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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


  • 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


  • 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)


  • 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


  • Successful workover on Opuama-3 
  • 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