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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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Eland Oil & Gas : completes drilling phase of the Gbetiokun-3 appraisal/development well

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01/11/2019 | 07:34am EST

Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is delighted to announce that through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), it has completed drilling phase of the Gbetiokun-3 appraisal/development well.

The OES Teamwork Rig has successfully completed drilling the Gbetiokun-3 well as part of the initial phase of the field development. The well encountered oil-bearing reservoirs across multiple horizons and will be completed as a dual producer on the D9000 and E4000 reservoirs, which have total net pay thicknesses of approximately 46 feet and 44 feet true vertical depth ("TVD") respectively. The secondary target reservoir, E7000, was encountered slightly deeper than expected and consequently the decision has been taken to complete this well on the E4000 reservoir. The E7000 is currently being reassessed with a view to being targeted by future wells. Downhole samples collected from the D5000 established that the shallow reservoir oil is mobile and pressure volume temperature ("PVT") analysis will be performed on the sample to confirm the D5000 can be developed commercially.

Completion of the Gbetiokun-3 well is expected in January. Production testing of the Gbetiokun-1 and Gbetiokun-3 wells will be conducted using an early production system ("EPS") with initial estimated gross combined production at approximately 15,000 barrels of oil per day ("bopd") (6,750 bopd net to Elcrest). Start-up of the EPS is expected to be Q1 2019.

George Maxwell, CEO of Eland, commented:

"Further to our announcement on 24 December 2018, the Company has successfully completed the drilling of the Gbetiokun-3 well. Gbetiokun has the potential to deliver a significant increase in oil production from OML 40 and we look forward to updating shareholders on flow testing later this quarter."

(c) 2019 ITP Media Group. All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (GBP)
Sales 2018 172 M
EBIT 2018 85,4 M
Net income 2018 61,8 M
Finance 2018 16,9 M
Yield 2018 -
P/E ratio 2018 5,50
P/E ratio 2019 3,33
EV / Sales 2018 1,56x
EV / Sales 2019 0,61x
Capitalization 285 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 1,57  GBP
Spread / Average Target 21%
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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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