Eland targets production start-up of Nigerian well

Eland Oil and Gas
Eland Oil and Gas

Aberdeenshire-based Eland Oil and Gas has announced it will complete the Gbetiokun-3 appraisal well in January ahead of the start-up of an early production system.

Eland, which is headquartered in Westill and mainly focussed in Nigeria, said in a trader update that the well has encountered hydrocarbon-bearing sands.

Work started on the well on November 20, with completion expected at the start of the new year.

An Early Production System will be used on the Gbetiokun-3 and Gbetiokun-1 wells, expected to yield around 15,000 barrels of oil per day in Q1.

Chief executive George Maxwell said: “Gbetiokun has the potential to deliver a 50% increase in oil production from OML 40. We look forward to updating shareholders on the completion of Gbetiokun-3 in January 2019.”

Eland recently hailed 2018 as the “most important financial period” in its history as it jumped to a £26.7m profit, thanks to a production surge from its Opuama field in Nigeria.