10 Jul 2019 07:00
10 July 2019
Eland Oil & Gas PLC
("Eland" or the "Company")
Gbetiokun-3 Update
Eland Oil & Gas PLC (AIM:ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce that a remedial tubing patch has been installed on the Gbetiokun-3 well in licence OML40.
As previously announced ("OML40 Operational Update", 25 June 2019) we have been undertaking necessary remedial work on the Gbetiokun-3 short string. The well was drilled as an appraisal well in Q4 2018 with the dual completion on the D9000 and E4000 reservoirs being installed in Q1 2019. During pressure testing, a small leak was identified on the shallower D9000 completion string. Following further diagnostic logging, the leak was located, and a remedial tubing patch has now been successfully installed.
At present, the short string is being produced with the temporary facilities on location. Initial gross rates of some 3,880 bopd have been recorded at a choke size of 36/64". The deep E4000 interval was tested in Q1 2019 and achieved choke-limited gross rates of 3,000 bopd, in line with pre-drill expectations.
The company expects the field to be brought onstream in July through the Early Production Facility, presently being installed, with initial gross production of approximately 12,000 bopd (net: 5,400 bopd) from the Gbetiokun-1 and -3 wells.
George Maxwell, CEO of Eland, commented:
"We are pleased to have successfully completed the remedial work on Gbetiokun-3 and are very happy with the achieved flow-rates of almost 7,000 bopd. With Gbetiokun-1 performance already established at over 5,000 bopd, we look forward to updating all shareholders as we bring the field on stream later this month."
For further information:
Eland Oil & Gas PLC (+44 (0)1224 737300)
www.elandoilandgas.com
George Maxwell, CEO
Ronald Bain, CFO
Finlay Thomson, IR
Peel Hunt LLP, Nominated Adviser & Joint Broker (+44 (0)20 7418 8900)
Richard Crichton
David McKeown
Stifel Nicolaus Europe Limited, Joint Broker (+44 (0)20 7710 7600)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
Camarco (+44 (0) 203 757 4980)
Billy Clegg
Tom Huddart
Monique Perks
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.