Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce the following operations update.
https://www.moneyam.com/action/news/showArticle?id=6182515
George Maxwell, CEO of Eland, commented:
"We are pleased with what is expected to be another highly successful infill well on the Opuama field and we look forward to further record field production levels once testing has been completed. At current oil prices, these record levels of production from Opuama field are leading to significant cashflows for all of OML 40's stakeholders.
The prolific nature of OML 40 combined with the Company's experienced and resourceful team and supportive stakeholders means that we move development operations swiftly to the Gbetiokun field and the opportunity to increase production by a further 50% in the near-term.
Furthermore, the conversion of Ubima-1 into a producing well following the initial workover is a milestone for the Company and following the test of the E1000 and E2000 reservoirs we shall begin to evaluate monetisation opportunities for production from this well. Further evaluation of the D1000 sands are required to consider options for any full field development and we will update the market as we progress these studies.
We look forward to updating the market on the progress of both the Gbetiokun Early Production System and the evaluation of Ubima."