Eland Oil and Gas, the West African-focused producer, is continuing to achieve good performance from its Opuama field in Nigeria.
The field was operational for around 81% of the first half of 2015 – the majority of downtime was the result of planned maintenance.
Current Opuama field average production is over 2,750 barrels of oil per day gross, equivalent to 1,238 bopd net to Elcrest – Eland’s joint venture company – based on production days.
The Aberdeenshire-based company told investors the Opuama-5 well has been completed successfully. All indications are positive for the well to achieve gross production of between 400-600 bopd.
There have been eight oil liftings which have seen a total of 201,771 barrels of crude sold at an average price of US$59.43. The next lifting is due this month, and the cargo is set to be around 27,000 barrels.
A syndication process is continuing for a US$40million reserve based lending facility. Eland said it has received expressions of interest in excess of the amount of cash being raised. Discussions centre around loan pricing and other conditions.