26 Jun 2018 12:56
26th June 2018
Eland Oil & Gas PLC
("Eland" or the "Company")
Director and PCA Dealing
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria announces that a PCA of Henry Turcan, Non-Executive Director of Eland Oil and Gas completed the share transactions set out in the table below.
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
Notification of public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated by them.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name: | Lombard Odier Asset Management (Europe) Limited | |
2 | Reason for the notification | ||
a) | Position/status | PCA of Henry Turcan | |
b) | Initial notification /Amendment
| Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a)
| Name
| Eland Oil & Gas Plc | |
b)
| LEI | 213800QDGQKG3JKKRR86 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a)
| Description of the financial instrument, type of instrument Identification code
| Ordinary Shares £0.10 each GB00B8HHWX64 | |
b)
| Nature of the transaction
| Purchase of ordinary shares | |
c)
| Price(s) and volume(s)
| Call Price(s) | Volume(s) |
113p | 2421 | ||
d)
| Aggregated information - Aggregated volume - Price | Date 19/06/2018 2421 @ 1.13 pence £2, 735.73 | |
e)
| Date of the transaction | 19th June 2018
| |
f)
| Place of the transaction | LSE XLON | |
ENDS
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Canaccord Genuity Limited (+44 (0)20 7523 8000)
Henry Fitzgerald O'Connor / James Asensio
Panmure Gordon (UK) Limited (+44 (0)20 7886 2500)
Adam James / Atholl Tweedie
James Stearns
Camarco (+44 (0) 203 757 4980)
Billy Clegg / Georgia Edmonds / Tom Huddart
Notes to editors:
Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria.
Through its joint venture company Elcrest, Eland's core asset is a 45% interest in OML 40 which is in the Northwest Niger Delta approximately 75km northwest of Warri and has an area of 498km². In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.
The OML 40 licence holds gross 2P reserves of 83.4 mmbbls, gross 2C contingent resources of 40.4 mmbbls and a best estimate of 254.5 mmbbls of gross unrisked prospective resources.* The Ubima field holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource estimates of 31.1 mmbbl.**
Net production figures relate to Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company. Production rates, when oil is exported via Forcados, are as measured at the Opuama PD meter, are subject to reconciliation and will differ from sales volumes.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.