25th Jul 2018 13:43
LONDON (Alliance News) - Eland Oil & Gas said Wednesday it expects a maximum efficient test at the Opuama-10 well in Nigeria to be in line with previous guidance.
Eland expect the testing to confirm the well's production rate at between 4,000 barrels of oil per day to 6,000 barrels of oil per day.
The total production of the Opuama field is expected to reach 30,000 barrels of oil per day, with 13,500 barrels owed to joint venture partner Elcrest Exploration & Production Nigeria Ltd.
Opuama-10 has been drilled to a total true vertical depth of 8,121 feet and a measured depth of 10,135 feet.
The well encountered six oil-bearing reservoirs - with total net pay being 307 feet apparent vertical thickness.
Chief Executive Officer George Maxwell said: "We are delighted with the significant amounts of net pay encountered by Opuama-10 and look forward to both another strong production performance following completion and testing and reaching our near-term target of producing 30,000 barrels of oil per day from Opuama field.
"The company continues this exciting period through the second half of 2018 as our active drilling programme will increase production and generate significant revenues for Eland. We look forward to updating our stakeholders in due course."
Shares in Eland Oil & Gas were up 3.5% Wednesday at 133.00 pence each.
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