StockMarketWire.com - Eland Oil & Gas said an oil well in Nigeria was expected to produce at the high end of its guidance after drilling encountered several oil shows.

The Opuama-9 well, drilled to a total depth of 9,000 feet, encountered net pays of 28 feet and 35 feet in separate reservoirs, the company said.

Following perforation activities, the company said it expected the well to perform at the high-end of previous production guidance of 4,000 - 6,000 barrels of oil per day.

'Log results lead us to believe that our short-term target of over 30,000 barrels of oil per day from the Opuama field is very achievable, especially as the Opuama-10 infill well will be drilled shortly after the completion of Opuama-9,' chief executive George Maxwell said.


At 3:10pm: [LON:ELA] Eland Oil Gas PLC share price was -0.75p at 101.25p



Story provided by StockMarketWire.com