18th Sep 2018 13:05
LONDON (Alliance News) - Eland Oil & Gas PLC on Tuesday said it expects to achieve a record production milestone at its Opuama drilling campaign in Nigeria, whilst also progressing on the Ubima appraisal.
The oil & gas production company said it has continued testing and production of the two reservoirs penetrated by the Opuama-10 well through its joint venture subsidiary Elcrest Exploration & Production Nigeria Ltd.
The long string producing from the deepest of these reservoirs, the D5000, flowed at 3,159 barrels of oil per day, while the short string, producing from the D1000, flowed at 3,739 barrels of oil daily.
Upon completion of testing, Eland said it expects that stabilised initial production from Opuama-10 will be in excess of 5,500 barrels of oil per day with aggregate production from the Opuama field expected to average above 29,000 barrels of oil daily.
"We are delighted to announce the continued success of the Opuama drilling campaign with another well producing above expectation," said Chief Executive George Maxwell.
Meanwhile, at Opuama-11, the OES rig has drilled the well to the total vertical depth of 7,914 feet and the final casing string has been run and cemented. The company said it plans two out of three target reservoirs to undertake a maximum efficiency rate test.
Eland expects initial production from the test in September, with initial gross production from Opuama-11 well between 4,000 and 6,000 barrels of oil per day.
In addition, the company said its well testing operations on Ubima are currently in progress. Eland said it currently gathers information on oil characteristics and D1000 reservoir performance.
Upon completion of the D1000 test, the potential to test the E1000 or E2000 will be evaluated and the well will be completed with a dual completion with the KCA Deutag T-57 rig.
"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," added Maxwell.
Eland shares were up 2.0% on Tuesday at 117.78 pence each.
Related Shares:
Eland Oil & Gas