Mining, Oil & Gas News & Blog
12

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

Post Rating

Comments

There are currently no comments, be the first to post one!

Post Comment

Only registered users may post comments.
iconnew2
iconnew1
Twitter Feeds
Latest News
Highlands Natural Resources Core Projects by Salar Golestanian
Independent assessments of the group’s three main assets is revealed
Golden Saint indicates encouraging Rock Forage preliminary estimates by
Rock Forage develop the alluvial exploration targets at the Tongo and Baja licences in Sierra Leone into inferred resources.
Bezant Resources explores the potential of Choco project by Salar Golestanian
Bezant Resources plc is to commission an independent scoping study at the Choco gold-platinum project in Colombia.
SDX Energy boss hails a $30mln Circle Oil asset acquisition by Salar Golestanian
The deal will see SDX increase net production by almost 250% to 4,705 barrels oil equivalent per day
Redeveloping the Monty Zinc deposit by Salar Golestanian
The project is all there ready to go with infrastructure in place

No Investment Advice

At FinityAsset.com we offer "No investment advice" in our articles and news related section.

You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be provided on request here.

Sign up for our newsletter

Make sure you dont miss interesting happenings by joining our newsletter program.

Email

CONNECT WITH US

We're on Social Networks. Follow us & get in touch.

CONTACT

Please use the form below to contact us and a member of our team will reply or call you if requested within 24 hours.


Please Register to be contacted for latest offers