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Eland Oil & Gas reveals 2015’s strong production performance

"The strong production performance from the Opuama field in OML40 continued throughout 2015, with production and uptime at record levels,” said CEO George Maxwell.
Eland Oil & Gas reveals 2015’s strong production performance
At 341,000 barrels, some 195% more crude was lifted for sale in 2015.

Eland Oil & Gas (LON:ELA) told investors that the Opuama field closed 2015 with production averaging 4,500 barrels per day, which amounts to 2,025 bopd net to the AIM company.

It added that the field’s ‘uptime’ averaged 84% for the year, after the figure for the fourth quarter came in at 82%.

A total of 341,000 barrels of oil was lifted from the field for sale during the year, which is some 195% more than in 2014. Some 38,000 barrels of oil has so far been loaded and sold in 2016 so far, the company added.

"The strong production performance from the Opuama field in OML40 continued throughout 2015, with production and uptime at record levels,” said George Maxwell, Eland chief executive.

“Following a highly successful workover of Opuama-1 in Q4, production from the field increased by more than 50% to 4,500 bopd, and has remained at these higher levels since.

“Following the successful work-over of Opuama-1, we now turn our attention to two further low capex, high production workovers on OML 40.”

Maxwell highlighted that at the end of 2015 Eland had $8mln of cash, and had drawn $15mln of a $35mln credit facility with Standard Chartered Bank.

“Our short-term focus on highly accretive workovers will insure that our capital expenditure requirements for 2016 remain modest,” he added.

Eland expects to achieve its internal target of reducing operating costs by 30%.

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