Petroleum Africa
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Tuesday, September 25, 2012
Eland Oil & Gas, who recently became one of the latest exploration and production companies to list on LSE’s alternative market AIM, is looking for its first production on Nigeria’s OML 40 with in the next six months.
Eland’s CEO Les Blair recently told Proactiveinvestors that the company is targeting an initial production rate of 2,500 bpd within six months. Blair also said that plans are in the works to expand that to 50,000 bpd within four years.
The company recently acquired a stake in the Nigerian acreage from Shell as one of the partners of Elcrest Exploration and Production Nigeria (EEPN), a consortium made up of Eland and Starcrest Nigeria Energy. EEPN paid $102 million for a 30% interest in OML 40. With the purchase, Eland now owns 20.25%, with 24.75% held by its Nigerian joint venture partner, Starcrest. The remaining 55% is held by the NNPC.
OML 40, which covers some 500 sq km onshore the Niger has seen 18 wells drilled since 1964, with 15 of them encountering hydrocarbons. One field, Opuama, was formerly in production for over 30 years, from 1975 to 2006. Eland will target existing wells at Opauma for its initial production from the field before moving on to further exploration.
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