31st Jul 2018 13:07
LONDON (Alliance News) - Eland Oil & Gas PLC said on Tuesday it has started appraisal of the Ubima field in Nigeria, with a rig re-entering a well shut-off since 1963.
Eland's Deutag T-57 land rig has going back into the Ubima-1 well, which has been suspended since being discovered 55 years ago.
Eland said a dual-string completion is planned on Ubima-1 on four different reservoirs: D100, E1000 and E2000, and F7000.
A competent persons report from April 2016 gave the Ubima-1 well gross 2P reserves of 2.4 million barrels of oil, and Eland said the well represents a move away from its current OML40 operations.
The company has a 40% overall interest in the wider Ubima field.
Chief Executive George Maxwell said: "We are delighted to re-enter Ubima-1 and commence completion and testing operations. As we look to geographically diversify our production base, Ubima is an exciting project for Eland and this is the first step in the appraisal of the field ahead of commencing full field development as early as possible.
"Following the appraisal of Ubima-1, we look forward to updating all stakeholders on the progress of this exciting asset."
Shares were 0.4% lower on Tuesday at a price of 132.50 pence each.
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