Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

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.”

View full ELA profile View Profile

Eland Oil & Gas PLC Timeline

Related Articles

offshore oil platform
September 21 2017
Hurricane is now on-track for 'first oil' in the first half of 2019
picture of oil field
June 26 2017
“Ntorya-3 is ready to go but want to make sure, we maximise as many targets as we possibly can.”
picture of oil facilities
August 14 2017
Echo has ‘two fantastic opportunities’ in Huayco and Rio Salado in Bolivia

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use