17th May 2018 14:11
LONDON (Alliance News) - West Africa-focused Eland Oil and Gas PLC on Thursday reported strong growth in quarterly earnings, and said that it has signed a rig contract with KCA Deutag for a T-57 land rig to workover the Ubima-1 well, onshore Niger Delta.
The rig is being mobilised and prepared and is expected on site in early June. A dual string completion is planned for the well, which will target oil in four reservoirs: D1000, E1000, E2000 and F7000.
A competent person's report in April 2016 by AGR TRACS ascribes gross proven and probable reserves of 2.4 million barrels of oil at Ubima-1.
For the first quarter of 2018, Eland Oil reported revenue of USD39.8 million, up sharply from USD16.3 million recorded in the fourth quarter of 2017. Earnings before interest, taxes, depreciation and amortisation jumped quarter-on-quarter to USD23.9 million from USD10.1 million.
Shares in the Eland Oil were trading 0.4% higher at 102.40 pence each.
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