Eland Oil & Gas PLC Opuama Operations Update (5129W)
November 15 2017 - 1:01AM
UK Regulatory
TIDMELA
RNS Number : 5129W
Eland Oil & Gas PLC
15 November 2017
15 November 2017
Eland Oil & Gas PLC
("Eland" or the "Company")
Opuama Operations Update
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 update on
the Opuama-7 and Opuama-8 wells in licence OML 40.
Opuama-7 gross production on a 48/64" choke normalised at 7,500
bbls of oil per day (bopd). Production performance from Opuama
field is strong, with gross production from all three wells being
19,000 bopd.
The drilling of the Opuama-8 infill well by the OES Teamwork Rig
continues positively. The 16" hole has been drilled to target depth
at 3564 ftMD/3390 ftTVD and the 13 3/8" casing has since been run.
The rig is preparing to drill 12 1/4 " hole to target depth.
George Maxwell, CEO of Eland, commented:
"We are delighted to announce the higher than expected
production rates from Opuama-7. This production from Opuama 7
combined with the production from the Opuama-1 and -3 wells has
resulted in Opuama recording a record production, the highest in
OML 40 history surpassing the previous high in December 1975.
Our focus on the Opuama-8 infill well and the near-term work
programme continues and I look forward positively to updating the
market further as we, together with our partner NPDC, achieve more
success on the OML 40 license which is becoming one of the largest
producing assets of any E&P company on AIM."
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7523 8000)
Henry Fitzgerald O'Connor / James Asensio
Panmure Gordon (UK) Limited (+44 (0)20 7886 2500)
Adam James / Atholl Tweedie
Tom Salvesen
Camarco (+44 (0) 203 757 4980)
Billy Clegg / Georgia Edmonds / Tom Huddart
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Pieter van der Groen, a geologist and
Eland's Chief Operating Officer, who has a geology degree from
Auckland University, a Masters degree in Petroleum Geology from the
University of Aberdeen and has over 25 years of relevant experience
in the upstream oil and gas industry and who is a member of the
Society of Petroleum Engineers and meets the criteria of qualified
person under the AIM guidance note for mining and oil and gas
companies, has reviewed and approved the technical information
contained in this announcement.
Notes to editors:
Eland Oil & Gas is an AIM-listed independent oil and gas
company focused on production and development in West Africa,
particularly the highly prolific Niger Delta region of Nigeria.
Through its joint venture company Elcrest, Eland's core asset is
OML 40 which is in the Northwest Niger Delta approximately 75km
northwest of Warri and has an area of 498km(2). In addition, the
Company has a 40% interest in the Ubima Field, onshore Niger Delta,
in the northern part of Rivers State.
The OML 40 licence holds gross 2P reserves of 83.2 mmbbls, gross
2C contingent resources of 41.2 mmbbls and a best estimate of 254.5
mmbbls of gross unrisked prospective resources. The Ubima field
holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource
estimates of 31.1 mmbbl.*
Net production figures relate to Elcrest Exploration and
Production Nigeria Ltd ("Elcrest"), Eland's joint venture company.
Production rates, when oil is exported via Forcados, are as
measured at the Opuama PD meter, are subject to reconciliation and
will differ from sales volumes.
*Netherland, Sewell & Associates Inc CPR report 31 June
2015
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLFFIEDLFWSELF
(END) Dow Jones Newswires
November 15, 2017 02:01 ET (07:01 GMT)
Eland Oil & Gas (LSE:ELA)
Historical Stock Chart
From Apr 2024 to May 2024
Eland Oil & Gas (LSE:ELA)
Historical Stock Chart
From May 2023 to May 2024