Eland on Track to Drill More Wells Onshore Nigeria

Nigeria-focused junior producer Eland Oil & Gas reported Wednesday that it remains on track to start development drilling on its Opuama field during the third quarter of this year.

The Opuama field is currently producing 3,100 barrels of oil per day, including 1,395 bopd that goes to Eland's joint venture company Elcrest Exploration and Production Nigeria. 

In 3Q 2015, Eland plans to start a drilling programme that will consist of seven wells. The firm said that these wells are "commercially robust" at an oil price of $50 per barrel.

Eland CEO George Maxwell commented in a company statement:

"We are incredibly pleased that we have begun this year so strongly, with very high consistency of production from Opuama. Our operational focus has given us this success and provides a consistent revenue stream and the basis for the company to deliver its 2015 work program.

"We do however continue with our cost reduction program to reduce operating expenses as far as possible and maximize the return on our capex investment.

"The planned work program, with the mixture of re-entry and new development wells, will result in 2015 being a transformational year for Eland with material increases in production and revenues."

Eland also said it had a cash balance of $8.2 million as at March 1 and is expected to receive a further $2.4 million before the end of March for settlement of oil cargoes.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Pennsylvania May Impose Severance Tax (Jul 28)
 -  Writing An Electrical Engineer Cover L... (Jul 28)
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Junior Field Operator
Expertise: Field Development
Location: Odessa, TX
 
Field Operator II
Expertise: Field Development
Location: Odessa, TX
 
Production Engineer II Job
Expertise: Petroleum Engineering|Production Engineering
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $51.49/BBL 1.02%
Light Crude Oil : $49.04/BBL 0.59%
Natural Gas : $2.97/MMBtu 1.71%
Updated in last 24 hours