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Eland Oil & Gas puts better-than-expected Opuama well online

George Maxwell highlighted that the addition of the two new wells will make Eland “one of the largest oil producers” on London’s AIM market
oil and gas operations
Opuama-7 was seen to have 6,700 bopd in testing

Eland Oil & Gas PLC (LON:ELA) has confirmed that the recently drilled Opuama-7 sidetrack well is now hooked into the field’s production facilities.

Production testing is underway, with the well’s output going to export, and the flow rate is seen at 6,700 barrels of oil per day.

READ: Eland Oil & Gas delivers for investors as it hits milestone

The company told investors that the well’s stabilised production rate is expected to be higher than the previously anticipated figure of 5,900 bopd.

Eland said that new drilling for the Opuama-8 well is expected to get underway in December with the new well likely coming online before the end of the year, potentially adding a further 5,000 to 7,000 bopd.

READ: Eland Oil & Gas ramping up production volumes in Nigeria

Chief executive George Maxwell highlighted that the addition of the two new wells will make Eland “one of the largest oil producers” on London’s AIM market.

"We are incredibly pleased to announce the successful completion of the Opuama-7 sidetrack and the strong results from flow testing the well,” he added.

“The early results for initial production look to be beyond our previous expectations and will lead to a significant increase in Elcrest's revenues and free cash flows.”

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Eland Oil & Gas PLC Timeline

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