Eland Oil & Gas PLC (AIM: ELA), an oil & gas development and exploration company operating in West Africa with an initial focus on Nigeria, is pleased to announce that it has finalised the implementation of crude export from Opuama Field through shipping. Production has restarted into the main storage vessel and the shuttle vessel will shortly arrive on site with transport of the crude commencing thereafter.
The Company is initially producing from the Opuama-3 well only, which produced a gross volume of c.10,000 barrels of oil over the 24-hour period between 4pm 29 January and 4pm yesterday, 30 January.
Although the Company will initially produce from Opuama-3, the system has the capacity to handle greater quantities of production as other wells are brought online.
George Maxwell, CEO of Eland, commented:
"The diversification of our export routes has been a key priority for the Company to ensure we are protected in the event of further disruption to our onshore export route. I am delighted that we have finalised the process for the shipping of our crude and that production from Opuama has recommenced. The work over the last two months to provide an alternative monetisation opportunity has required an innovative engineering and contracting approach by our staff, which is now delivering value for this effort and I look forward to updating the market in greater detail over the coming weeks"