By using our website, you agree to the use of cookies as described in our Cookie Policy.

Our history

Our history

Eland Oil and Gas was founded in 2009 with the vision and strategy to become a high-growth, Nigeria-focussed independent exploration and production company

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