Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, through its joint-venture subsidiary Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), is pleased to announce the following update on the Opuama-10 well on Opuama Field, OML 40.
Opuama-10 has been drilled to a total true vertical depth of 8,121 feet, measured depth of 10,135 feet. The rig is currently cementing 9-5/8 casing which will complete today. The well encountered six oil-bearing reservoirs. Total net pay, in the six oil-bearing reservoirs, is 307 feet apparent vertical thickness.
The short string will be completed on the D1000 reservoir with 32 feet of perforation interval. The long string will be completed on the D5000 reservoir from 50 feet of perforation interval. Following completion, under the regulatory guidelines the Opuama production team will conduct a Maximum Efficient Test ("MER Test") incrementally testing the well at increasing choke sizes. It is expected that, following completion of the MER Test, initial gross production from Opuama-10 will be in line with previous guidance, at between 4,000 and 6,000 bopd (1,800 - 2,700 bopd net to Elcrest), with total production from Opuama field expected to reach 30,000 bopd (13,500 bopd net to Elcrest).
George Maxwell, CEO of Eland, commented:
"We are delighted with the significant amounts of net pay encountered by Opuama-10 and look forward to both another strong production performance following completion and testing and reaching our near-term target of producing 30,000 barrels of oil per day from Opuama field.
"The Company continues this exciting period through the second half of 2018 as our active drilling programme will increase production and generate significant revenues for Eland. We look forward to updating our stakeholders in due course."
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