Eland Oil & Gas ‘incredibly pleased’ with output

Africa-focused Eland Oil & Gas today said 2015 promises to be a “transformational” year for the company as it benefits from consistent production and plans new development wells.

The Aberdeen-based firm said production days at its Opuama field onshore Nigeria had risen strongly, with uptime improving from 2.6 per cent in August to 90.1 per cent in December.

Eland plans seven well at Opuama over the coming year, and said they would be “commercially robust” at current oil prices of about $50 a barrel.

Chief executive George Maxwell said: “We are incredibly pleased that we have begun this year so strongly, with very high consistency of production from Opuama.

“We do however continue with our cost reduction program to reduce operating expenses as far as possible and maximise the return on our capex investment.”

He added: “The planned work programme, with the mixture of re-entry and new development wells, will result in 2015 being a transformational year for Eland with material increases in production and revenues.”