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Eland Oil & Gas delivers another step-up in Opuama field’s output

“We are delighted to announce a further significant increase in Opuama production from the successful completion and test of the Opuama-8 infill well,” said George Maxwell, Eland chief executive
oil and gas operations
The Opuama-8 well has flowed 6,200 bopd, and additional testing is continuing

Eland Oil & Gas PLC (LON:ELA) shares gained today on news it has delivered another strong production update from the Opuama field in Nigeria.

The Opuama-8 well has measured a production rate of 6,200 barrels of oil per day, which was at the upper end of expectations, meanwhile, another reservoir zone will be opened up and tested in the well.

READ: Eland Oil & Gas preparing to start producing from Opuama-8 well

Overall the field, from its four wells, is producing at a rate of around 22,000 bopd.

At the same time, drilling is presently underway for the Opuama-9 well although the operations have encountered a delay due to mechanical problems with the rig. It is expected that the well will be completed before the end of the first quarter.

“We are delighted to announce a further significant increase in Opuama production from the successful completion and test of the Opuama-8 infill well,” said George Maxwell, Eland chief executive.

READ: Eland Oil & Gas starts production from Opuama-7 well

“Adding the incremental flow rates from this highly productive well has once again pushed Opuama field to the highest recorded levels in its history.”

“Our focus on the Opuama-9 infill well and the near-term work programme continues and I look forward positively to updating the market further as Elcrest, together with our partner NPDC, achieve more success on the OML 40 license which is becoming one of the largest producing assets of any E&P company on AIM."

In afternoon trading, Eland shares were 5.7% higher at 83.8p.

 -- Adds share price --

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