15th Jul 2019 12:38
(Alliance News) - Eland Oil & Gas PLC on Monday said the Nigerian government has given the thumbs up to Eland's field development plan for Gbetiokun.
This approval means Eland can go ahead and drill another five oil production wells in phase one, and then a further six oil production wells and a workover well in phase two, at the onshore field.
Meanwhile, Eland has spudded the Gbetiokun-4 well, which will produce between 3,000 barrels and 5,000 barrels a day on average initially. The company produced 9,880 barrels of oil a day on average between January and May, it said.
Chief Executive George Maxwell said: "We are delighted to have received regulatory approval for the Gbetiokun field development plan from the Department of Petroleum Resources. The approval enables us to progress with our phased development programme of the Gbetiokun field.
"Moreover, we are pleased to have resumed drilling on the Gbetiokun field after the successful remedial work on the OES teamwork rig. We look forward to updating our shareholders on drilling progress in the near future."
Shares were 1.0% higher on Monday afternoon in London at 124.40 pence each.
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