Eland Oil & Gas close to beating 30,000 bopd target

(Sharecast News) - Oil and gas production and development company Eland Oil & Gas on Thursday successfully completed its Opuama-10 well in Nigeria and will be handing over to the field production team imminently.The well will now undergo testing to establish initial production rates which are expected to be in line with previous guidance, at between 4,000 and 6,000 barrels of oil per day, bringing total field production of the field into the range of 28,000 to 30,000 bopd.Chief executive George Maxwel said the successful delivery of Opuama-11 would also maximise near-term cashflows.Wells at the field are operated by Eland's joint-venture subsidiary Elcrest Exploration and Production Nigeria, who are now attempting to accelerate drilling of the well.The aim of this next well, which is also located on the OML 40 licence, is to develop three reservoirs of 168 feet apparent vertical thickness that had net pay reported during the drilling of Opuama-10, with expected gross production of between 4,000 and 6,000 bopd."The upside on OML 40 remains significant and together with Elcrest's partner NPDC we look forward to continuing the previously-announced work programme on the licence, including the early production system and full field development of Gbetiokun field and exploration drilling of Amobe Prospect," said Maxwell.Eland shares were up 0.85% at 118.00p at 1229 BST.