Eland Announce Ubima Reserves & Resources Update
Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced the results of a Reserves and Resources evaluation on the Ubima field, OML 17, provided by AGR TRACS International as at April 2016.
Eland has carried out a complete re-evaluation of the Ubima field. This work has increased our confidence in initiating production towards the end of this year by means of an Early Production System (‘EPS’). This is anticipated to comprise the re-entry and completion of existing well Ubima-1 and perforating and producing oil from five reservoirs.
Eland, through its wholly owned subsidiary Wester Ord Oil & Gas, holds a 40 per cent. working interest in Ubima which is located onshore in the northern part of Rivers State, within OML 17. Allgrace Energy holds the balance of the equity in Ubima field.
The objectives of the EPS are to establish early production at relatively low cost while simultaneously gathering important information on oil characteristics and reservoir performance. The EPS development thereby acquires significant subsurface data, enabling the future Full Field Development (‘FFD’) to be carried out in an optimal manner, including the potential for a commercial gas development, while also delivering significant positive cash flows to the Company and its partner.
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Source: Eland Oil & Gas PLC
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