The company has signed up a new drill contract with KCA Deutag, and, the Deutag T-57 land-rig is now being mobilised to the field.
It is expected to be in position for the Ubima 1 well in early June, so that the well can be re-entered before the end of the month.
Ubima-1 will be the first well to be worked on by Eland and its partners at the field. The plan is to open up oil production from four reservoirs.
"This is a very exciting milestone for the company,” George Maxwell, Eland chief executive.
“Not only do we have ground breaking activity in Ubima, with the first rig activity in decades, but we are also moving to a multiple rig operation for Eland. The underlines the importance of diversification of our production base.
“The Ubima-1 re-entry will be completed in four reservoirs, appraising the field in advance of full field development and moving the material volumes of Contingent Resources into Reserves."
In a separate statement, the company gave investors a broader update as part of its Capital Markets Day programme in London.
It highlighted a new corporate presentation which provides details of the planned 2018 and 2019 drill programmes in Nigeria, which are included in a US$123.9mln capital programme.
Additionally, the company said that it had continued to perform strongly in the first quarter of 2018 and highlighted that it had benefitted from higher crude prices, lower operating costs and an improved balance sheet..
Revenue increased to US$39.8mln for the first quarter of 2018, up from US$16.3mln in the final three months of 2017, similarly, earnings (EBITDA) rose by 136% to US$23.9mln compared to US$10.1mln in the preceding quarter.
The company ended the quarter with US$18mln of cash.
In regards to project financing, Eland noted that its improved balance sheet can allow an increase in leverage, and as such it is now seeking debt funding.
It is seeking US$150-200mln of debt over a three-to-five year period, with the proceeds used to support its field development plans. The company said it believes US$150mln of debt would be serviceable at the lowest Debt/EBITDA levels of its peer group.