Eland Sees Reduced Loss

Eland Oil & Gas announced Friday a $16 million loss in its full-year results for 2014, which compared favorably to a loss of $26 million in 2013.

Eland posted revenue of $11.7 million for 2014 (2013: $0) and finished the year with a cash balance of $15 million. The company sold a total of 115,722 barrels of crude oil last year and the firm's production rate reached a gross figure of 3,500 barrels of oil per day. This has since reduced to 3,000 bopd. Eland plans to construct two new wells, Opuama 8 and 9, in Nigeria’s OML 40 license in Q3 2015.

Eland Oil & Gas Chairman Harry Wilson commented in a company statement:

"I am pleased to present Eland's financial results for 2014 after what has been a volatile year for the sector but one in which we have made significant headway. Following a near halving of the oil price our industry is facing major challenges, but I remain confident that we have the assets and a management team that can deliver value to our shareholders."

Following Eland's full year results, oil sector analysts at London-based Westhouse Securities were optimistic about the company’s future.

"After a slow start and some frustrating delays, Eland finished the year well and is making good progress towards profitability in 2015. The funding position looks secure and Eland is focused on delivering an end 2015 production equal to four times current production... Eland has also made good progress this year and assuming control of operations should put them in a better position to deliver in 2015," they said.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com


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.


Our Privacy Pledge

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Subsea 7 Secures Services Contract Off... (Oct 20)
 -  Faroe to Increase CAPEX in 2017 (Oct 19)
 -  Norwegian Production Drops 18% Month-o... (Oct 18)
 -  Production Still Shut at Statfjord A F... (Oct 17)
 -  EMGS Confirms Further Staff Cuts (Oct 17)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Orlando, FL
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Field Maintenance Controls Technician
Expertise: Maintenance Technician|Rig Mechanic
Location: Eighty Four, PA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours