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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Eland Oil & Gas PLC    ELA   GB00B8HHWX64

ELAND OIL & GAS PLC

(ELA)
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Delayed Quote. Delayed London Stock Exchange - 02/20 04:53:51 am
126.5 GBp   +1.20%
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Eland Oil & Gas PLC : - Ubima Appraisal Update

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12/07/2018 | 09:40am EST

Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, through its subsidiary Wester Ord Oil & Gas Nigeria Limited, partnered with All Grace Energy Limited, is pleased to announce the initial results of its testing of the Ubima-1 well after a dual completion was installed on the E1000/E2000 and F7000 reservoirs.

Further to the RNS of 18 September 2018, in which the Company announced that the F7000 reservoir was tested at flow rates of up to 2,500 barrels of oil per day ('bopd') on a 24/60' choke, testing of the E1000/E2000 reservoirs, produced by the Ubima-1 well, has continued. The E1000/ E2000 reservoirs flowed at 900 to 1000 barrels of oil per day ('bopd') on a 28/64' choke with a flowing tubing head pressure ('FTHP') of 22 bar (315 psi). Due to storage limitations, the well test was suspended prior to acquiring representative fluid samples.

The Company is now actively working with its partner to further evaluate the field by means of an extended well-test ('EWT') in early 2019. EWT production is planned to be monetised through third party infrastructure. The Company will update the market in due course as the EWT development progresses.

George Maxwell, CEO of Eland, commented: 'We are delighted with the initial test results at the Ubima-1 well and the flows from the E1000/E2000 reservoirs. These results highlight a significant step forward in the Company's diversification of its production base. The Company will now focus on monetisation opportunities for production from this well as we seek to generate material cash flows for our shareholders. I look forward to updating the market on further progress as operations continue.'

Contact:

Tel: (+44 (0)1224 737300)

Web: www.elandoilandgas.com

Notes to editors

Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria.

Through its joint venture company Elcrest, Eland's core asset is a 45% interest in OML 40 which is in the Northwest Niger Delta approximately 75km northwest of Warri and has an area of 498km-2.

In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.

The OML 40 licence holds gross 2P reserves of 83.4 mmbbls, gross 2C contingent resources of 40.4 mmbbls and a best estimate of 254.5 mmbbls of gross un-risked prospective resources

The Ubima field holds gross 2P reserves of 2.4 mmbbls of oil and gross 2C resource estimates of 31.1 mmbbl

(C) 2018 Electronic News Publishing, source ENP Newswire

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Financials (GBP)
Sales 2018 172 M
EBIT 2018 83,3 M
Net income 2018 61,1 M
Finance 2018 16,9 M
Yield 2018 -
P/E ratio 2018 5,00
P/E ratio 2019 3,25
EV / Sales 2018 1,48x
EV / Sales 2019 0,54x
Capitalization 270 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 1,60  GBP
Spread / Average Target 28%
EPS Revisions
Managers
NameTitle
George Walter Mitchell Maxwell Chief Executive Officer & Executive Director
Russell Seth Harvey Non-Executive Chairman
Pieter van der Groen Chief Operating Officer
Ronald A. Bain Chief Financial Officer & Director
John Downey Chief Technical Officer
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