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Eland Oil & Gas's Nigeria well restarts production

The company in the same announcement said the process of exporting crude via shipping has concluded

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Eland said the final export vessel goes off hire tomorrow

Nigeria-focused Eland Oil & Gas PLC (LON:ELA) said it is now producing from two wells and at a gross rate of 11,500 barrels of oil a day following the restart of Opuama-1.

The company in the same announcement said the process of exporting crude via shipping has concluded having transported 520,000 barrels by sea.

WATCH: Zak Mir: Eland Oil & Gas can rise to 85p

Eland’s joint-venture company in Nigeria is owed US$9.2mln for oil with US$2mln expected to be paid in the next week and the outstanding sum no later than the start of next month. The business currently has US$5.2mln in cash expects that figure to “build” as production ticks up.

The update also logged a one-off accounting charge to be taken in the 2016 accounts.

For more details click here.

Shares rose 0.5p to 63.5p.

--adds video, share price--

Quick facts: Eland Oil & Gas PLC

Price: 165.8 GBX

AIM:ELA
Market: AIM
Market Cap: £357.57 m
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