Eland Oil & Gas PLC announced audited consolidated earnings and production results for the year ended December 31, 2018. For the year, the company announced revenue was $169,168,000 compared to $68,915,000 for the same period a year ago. Operating profit was $78,645,000 compared to operating loss of $12,850,000 for the same period a year ago. Profit after tax and total comprehensive profit for the period was $148,003,000 compared to loss of $8,771,000 for the same period a year ago. Earnings per share from continuing operations, basic was $0.28 compared to $0.06 for the same period a year ago. Earnings per share from continuing operations, diluted was $0.26 compared to $0.05 for the same period a year ago.

The company also announced average production in 2018 was 8,000 barrels of oil per day ('bopd') net to Elcrest, more than doubling the 2017 average production of 3,934 bopd. 2018 exit production rate of 13,240 bopd net to Elcrest (29,425 bopd gross), a record exit production rate for OML 40 and Eland. Peak record production of 13,986 bopd net to Elcrest (31,081 bopd gross).

The company announced 2019 production is expected to average in the range of 14,000 to 17,000 bopd net to Eland (post 15% budgeted downtime).