15 Jul 2019 07:00
15 July 2019
Eland Oil & Gas PLC
("Eland" or the "Company")
OML 40 - FDP Approval and Resumption of Drilling Activities
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 regulatory approval has been obtained for the Gbetiokun Field Development Plan ("FDP") from the Department of Petroleum Resources.
The FDP caters for the drilling of an additional five oil production wells during phase 1 of the development, followed by the drilling of a further six oil production wells and a single workover well (the conversion Gbetiokun-2 to a water disposal well) during phase 2.
Furthermore, following the successful completion of remedial and upgrade works on the swamp drilling unit "OES Teamwork", we are pleased to announce the spudding of the Gbetiokun-4 well on 12 July 2019. It is intended that this well will be completed as a dual string producer on the E3000 and E5000 reservoirs with an estimated initial production rate of between 3,000 and 5,000 bopd.
George Maxwell, CEO of Eland, commented:
"We are delighted to have received regulatory approval for the Gbetiokun Field Development Plan from the Department of Petroleum Resources. The approval enables us to progress with our phased development programme of the Gbetiokun field.
"Moreover, we are pleased to have resumed drilling on the Gbetiokun field after the successful remedial work on the OES Teamwork rig. We look forward to updating our shareholders on drilling progress in the near future."
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