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In an operations update, for the six months to June 30, the Nigeria focussed oil firm noted progress with efforts to add extra export routes, as well as field programmes to improve existing facilities and successful testing of wells.

The company’s operations have been interrupted due to pipeline issues, with ‘first half’ production averaging 4,230 barrels per day of production up until disruption in February. And it said a total of 38,200 barrels of crude were lifted in the six month period. Eland has been working on two supplementary and independent export routes, including proposals for barging and surveying potential routes for a new 6km pipeline to a nearby terminal.

"Despite the challenging market conditions, Eland has made considerable progress so far in 2016 as we continue to deliver on our low cost well re-entry strategy to sharply grow our production,” Maxwell said in a statement.

He added: “We continue to execute the outlined work program presented during our recent fund raise and have used the recent production downtime due to the Forcados Terminal shutdown to accelerate our planned preventative maintenance program and improve the efficiency and reliability of the flow station.

“These actions will reduce operating costs and progress the diversification of export routes available to the company.”

New well testing following a work-over has proved successful, with the Opuama-3 well achieving a combined initial flow-rate of 10,500 barrels of oil per day across two well intervals.

Consequently, the company now expects the Opuama field to deliver more than 10,000 bopd when it is restarted. Work at the Gbetiokun and Ubima facilities, meanwhile, also promise to deliver production growth.

In the coming months, Eland intends to re-enter the Ubima-1 well to accelerate the development, while Gbetiokun-1 will also be re-entered to achieve early production from the field.

Eland, which raised new funds in April, ended June with a cash balance of US$20.6mln.

In a separate statement Eland also announced the appointment of Henry Obi to the board as a non-executive director and representative of major shareholder Helios Natural Resources. He replaces Richard Norris, who had taken the Helius spot since September 2014.

Posted in: Oil and Gas

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