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

The Nigeria oil firm expects Opuama-9 to be handed to the production team in the coming week
oil and gas operations
Opuama-9 was predicted to yield 4,000 to 6,000 bopd

Eland Oil & Gas PLC (LON:ELA) told investors that it has successfully drilled and completed the Opuama-9 well, which is due to handed over to the field’s production team in the coming week.

The Nigeria-focused oil company, in a statement, said a production tree is currently being installed to the well.

READ: Broker says Eland investors are set for more upside as production grows

"OP9 has been a challenging well but we are extremely pleased that production is likely to be at the high side of our estimate and simple well payback at current oil prices still predicted to be sub 90 days,” said George Maxwell, Eland chief executive.

Opuama-9 is expected to deliver production at the top end of Eland’s guidance, which was pitched at 4,000 to 6,000 barrels of oil per day (1,800 to 2,700 bopd net to Eland’s Elcrest subsidiary).

Initial production rates are due to be announced following the completion of a ‘maximum efficient rate’ test on the well.

The rig team will, meanwhile, move on to the location of the Opuama-10 well, which is due to spud this month. Here, the next well is expected to add between 4,000 and 6,000 bopd.

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