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new corporate presentation provides details of the planned 2018 and 2019 drill programmes in Nigeria, which are included in a US$123.9mln capital programme. Additionally, the company said that it had continued to perform strongly in the first quarter of 2018 and highlighted that it had benefitted from higher crude prices, lower operating costs and an improved balance sheet.. Revenue increased to US$39.8mln for the first quarter of 2018, up from US$16.3mln in the final three months of 2017, similarly, earnings (EBITDA) rose by 136% to US$23.9mln compared to US$10.1mln in the preceding quarter. The company ended the quarter with US$18mln of cash. In regards to project financing, Eland noted that its improved balance sheet can allow an increase in leverage, and as such it is now seeking debt funding. It is seeking US$150-200mln of debt over a three to five year period, with the proceeds used to support its field development plans. The company said it believes US$150mln of debt would be serviceable at the lowest Debt/EBITDA levels of its peer group.
For the first quarter of 2018, Eland Oil reported revenue of USD39.8 million, up sharply from USD16.3 million recorded in the fourth quarter of 2017. Earnings before interest, taxes, depreciation and amortisation jumped quarter-on-quarter to USD23.9 million from USD10.1 million.
Undervalued! its madness, Brent above $80 today and its flatlining. Even my GKP has better sentiment than this one
Wow!
The scheduling for evaluation and production of Ubima 1 is planned for 2018, with full field development being scheduled for 2019. The exact details of the development will be subject to the results obtained from the Ubima-1 re-entry. Work is currently on-going with pipeline surveys to both evacuation opportunities to the south through the Bonny Oil Terminal and to the north east through Brass River Oil Terminal. We expect to finalise these studies prior to completing the Ubima-1 re-entry, and we still anticipate production from Ubima field to commence during 2018. The opportunity for a significant reserves upgrade from the results of Ubima-1 highlights the true value of this asset. Great news! The question now is, after opuama 10 where’s the swamp rig going? Gbetiokun? Eland is moving forward exceeding many oil company’s on aim and backed by a strong oil price, diversifying its production as it goes....World class asset!
Rig contract signed for the drilling of Ubima-1 Eland Oil & Gas PLC (AIM: ELA), an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce that it has signed a rig contract with KCA Deutag for the T-57 land rig to workover the Ubima-1 well. Ubima-1 is located on the Ubima Field, onshore Niger Delta in the Northern part of Rivers State, in which Eland has a 40% interest. The Deutag T-57 land-rig is currently being mobilised and prepared and is expected on site in early June. We therefore expect to re-enter Ubima-1 before the end of June. The Ubima-1 re-entry well is the first to be worked on in the licence by Eland and its partner. A dual string completion is planned for the well, which will target oil within four reservoirs, namely the D1000, E1000, E2000 and F7000. A CPR published in April 2016 by AGR TRACS ascribes gross 2P reserves of 2.4 million barrels of oil to the Ubima-1. On a full field development (FFD) basis, the CPR carries contingent resources of 20.6 million barrels (1C), 31.1 million barrels (2C) and 66.0 million barrels (3C). Success with the well test will lead us into the FFD phase where we will be targeting this material upside. George Maxwell, CEO of Eland, commented: "This is a very exciting milestone for the Company. Not only do we have ground breaking activity in Ubima, with the first rig activity in decades, but we are also moving to a multiple rig operation for Eland. The underlines the importance of diversification of our production base. The Ubima-1 re-entry will be completed in four reservoirs, appraising the field in advance of full field development and moving the material volumes of Contingent Resources into Reserves."
Good to see you back Luck. Are you still holding.
Seems like the shorters have lost out on this one.
Still using the same flow station, pipeline and terminal. The pipeline that has many problems is the one discussed in stuartv’s link. That has a history of problems.
Thanks Bigspike much appreciated. Squeaky bottom time over for me at least for now. https://www.vanguardngr.com/2017/08/ecravos-pipeline-project-crude-export-160-000-bpd/
Eland have just returned my call. He said ela use Trans Escravos Pipeline and there has been no problem with export. Based on my conversation I have bought back in. GLA. Panic over for me...
Capital Markets Day. Seems like good news to. Eland out there pitching to the big boys with let's face it a great story to tell.
Just rang the Aberdeen office, they told me to ring London tel: 44 2070163180 Answer phone only, apparently preparations for capital markets day!
Doesnt ELA have a deciated IR person we can contact? Sent an email too and no reply. Hate when that happens...
No comment in today’s rns, wtf! Is this genuine or not? I’ve sent the link to ela.
It's an attack, follow the thread and connect the dots with the second link https://twitter.com/seunsmith/status/996270157004705792 https://www.premiumtimesng.com/oilgas-reports/266525-oml30-communities-protest-removal-of-salvic-petroleum-resources.html
http://dailypost.ng/2018/05/08/ijaw-youths-blame-shell-oil-spill-region/amp/?__twitter_impression=true Sorry I was reading an old article, the above is latest story which claims the spillage was down to mechanical failure and the Delta region is at peace.
Planterman, would you mind posting that link, I haven’t ready that one. That seems different to others posted on here today. Cartonet, I contacted ela via their website.
bigspike, what email are u using to contact the company ?
Hi Bigspike, I’ve read the article & it’s Shells spillage 75 miles off the coast whilst transferring from oil platform to tanker. Unlikely to be a militant action and nothing to do with ELA. So those who panicked will have to buy back at a higher price. MM’s love scaremongary like this as they make a lot of money out of it!
An RNS issued concerning the annual general meeting. Don't get excited though, it's only the results of the shareholder votes. No other news.
What makes you so confident planterman? I’m surprised the share price didn’t drop further...
Well the MM’s did well today I hope all held in there or sold and bought back. I think we may see some good news tomorrow!
Unbelievable they haven’t updated the market!