16th Nov 2015 09:47
LONDON (Alliance News) - Eland Oil & Gas PLC on Monday said it has materially increased production rates following the successful workover of the Opuama-1 well in Nigeria.
Eland said the Opuama field is now producing from four strings from two wells, resulting in an increase of more than half in average gross production output to 4,400 barrels of oil per day.
The Opuama field has recorded 93% uptime in the four months between July and October this year, Eland said.
"Having stabilised production and uptime on Opuama field earlier in the year, we placed renewed focused on low cost workover potential in the field. It is most welcome that we are starting to see the production increase from this initiative. With further work planned, we have a number of options to continue these production increases prior to commencement of the drilling campaign," Chief Executive George Maxwell said in a statement.
Shares in Eland were trading up 1.3% at 39.00 pence Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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