25 Mar 2019 15:08
25 March 2019
Eland Oil & Gas PLC
("Eland" or the "Company")
Posting of Annual Report & Financial Statements and Notice of AGM
Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is today pleased to announce that the Company's 2018 Annual Report and Financial Statements and Notice of Annual General Meeting have been posted to shareholders.
Electronic copies of these documents are available on the Company's website www.elandoilandgas.com.
The Company's Annual General Meeting will be held on 16 April 2019, at 12.00 p.m. at Seabrokers House, Prospect Road, Arnhall Business Park, Westhill, Aberdeen, AB32 6FE, Scotland.
ENDS
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
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 75 km northwest of Warri and has an area of 498 km².
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 82.2 million barrels, gross 2C contingent resources of 50.7 million barrels and a best estimate of 252.1 million barrels of gross un-risked prospective resources*
The Ubima field holds gross 2P reserves of 9.3 million barrels of oil and gross 2C resource estimates of 4.2 million barrels*
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.
*Netherland, Sewell & Associates Inc CPR report 31 December 2018