25th Apr 2016 11:02
LONDON (Alliance News) - Eland Oil & Gas PLC said Monday it had successfully completed re-entry at the Opuama-3 well in Nigeria, and that flow testing at the well saw strong results.
Eland said the combined flow at Opuama-3 was tested for 1 hour and produced 441 barrels of oil, which extrapolates to 10,584 barrels of dry crude per day from Opuama-3.
"The results are beyond the high end of our previously announced expected range of 2,000-4,000 incremental gross barrels of oil produced per day. The two newly perforated reservoirs have proven to be highly productive. The initial combined flow rate from Opuama-3 well of 10,584 barrels of oil per day will move on normalised production, but will still be well in excess of our previous forecast," said Chief Executive Officer George Maxwell said in a statement.
"Following this significant success we now move our focus to the Gbetiokun-1 workover well, also on licence OML 40. Our current plan is to commence operations on this high quality asset in the second half of the year, and we anticipate that a successful workover will lead to our current forecast of gross production in the range of 5,000-10,000 barrels of oil per day from the Gbetiokun-1 well," Maxwell added.
Shares in Eland Oil & Gas were up 8.8% at 36.72 pence Monday at midday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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