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| Photo credit: thechromegroup.net |
From its newly acquired oil block, Oil Mining Lease (OML 40), Scottish oil firm, Eland Oil and Gas has projected to raise production in Niger Delta region of Nigeria by 2016.
Stating that it plans on exploring two wells, targeting 1.13 million barrels per day by 2013, while seeking to acquire and develop more under exploited upstream assets in Nigeria, it however confirmed it raised £118 million in purchasing the OML 40 license, having being listed in the Alternative Investment Market (AIM), three years after the company was founded.
Located onshore Niger Delta, OML 40 covers over 500 square kilometers and contains light 'sweet' crude, 18 wells have so far been drilled there since 1964, with 15 of them finding hydrocarbons.
With high production and exploration potential, OML 40 is an asset with independently certified gross recoverable 2P Reserves of 71.5 million barrels, 3P Reserves of 117 million barrels in the Opuama and Gbetiokun fields and mean contingent resources of 16.7 million barrels in the Abiala and Ugbo fields.
Eland will own an initial 20.25% with this purchase and Starcrest, its Nigerian joint venture partner will own 24.75%, the remaining 55% goes to NNPC.
(Edited by: Blueblock)
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