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 confirm that the OES Teamwork Rig has been at the Opuama-7 wellsite for the past week. The drilling team has since completed all preparatory work and the rig has now commenced operations for the Opuama-7 sidetrack well. The operation remains on track to complete the well in October.
In addition, Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), has completed its August lifting of 153,000 barrels of crude from Forcados Terminal. An average price of $51.44/bbl was achieved with $7.9m in revenues with the cash received last week.
Elcrest is expecting to complete a further lifting of 170,000 barrels from Forcados by early October 2017.
George Maxwell, CEO of Eland, commented:
"We are very pleased by the positive start to the Opuama-7 sidetrack operations and we look forward to the successful completion with initial production forecast at 5,900 barrels of oil a day commencing in October.
We are also very happy with the continued monetisation of OML 40's crude delivered to the Forcados terminal. The recent noteworthy levels of production and record uptime are extremely encouraging and ahead of our forecasts.
We look forward to Elcrest's liftings and revenues growing further with the successful completion of the Opuama-7 sidetrack"