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Eland Oil & Gas PLC

Eland Oil & Gas updates on Opuama field production growth

The Opuama-9 well is yielding 7,000 bopd, ahead of prior expectations, meanwhile, drilling is underway on Opuama-10 which is predicted to add 4,000 to 6,000 bopd

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Overall, the Opuama field is producing around 25,000 bopd

Eland Oil & Gas PLC (LON:ELA) has provided investors with an update for the Opuama field, in Nigeria’s OML 40 licence area, where new wells are currently being added.

The company noted that the Opuama-9 well, which was completed on June 21, continues to be optimised but highlighted that production has been measured at an overall rate of 7,000 barrels of oil per day – which is above the upper end of previous guidance, pitched at 4,000 to 6,000 bopd.

READ: Eland Oil & Gas sees Opuama-9 production at top end of expectations

Drilling operations moved on to the Opuama-10 well which is presently around a depth of around 3,599 feet, before being deepened to an anticipated measured depth of 10,200 feet to encounter the well’s primary and secondary targets.

Eland anticipates Opuama-10 will deliver production of between 4,000 to 6,000 bopd.

In total, Opuama is currently yielding around 25,000 bopd, which represents 11,250 bopd net to Eland’s Elcrest subsidiary.

“OML 40 has achieved a new record production of 25,000 bopd, and upon successful completion of Opuama-10 we are well within reach of our stated target of delivering 30,000 bopd from Opuama,” said George Maxwell, Eland chief executive.

“We look confidently towards the second half of 2018 with, amongst other things, further infill drilling to increase production on OML 40, the refinancing and upscaling of our current debt line and the high impact appraisal of the Ubima marginal field.”

Quick facts: Eland Oil & Gas PLC

Price: £1.30

Market: AIM
Market Cap: £280.83 m
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