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Tuesday, May 2, 2017
Eland Oil & Gas recently received the results from its reserves and resource evaluation on the Opuama-1, Opuama-3, Opuama-7, and Gbeitokun-1 wells on Nigeria’s OML 40. The evaluation was conducted by Netherland, Sewell & Associates, Inc. (NSAI).
Opuama fields total reserves previously reported in the NSAI from June 2015 CPR remain unchanged. However, the significant increase in oil recovery from the existing well inventory (Op-1, Op-3, Op-7 and Gb-1) are expected to lead to less infill wells being required to access the remaining reserves on OML 40 and therefore reducing future total Capex spend.
Following the successful re-entry of Opuama-3 Eland, through its JV subsidiary Elcrest Exploration and Production Nigeria Ltd, together with NPDC, its co-venturer on OML 40, intends next to initiate production by means of a side track on the Opuama-7 well in Q2 2017 followed by an Early Production System (EPS) on the Gbetiokun Field in H2 2017. This is the initial stage of a planned phased development of the Opuama and Gbetiokun fields.
The remaining capex associated with Op-7 is $7 million and the Gb-1 of $16 million.
Eland’s JV subsidiary Elcrest Exploration and Production Nigeria Ltd holds 45% equity in the OML 40 license.
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