(MENAFN- ProactiveInvestors - UK) Eland Oil & Gas PLC (LON:ELA) posted sharply higher revenues as production from its acreage in Nigeria climbed almost three-fold in 2015.
The oiler lifter 341,000 bbls of crude oil in up 2015, up 195% on 2014 and aided by a workover of the Opuama-1 well in November, which led to a 50% increase in gross production from OML 40 and a year-end gross exit rate of 4,400 bopd.
Eland hopes to double production in 2016 to 7,800-10,000 bopd net, driven by the phasing of and flow rates from Gbetiokun-1 and Ubima-1.
Gross reserves at the OML 40 field are 83.2mln barrels at 50% probability (2P).
Eland recently raised US$18.5mln from investors and has a cash position currently ofUS$25mln.
Revenues in 2015 were US$18.1mln (US$11.7mln) with a loss after tax of US$6.8mln (US$16.3mln).
George Maxwell, chief executive, said Eland was in excellent shape.
'With the recently announced success of the Opuama-3 work-over in OML 40, which delivered exceptional flow-rates of over 10,500 bopd, we believe that Eland is well positioned to benefit from its strong asset base and fully funded work programme throughout 2016, which should lead to further material gains in production once the Forcados terminal reopens."
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