StockMarketWire.com - Nigerian oil producer Eland Oil & Gas reported average output of 9,880 barrels of oil (bopd) per day, up 32%, over the first five months of 2019.

At the Gbetiokun project the company continues to work on the start-up of the field via an early production facility (EPF) which is expected in July.

The Gbetiokun EPF is expected to begin with an initial production rate of 12,000 bopd (5,400 bopd net) from two wells, Gbetiokun-1 and Gbetiokun-3.

The company also announced plans for development and exploration drilling including a well on the Amobe prospect and is considering procuring a second drilling rig.

George Maxwell, CEO of Eland, commented: 'Whilst any delays to development plans are frustrating, I am pleased that we will soon have production from our second oil field, Gbetiokun, marking a significant expansion and de-risking within our core OML 40 licence, and leading to increased production and cash-flow.

'We are extremely proud that from the point of re-entry of the Gbietiokun-1 well in November 2018, we will have achieved four producing strings with processing and full evacuation via shipping all within a period of 10 months. This also creates a fantastic foundation for the continued development of the license in early 2020 and beyond.

'The prospect of procuring a second drilling rig to accelerate our busy 2019 drilling schedule is exciting, especially with the planned drilling of the 78 million barrel Amobe prospect later this year, which has been independently evaluated to have a certified 42% chance of success.'


At 9:08am: [LON:ELA] Eland Oil Gas PLC share price was -7.7p at 117.5p



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