PRODUCTION at the OML 40 field in Nigeria has reached its highest production level in four decades.
The field, operated by Eland Oil & Gas, has produced an average of more than 11,400 barrels of oil per day (bopd) since May 24.
This significant date marked the resumption of exports from the field to the Forcados oil terminal, which had been closed for more than a year following sabotage linked to militant activity in the Niger Delta.
A heavy fall in Eland revenues was linked to the closure, but in a trading update, George Maxwell, Eland chief executive commented: “I am pleased to report that the first six months of 2017 have been incredibly successful and busy period for the Company with record high production levels achieved.”
It said 225,000 barrels of crude had been lifted from the Forcados terminal since exports resumed, with funds of approximately $9.9million expected to be received in the coming week.
Eland successfully raised $19.5 million in June through a share placement. This has allowed the company to accelerate the commencement of the workover and side-track of the Opuama-7 well, which Mr Maxwell said would increase current production by 50 per cent this quarter.
Eland also announced the appointment of Ronald Bain as its chief financial officer.
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