination of cash and shares represents a great opportunity for MENA shareholders to continue to participate in future development of these assets as well as the African assets in SacOil’s portfolio. We strongly believe the combined assets and SacOil’s knowledge and expertise in the African continent will provide a very exciting future and value creation for all stakeholders. Further, not only do our shareholders participate in the upside of SacOil through the proposed distribution of shares as outlined below, but all shareholders will continue to hold MENA Hydrocarbon shares as well. Our Board and Management have already been investigating opportunities and will continue to identify projects for MENA going forward.”