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| Oil Operation |
Eland Oil and Gas, a West African based Scottish Firm raised N29.5 billion approximately $184 million to purchase a stake in the Oil Mining Lease (OML) 40 in Nigeria, the deal was sealed after the company was listed in the Alternative Investment Market of London Stock Exchange.
In a bid to acquire and develop under-exploited upstream assets in Nigeria, the company aims to increase its total gross daily production to 50,000 barrels of oil per day, to achieve this , the company will have to increase production from existing oil wells at Opuama which will be restarted and expected to produce an initial 2,500 barrels of oil per day within six months.
Mr. Les Blair, the company's CEO while commenting on its achievement so far congratulated its esteemed shareholders, saying the fund raising of 118 million pounds was the largest on an AIM IPO for over 3 years.
OML 40 covers about 500 sq km, it's located onshore in the Niger Delta area and contains light 'sweet' oil, it is an asset with production and exploration potential and with independently certified gross recoverable 2P reserves of about 117 million barrels in the Opuama.
(Edited by: Blueblock)
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