Eland was founded in 2009 and listed on AIM in September 2012. Through its joint venture company Elcrest Exploration and Production Nigeria Ltd (Elcrest), the Company acquired an interest in the OML 40 licence in the Niger Delta from Shell in 2012. In 2014, Eland acquired a stake in a second licence, Ubima, which was carved out of OML 17 in the Niger Delta.
Eland has highly experienced technical teams across offices in Aberdeen, Lagos and London. Since acquiring the Opuama oil field in OML 40, Eland has successfully redeveloped the asset with first oil commencing in February 2014 from the recommissioning of two existing wells. The Company subsequently brought two further wells onstream, resulting in an all-time production high in early 2018.
Further development of the OML 40 licence is ongoing with additional wells planned on the Opuama field, as well as a second development on the Gbetiokun oil field. The Ubima oil field is also in the process of being developed. As well as its primary focus on development and production, Eland is interested in exploring for further material upside on its Nigerian licences and has several exploration prospects in its portfolio.
The Company’s overall strategy is to deliver exceptional shareholder returns through a combination of development, production growth and exploration success. Eland’s increase in production since early 2017 has led to growing cash flow generation and a strong balance sheet.