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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 increased OML 40 production to record 22,000 bopd.

2017

  • Successfully recommence production from Opuama following implementation of alternative export system by shipping
  • Successful infill well on Opuama-7 increased OML 40 production to 18,000 bopd
  • Restart production transferring crude via pipeline to Forcados Terminal

2016

  • 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

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
  • Recommision the existing production flow station facilities
  • New CPR increases gross 2P reserves to 81.8 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