History and key developments

2017

  • 2017 successfully recommenced production from Opuama via alternative export route barging.

2016

  • Production test on Opuama-3 resulting in combined flow rates of 11,000 bopd.
  • Successful workover on Opuama-3 with test flow rates of more than 10,500 bopd.
  • Equity raise of $18.5 million to develop Gbetiokun-1 and provide alternative export routes from OML 40.

2015

  • Up to $75 million reserves based lending facility agreed on OML 40
  • Consent from the Ministry of Petroleum Resources for Elcrest's appointment as operator of OML 40.
  • Successful workover on Opuama-1 increasing production by 50%.

2014

  • Commencement of production on the Opuama field (OML 40) 
  • Acquisition of 40% interest in the Ubima Field
  • Access to $22 million debt facility with SCB

2013

  • Laying of 3km of replacement flowlines to the two existing producing wells 
  • Repair of the 36km export pipeline
  • Re-commissioning of the existing production flowstation facilities
  • New CPR increasing gross 2P reserves to 81.8 mmbbls

2012

  • Completion of acquisition of an interest in the OML 40 licence
  • Flotation of AIM raising £118 million and valuing the Company at £135 million
  • Secured $22 million debt package with SCB

2011

  • Preferred bidder for OML 40 in Shell divestiture auction

2010

  • Seed funding raised of £4.5 million and operational activities commence