ABERDEEN-based Eland Oil & Gas has said it should be able to generate more cash from its flagship Nigerian project after the authorities in the country granted a tax break on production revenues.

Aim-listed Eland Oil & Gas said the Elcrest joint venture company it has a stake in has received approval of a five year tax exemption on the OML 40 licence. Les Blair, chief executive of Eland Oil & Gas, said the incentive provides the opportunity to accelerate the planned development of OML 40.

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