We are committed to creating shareholder value from the ongoing exploration, appraisal and development of our Nigerian assets. We believe that we have already demonstrated the potential of these assets and are extremely confident that there remains significant additional value to unlock, which will in turn translate into further value accretion for our shareholders.
Eland has already delivered production growth never before seen within the OML 40 licence in Nigeria, despite previous licence-holder Shell developing the licence for a 30-year period until 2006. We continue to see material upside within our asset base and believe that our production growth still has a long way to run.
Our reserves and resources base rivals that of any of our peer group within Nigeria, and we see the potential for further growth as our drilling activity continues. From a starting point of successfully developing existing discoveries within its Nigerian acreage, Eland also has the potential to materially grow its reserves base from its extensive portfolio of exploration prospects.
Financial flexibility and strength is key to the ongoing growth and future of any small E&P business, and we believe that we are very well positioned to benefit from our strong balance sheet and increasing cashflow to underpin further growth.
Eland works closely with its indigenous Nigerian workforce and partners and enjoys excellent relationships with local communities. We take our Corporate Social Responsibility incredibly seriously and believe that this is reflected in our ongoing growth and local support.