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Thursday, April 21, 2016
Eland Oil & Gas issued an update on the reserves and resources of its Ubima field on Nigeria’s OML 17. The evaluation of the field’s reserves and resources was carried out by AGR TRACS based on information as of April.
The company carried out a complete re-evaluation of the Ubima field. This work has increased its confidence in initiating production towards the end of this year by means of an Early Production System (EPS). This is anticipated to comprise the re-entry and completion of existing well Ubima-1 and perforating and producing oil from five reservoirs.
The objectives of the EPS are to establish early production at a relatively low cost while simultaneously gathering important information on oil characteristics and reservoir performance. The EPS development thereby acquires significant subsurface data, enabling the future Full Field Development (FFD) to be carried out in an optimal manner, including the potential for a commercial gas development, while also delivering significant positive cash flows to the company and its partner.
Eland’s Ubima re-evaluation work has enabled AGR TRACS to categorize the oil to be produced during the EPS as Reserves. Previously all Ubima oil was categorized as Contingent Resources. The results of the TRACS Report, demonstrate both near-term accessible 1P, 2P and 3P oil reserves and material value to Eland from both the reserves and Contingent Resources of Ubima. The results of the AGR TRACS evaluation can be found on Eland’s website.
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