Eland Oil & Gas PLC Opuama-9 Update (2003O)
May 16 2018 - 2:00AM
UK Regulatory
TIDMELA
RNS Number : 2003O
Eland Oil & Gas PLC
16 May 2018
16 May 2018
Eland Oil & Gas PLC
("Eland" or the "Company")
Opuama-9 Update
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production
and development company operating in West Africa with an initial
focus on Nigeria, is pleased to announce the following update on
the Opuama-9 well in licence OML 40.
Following the Company's announcement on 18 April 2018, the OES
Teamwork rig reached initial target depth of approximately 9,000
feet at the end of April. The 12 1/4 " hole section has now been
cased off, securing the targeted D1000 and D2000 reservoirs.
Total net pay in the D1000 and D2000 reservoirs is approximately
28feet and 35feet Total Vertical Depth Subsea (TVDSS) respectively.
The Company plans to perforate 30feet in the D1000 and 32feet in
the D2000, along hole length. Following this the Company expects
the well to perform at the high-end of previous production guidance
of 4,000 - 6,000bopd (1,800 - 2,700 net to Elcrest).
The well is now being deepened to appraise the oil-water-contact
in the E2000 reservoir in order to establish the best future
horizontal drilling target for this reservoir. It is expected that
the well will be completed by the end of May.
George Maxwell, CEO of Eland, commented:
"We are again very encouraged by the subsurface results we are
seeing from another Opuama infill well. Log results lead us to
believe that our short-term target of over 30,000 barrels of oil
per day from the Opuama field is very achievable, especially as the
Opuama-10 infill well will be drilled shortly after the completion
of Opuama-9. We look forward to confirming the results of the E2000
appraisal and initial production rates from Opuama-9 in due
course"
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7523 8000)
Henry Fitzgerald O'Connor / James Asensio
Panmure Gordon (UK) Limited (+44 (0)20 7886 2500)
Adam James / Atholl Tweedie
James Stearns
Camarco (+44 (0) 203 757 4980)
Billy Clegg / Georgia Edmonds / Tom Huddart
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Pieter van der Groen, a geologist and
Eland's Chief Operating Officer, who has a geology degree from
Auckland University, a Masters degree in Petroleum Geology from the
University of Aberdeen and has over 25 years of relevant experience
in the upstream oil and gas industry and who is a member of the
Society of Petroleum Engineers and meets the criteria of qualified
person under the AIM guidance note for mining and oil and gas
companies, has reviewed and approved the technical information
contained in this announcement.
Notes to editors:
Eland Oil & Gas is an AIM-listed independent oil and gas
company focused on production and development in West Africa,
particularly the highly prolific Niger Delta region of Nigeria.
Through its joint venture company Elcrest, Eland's core asset is
a 45% interest in OML 40 which is in the Northwest Niger Delta
approximately 75km northwest of Warri and has an area of 498km(2).
In addition, the Company has a 40% interest in the Ubima Field,
onshore Niger Delta, in the northern part of Rivers State.
The OML 40 licence holds gross 2P reserves of 83.4 mmbbls, gross
2C contingent resources of 40.4 mmbbls and a best estimate of 254.5
mmbbls of gross unrisked prospective resources.* The Ubima field
holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource
estimates of 31.1 mmbbl.**
Net production figures relate to Elcrest Exploration and
Production Nigeria Ltd ("Elcrest"), Eland's joint venture company.
Production rates, when oil is exported via Forcados, are as
measured at the Opuama PD meter, are subject to reconciliation and
will differ from sales volumes.
*Netherland, Sewell & Associates Inc CPR report 31 December
2017
*AGR TRACS April 2016
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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