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EFORA ENERGY LIMITED - Operational Update Egypt

Release Date: 20/12/2017 15:06
Code(s): EEL     PDF:  
Wrap Text
Operational Update – Egypt

EFORA ENERGY LIMITED

(Formerly SacOil Holdings Limited)

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

Share Code: EEL

ISIN: ZAE000248258

(“Efora” or “the Company”)

                                         Efora Energy Limited

                                      Operational Update – Egypt

                                           Lagia #14 Update

Efora, the South African based independent oil and gas company, is pleased to provide the following
update on its wholly owned and operated Lagia field in Egypt.

Further to the announcement dated 5 December regarding completion of the drilling operations at
Lagia#14, the Company is pleased to report that the well has now been successfully logged.

A total of 90 feet of reservoir section was encountered during the drilling of the well, 31 feet of which
was perforated in line with the pilot well objective of limiting steaming activity to a particular section
of the reservoir. Positively, the heavy oil well had initial flow of water and oil, in line with pre-drill
expectation.

Steam injection started on the 13 December 2017, and thus far 25% of the targeted 7,000 bbls of
steam has been injected. The reservoir accepted steam without any fracturing required, which should
bode well for reducing the risk of water production from the well. At this rate, steaming is expected
to be completed in the first week of January 2018, and following a period of about two weeks of the
reservoir soaking the heat from the steam, the well should be put on production by the end of the
same month.

Commenting on the update, Efora’s CEO Thabo Kgogo said:

“We are pleased with the operational progress at Lagia and are excited to learn the results of the
steaming operations. In the success case, this will unlock the significant potential of the asset and
enable us to increase production and positive cash flow at a time of stronger oil prices. We look
forward to providing a further update on Lagia around the end of January when the well comes on
stream.”

Sponsor
PSG Capital Proprietary Limited

20 December 2017

For further information please contact:

Efora Energy Limited

Damain Matroos

+27 (0)10 591 2260

Buchanan (Financial PR adviser)

Ben Romney / Chris Judd

+44 (0)20 7466 5000

About Efora

Efora Energy Limited is a South African based independent African oil and gas company, listed on the
JSE. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and
appraisal in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria
and material downstream distribution operations throughout Southern Africa. Our focus as a Group
is on delivering energy for the African continent by using Africa’s own resources to meet the significant
growth in demand expected over the next decade.

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