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Eland Oil & Gas looks to monetise Ubima crude amid well testing success

"We are delighted with the initial test results at the Ubima-1 well and the flows from the E1000/E2000 reservoirs,” said George Maxwell, Eland chief executive

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An extended well test is now planned for early 2019

Eland Oil & Gas PLC (LON:ELA) has revealed the latest results of the Ubima-1 appraisal well which effectively opens up an additional source of production and revenue for the company.

The Nigeria-focused oil company, in a stock market statement, reported that the E1000/E2000 reservoirs produced between 900 and 1,000 barrels of oil per day in testing.

That adds to the previous test flow measured for the well’s separate F7000 reservoir which in September flowed 2,500 bopd.

READ: Eland Oil & Gas confirms new US$75mln reserves based refinancing

Eland noted that the testing programme had to be curtailed due to oil storage limitations.

It is now working with its partners to evaluate the field via an extended well test due to take place in early 2019and at the same time plans to monetise the oil through third-party infrastructure.

"We are delighted with the initial test results at the Ubima-1 well and the flows from the E1000/E2000 reservoirs,” said George Maxwell, Eland chief executive.

“These results highlight a significant step forward in the company's diversification of its production base.

“The company will now focus on monetisation opportunities for production from this well as we seek to generate material cash flows for our shareholders. I look forward to updating the market on further progress as operations continue."

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Price: 158.4 GBX

AIM:ELA
Market: AIM
Market Cap: £341.61 m
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