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Nigeria-focused oil and gas outfit Eland Oil & Gas (LON:ELA) has seen its shares climb by 2.27% to 99.20p (as of 15:00 BST) as it announced the latest well at its Opuama field has moved to production. Testing suggests that initial production will be between 4,000-6,000 barrels a day.
CEO George Maxwell commented: “We are pleased with what is expected to be another highly successful infill well on the Opuama field and we look forward to further record field production levels once testing has been completed. At current oil prices, these record levels of production from Opuama field are leading to significant cashflows for all of OML 40’s stakeholders.
“The prolific nature of OML 40 combined with the Company’s experienced and resourceful team and supportive stakeholders means that we move development operations swiftly to the Gbetiokun field and the opportunity to increase production by a further 50% in the near-term.“