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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 so far

July - Commencement of Ubima appraisal represents Eland's diversification of production outside OML 40
July - Opuama-9 completion takes OML 40 production to record 25,000 barrels of oil per day (bopd)
February - Successful infill well on Opuama-8 increases OML 40 production to record 22,000 bopd

2010 to 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 18,000 bopD
Production restarts, transferring crude via pipeline to Forcados Terminal

Production test on Opuama-3 results 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

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%

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

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)

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

Preferred bidder for OML 40 in Shell divestiture auction

Raise seed funding of $4.5 million and commence operational activities