The company on Tuesday revealed that the recently drilled Opuama-7 hadsbeen brought into production, with better than expected rates seen in well testing, and the drilling of the Opuama-8 well is due to start in December.
Together the two wells are due to add more than 10,000 barrel of daily oil production to Opuama, which was yielding some 11,571 bopd this summer (according to interim results released in September).
Now, Eland has told investors it has sanctioned the Opuama-9 and Opuama-10 wells which are each expected to add another 4,000 to 6,000 bopd to the field’s production profile – potentially taking output to around 30,000 bopd.
“This is an over tenfold increase in reported production, taking place in under two and a half years,” said George Maxwell, Eland chief executive.
“Securing the sustained drilling program for OML 40 will drive the company forward to become one of the largest, by production volume, E&P Companies on AIM.
“With increasing production and an improving oil price, our netbacks from OML 40 will significantly drive our net cash generation.”