16th Aug 2018 14:40
LONDON (Alliance News) - Eland Oil & Gas PLC said Thursday its joint venture subsidiary Elcrest Exploration & Production Nigeria Ltd completed the Opuama-10 well.
The oil & gas company focused on West Africa, said Elcrest will now hand the well over to the Opuama field production team to conduct a maximum efficient rate test.
The company said it expects initial production from the well to be in line with previous guidance at between 4,000 and 6,000 barrels of oil per day. Total production from the Opuama field is expected to be in the range of 28,000 to 30,000 bopd.
The company said that the joint venture team will move the rig to Opuama-11, where it intends to develop three reservoirs.
"We are delighted that the recent successful infill drilling on Opuama field has led to the confirmation of a further near-term production well," Chief Executive Officer George Maxwell said.
He added: "The successful delivery of Opuama-11 will not only advance us past our previous production target of 30,000 barrels of oil per day but will also maximise near-term cashflows."
Eland Oil shares were trading 0.4% higher at 117.50 pence each.
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