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Gbetiokun Operations Update

Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, announces that through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), development operations continue on the Gbetiokun field.

Following completion of operations on Gbetiokun-1, the OES Teamwork rig commenced operations on the Gbetiokun-3 appraisal well on the 20 November 2018. The well has multiple appraisal objectives as well as being planned to be completed on the D9000 and E7000 reservoirs. To date, the well has successfully encountered hydrocarbon bearing sands in the D5000, D9000 and E2000 reservoirs and drilling operations will continue down to the remaining target reservoir, E7000.

Completion of Gbetiokun-3 is now expected in January and once completed, production testing of the Gbetiokun-1 and Gbetiokun-3 wells will be conducted using an early production system ("EPS") with initial gross combined production estimated to be approximately 15,000 barrels of oil per day ("bopd") (6,750 bopd net to Elcrest). Start-up of the EPS is expected to be Q1 2019.

George Maxwell, CEO of Eland, commented:

"Gbetiokun has the potential to deliver a 50% increase in oil production from OML 40. We look forward to updating shareholders on the completion of Gbetiokun-3 in January 2019."

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