16th May 2018 14:26
LONDON (Alliance News) - Eland Oil & Gas PLC said Wednesday it expects the Opuama-9 well to produce at "the high-end" of its previous production guidance.
The West Africa-focused oil and gas company expects Opuama-9 to produce towards the top of its previously guided range of between 4,000 to 6,000 barrels of oil per day.
The new hole section, which reached its initial target depth at end of April, has now been cased off, securing the targeted D1000 and D2000 reservoirs.
The company said total net pay in the D1000 and D2000 reservoirs is approximately 28 feet and 35 feet total vertical depth subsea respectively.
"The well is now being deepened to appraise the oil-water-contact in the E2000 reservoir in order to establish the best future horizontal drilling target for this reservoir," the company said.
George Maxwell chief executive officer said: "We are again very encouraged by the subsurface results we are seeing from another Opuama infill well.
"Log results lead us to believe that our short-term target of over 30,000 barrels of oil per day from the Opuama field is very achievable, especially as the Opuama-10 infill well will be drilled shortly after the completion of Opuama-9."
Eland shares were down 1.0% at 101.00 pence on Wednesday.
Related Shares:
Eland Oil & Gas