2019
- Regulatory approval obtained for the Gbetiokun Field Development Plan from the Department of Petroleum Resources
- Average net production for January to May 2019 increased by 32% to 9,880 barrels of oil per day
- Gbetiokun field brought onstream in July
2018
- Successful infill well on Opuama-8
- Opuama-9 completion takes OML 40 gross production to record 25,000 bopd
- Commencement of Ubima appraisal, Opuama-10 and -11 infill wells completed
- Confirmation of OML 40 licence renewal
- Peak record production of 13,986 bopd net to Elcrest (31,081 bopd gross)
2017
- Successfully recommence production from Opuama following implementation of alternative export system by shipping
- Successful infill well on Opuama-7 increases OML 40 production to 8,100 bopd net to Elcrest 18,000 bopd
- Production restarts, transferring crude via pipeline to Forcados Terminal
2016
- Successful workover on Opuama-3
- 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 increases production by 50%
2014
- Commence production on the Opuama field (OML 40)
- Acquisition of 40% interest in the Ubima Field
- Access to $22 million debt facility with Standard Chartered Bank
2013
- Layer of 3km of replacement flowlines to the two existing producing wells
- Repair of the 36km export pipeline
- Recommisioning of existing production flow station facilities
- New CPR increases gross 2P reserves to 81.8 million barrels (mmbbls)
2012
- Complete acquisition of an interest in the OML 40 licence
- Flotation on AIM raises £118 million and Company valued at £135 million
- Secure $22 million debt package with Standard Chartered Bank
2011
- Preferred bidder for OML 40 in Shell divestiture auction
2010
- Raise seed funding of $4.5 million and commence operational activities