SHARES in Aberdeen-based Eland Oil and Gas have risen three per cent after the company said production from its latest well in Nigeria has been higher than expected.
Aim-listed Eland said the Opuama-7 well produced 6,700 barrels oil daily in the latest test.
The company now thinks initial production from Opuama-7 will stabilise above the previous guidance of 5,900 bod.
Chief executive George Maxwell said production from the well should result in a big increase in the revenues and cash Eland and partners generate in Nigeria.
They have been producing around 12,000 bod in total in recent months from the two Opuama wells that are online. The firms have started drilling the Opuama-8 well.
Shares in Eland Oil and Gas closed up 1.75p at 64p
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