Ike Amos
25 May 2017, Sweetcrude, Abuja — Eland Oil & Gas Plc, Thursday, stated that its Joint Venture (JV) company, Elcrest Exploration and Production Nigeria Limited has completed its export of crude oil through shipping.
Eland, in a statement to the London Stock Exchange, disclosed that following the completion of crude oil export through shipping, Elcrest has now commenced the transportation to its pre-existing export facility.
The company further stated that production continues from Opuama-3 well at about 8,500 barrels of oil per day (b/d) gross, 3,825 b/d net to Elcrest, while it anticipates production start-up from Opuama-1 in due course.
According to London Stock Exchange, 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 OML 40 which is located in the Northwest Niger Delta, approximately 75 kilometers northwest of Warri and has an area of 498km. In addition, the Company has a 40 per cent interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.
The OML 40 license holds gross 2P reserves of 83.2 mmbbls, gross 2C contingent resources of 41.2 mmbbls and the best estimate of 254.5 mmbbls of gross unrisked prospective resources. The Ubima field holds gross 2P reserves of 2.4 mmbbl of oil and gross 2C resource estimates of 31.1 mmbbl.