6th Dec 2018 13:41
LONDON (Alliance News) - Eland Oil & Gas PLC said Thursday that initial results at its Ubima-1 well in Nigeria showed " a significant step forward".
The testing of the Ubima-1 well was carried out by the company after a dual completion was installed on the E1000/E2000 and F7000 reservoirs.
The E1000/ E2000 reservoirs flowed at 900 to 1000 barrels of oil per day on a 28/64 inch choke with a flowing tubing head pressure of 22 bar, the company explained.
Commenting on these results, Chief Executive Officer George Maxwell said: "We are delighted with the initial test results at the Ubima-1 well and the flows from the E1000/E2000 reservoirs. These results highlight a significant step forward in the company's diversification of its production base.
"The company will now focus on monetisation opportunities for production from this well as we seek to generate material cash flows for our shareholders. I look forward to updating the market on further progress as operations continue."
Eland shares were trading down 3.2% at 105.00 pence each.
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