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Eland Oil & Gas reveals new Opuama and Ubima well test rates

"We are delighted to announce the continued success of the Opuama drilling campaign with another well producing above expectation,” said George Maxwell.
oil and gas operations
The Opuama field output will now mark 29,000 bopd

Eland Oil & Gas PLC’s (LON:ELA) latest well update brings positive news from the Opuama and Ubima fields, where new wells are being tested.

The Opuama-10 well, based on most recent test results, is now expected to achieve a stabilised production rate above 5,500 barrels of oil per day, which would take overall field output beyond 29,000 bopd.

That would see a net production of 13,050 bopd for Eland’s Elcrest subsidiary, which owns 45% of the Opuama field.

It has also now completed the drilling phase of the field’s next well, Opuama-11, encountering three target zones for aggregated net pay of 185 feet. Two intervals will be perforated for production testing later this month. Opuama-11 is forecast to yield between 4,000 and 6,000 bopd gross.

READ: Eland Oil & Gas investors set for upside as production grows

"We are delighted to announce the continued success of the Opuama drilling campaign with another well producing above expectation,” said George Maxwell, Eland chief executive.

“Having achieved our previous production guidance, the addition of Opuama-11 production in the next month will take aggregate production from Opuama field above 30,000 bopd.”

He added: “This will be a record production milestone for the Company and the OML 40 Joint Venture partners and will confirm our position as one of the biggest oil producers on AIM, ensuring sustainable cash flow for further development of our assets and the refinancing and upscaling of our debt line.”

Elsewhere, the testing of the Ubima appraisal well has confirmed a flow rate of 2,500 bopd from the F7000 reservoir, and, the D1000 reservoir is presently being tested before a third zone is potentially tested also.

It is anticipated that the Ubima well will have a dual completion.

“The successful test of the deeper zone on the Ubima-1 well is a significant step towards the company achieving a strategic target of a second producing asset,” Maxwell added.

“I look forward to updating on the Ubima appraisal's progress further as operations continue."

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