Eland Oil & Gas more than doubles output; sees further rise in 2019
Source - SMW
Nigeria-focused Eland Oil & Gas said it had more than doubled its output levels in calendar 2018, while forecasting another large rise in 2019.
Average production in the year through December was 8,000 barrels of oil per day, net to joint venture company Elcrest, more than doubling the 2017 average production of 3,934 bopd.
For 2019, production was expected to average in the range of 14,000 to 17,000 bopd net to Elcrest, post 15% budgeted downtime.
Commercial production from the Ubima field expected was expected to commence in the first half of 2019.
At 2:41pm: (LON:ELA) Eland Oil Gas PLC share price was +3.75p at 124.25p