Eland Oil & Gas provides operations update on Gbetiokun field

Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced, through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria, following the successful infill drilling on Opuama, development operations continue as planned on the Gbetiokun field.

The OES Teamwork Rig has re-entered the Gbetiokun-1 discovery well, which encountered some 15 oil bearing reservoirs, as part of the initial phase of the field development. The well is currently being completed on the E2000 and E6000 reservoirs, which have total net pay thickness of approx. 69 feet and 45 feet true vertical depth (‘TVD’) respectively.

Following completion of operations on Gbetiokun-1, the rig is intended to move to the Gbetiokun-3 well which has multiple appraisal objectives and is planned to be completed on the D9000 and E7000 reservoirs. Production testing of the Gbetiokun-1 and Gbetiokun-3 wells will be carried out after both wells have been completed, currently targeted for before the end of the year.

Initial gross production through the Gbetiokun Early Production System (‘EPS’) is estimated to be approx. 15,000 barrels of oil per day (‘bopd’) (6,750 bopd net to Elcrest).

OML 40 recently surpassed the near-term gross production target of 30,000 bopd (13,500 net to Elcrest) from the Opuama Field.

George Maxwell, CEO of Eland, commented:

‘The initial results from the re-entry of Gbetiokun-1 are very encouraging, having been drilled on time and within budget. The development of Gbetiokun has the near-term potential to deliver a 50% increase in oil production from OML 40, generating significant additional levels of cash-flow.

‘In addition, I am delighted to announce that the Opuama field recently achieved record production of over 30,000 barrels of oil per day, a testament to the success of the Elcrest and NPDC partnership.’

Source: Eland Oil & Gas

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