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Eland Oil & Gas: mobilisation of rig to the Opuama Field

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Oilfield Technology,

Eland Oil & Gas PLC, an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, has confirmed that the OES Teamwork Rig has been mobilised to the Opuama Field, OML 40, in preparation to perform the sidetrack of Opuama-7 well.

Following mobilisation of the rig, drilling at Opuama-7 is expected to commence by around mid-September and is forecast to begin production in October. Upon completion of drilling, initial production from Opuama-7 is expected to be 5900 bpd (2655 bpd net*) taking total production at OML 40 to over 18 000 bpd (8100 bpd net).

Since 1 June 2017, there have been 3 months of production from OML 40, at an average rate for producing days of over 11 750 bpd (5287 bpd net*). More than 1 080 000 bbls of oil (486 000 net) have been produced into the Forcados terminal in this 3-month period, with only 0.95% downtime for maintenance during this time. Current gross production from Opuama is around 12 500 bpd.

Further revenue receipts from export through shipping of US$3.5million have been received and settlement of US$3.8 million to a shipping contractor has also been completed by Elcrest. Final amounts due to Elcrest and to shipping related contractors are expected to be concluded within the next month.

George Maxwell, CEO of Eland, commented:

"We are delighted to have mobilised the OES Teamwork Rig to Opuama-7 and following our successful placing we are fully funded for the drilling of the well. Opuama-7 alone is expected to increase current average production by nearly 50% taking total production to around 18 000 bpd. Elcrest's maiden use of a swamp drilling rig shows how far the company has come since inception and is a significant advancement and achievement for all involved in the company.

"The consistent and significant levels of uptime and production seen from Opuama field will continue to improve cashflows and allow us to further add value for all stakeholders and fund the development of our world class asset base in the Niger Delta."

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