1st Aug 2019 15:22
(Alliance News) - Eland Oil & Gas PLC on Thursday said first production from the Gbetiokun oilfield, located in Nigeria, was achieved via the early production facility at licence OML 40.
The production and development company said that, following mobilisation of the early production facility to the Gbetiokun field and completion of all pre-commissioning checks throughout July, the field came on-stream on Wednesday.
In line with expectations, Eland said it anticipates initial gross production to rise to 12,000 barrels of oil per day, with 5,400 barrels of this net to Eland, from the Gbetiokun-1 and Gbetiokun-3 wells over the next seven days.
"We are delighted to reach first oil from the Gbetiokun field," said Eland Chief Executive George Maxwell.
"Gbetiokun will deliver additional cash flow for Eland, and we are excited for the development of the licence going forward, with the further infill drilling on Gbetiokun and Opuama and the near-field exploration of Amobe prospect in 2019," added Maxwell.
Eland shares were trading 0.7% higher on Thursday in London at 120.80 pence each.
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