Maintenance Activities Completed on Opuama-5 Well, Nigeria

West Africa-focused junior producer Eland Oil & Gas reported Friday that wellhead and Christmas tree maintenance activities have been successfully completed on its Opuama-5 well, onshore Nigeria.

Eland said the well has been reperforated, with the perforation interval increased to 24 feet. Swabbing operations have been completed and oil flowed into a swab barge. Opuama-5 is now being hooked-up to the Opuama flow station facilities and the company said it will update on initial flow rates in due course. Eland added that all indications are positive for the well to achieve gross production of between 400 and 600 barrels of oil per day.

Eland also reported that the Opuama field recorded average production uptime of 81 percent for the first six months of 2015, with production on the field halted for 14 percent of the first half of the year due to planned maintenance and pipeline work. Current Opuama field gross production is averaging more than 2,750 bopd (with 1,238 bopd going to Eland's joint venture company).

Eland added that there have been eight liftings during the period from January 1 to July 31, with 201,771 barrels sold at an average price of $59.43 per barrel. The next lifting – a cargo of 27,000 barrels – is expected to take place this month.

The firm said it had a cash balance of $13.1 million at the end of June.


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