The OML 40 licence lies onshore within the Niger Delta, approximately 65km northwest of Warri, and covers an area of 498 square kilometres.
The Company completed the acquisition of a 45% equity stake in OML 40 in September 2012 and has been producing oil from the Opuama field since 2014. The Gbetiokun field, which was discovered in 1987 and further appraised in early 1990s, has never been developed. Eland has been progressing this field development with a 2018 re-entry into the discovery well for data gathering and a new appraisal well. A field development plan is currently being reviewed with the Nigerian authorities, with development drilling and early production planned for 2019.
Source: Netherland Sewell & Associates Competent Person's Report of December 2018