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Eland Provides Opuama Field Operations Update

Source: 7/4/2018, Location: Africa

Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, announces the following update on the Opuama field in licence OML 40.

The Opuama 9 well was completed and on production on 21 of June 2018. The well, a dual completion, with the short string producing from the D1000 reservoir and the long string from the D2000 reservoir, is presently being tested on variable chokes to determine the optimum production rate. As an indicative interim production result from the MER test, the short string is being produced on a 36/40" choke at 3,200 barrels of oil per day ("bopd") and the long string on a 40/64" choke at 3,800 bopd. It is encouraging that the combined total of 7,000 bopd (3,150 bopd net to Elcrest) is beyond the upper end of our previous gross guidance of 4,000 - 6,000 bopd (1,800 - 2,700 bopd net to Elcrest).

Following completion of the Opuama-9 well the OES Teamwork Rig moved to and spudded the Opuama-10 well. The well is currently at a depth of 3,599 feet, where the 13 3/8" casing has been run and cemented. The rig will now drill the 12 ¼" hole to a measured depth of 10,200 feet, with primary targets in the D1000 and D5000 reservoirs and secondary targets in the D3500 and D4000 reservoirs. Initial gross production is expected to be between 4,000 and 6,000bopd (1,800 - 2,700 bopd net to Elcrest).

Opuama Field Production
The Opuama field is currently producing at approximately 25,000 bopd (11,250 net to Elcrest), an all-time record for OML 40. This includes both strings of production from Opuama-9 which has just been brought onstream at higher levels than anticipated. We have seen an increased water-cut from Opuama-7 and hence we are taking remedial action to rectify this. A re-entry of Opuama-7 is expected to take place during the coming month. Production is still expected to be in excess of 30,000 bopd (13,500 bopd net to Elcrest) from Opuama upon completion of the Opuama-10 well.

George Maxwell, CEO of Eland, commented:
"The completion of Opuama-9, delivering production significantly above our original forecast, contributes to the continued success of the current drilling campaign. OML 40 has achieved a new record production of 25,000 bopd, and upon successful completion of Opuama-10 we are well within reach of our stated target of delivering 30,000 bopd from Opuama.

We look confidently towards the second half of 2018 with, amongst other things, further infill drilling to increase production on OML 40, the refinancing and upscaling of our current debt line and the high impact appraisal of the Ubima marginal field."

For more information about related Opportunities and Key Players visit West Africa Projects

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