Eland JV Signs Rig Contract with OES

Eland JV Signs Rig Contract with OES

Eland Oil & Gas announced that its joint venture company, Elcrest Exploration and Production Nigeria, signed a rig contract with OES Energy Services for drilling on its OML 40 acreage in the Niger Delta. The contract is with OES Energy for the OES Teamwork rig, Share Cast reported.

The rig will be used for the upcoming sidetrack of the Opuama-7 well, which is expected to produce an initial production rate of 5,900b/d. The well should increase near term overall production on OML 40 to around 17,500b/d gross, Petroleum Africa informed.

The rig would drill a sidetrack to around 7,500ft and is expected to take a month to complete.

Elcrest CEO, George Maxwell, said “Following the successful completion of our oversubscribed placing last week, I am delighted to announce the signing of a rig contract with OES to accelerate the commencement of our work-over program, starting with the sidetrack drilling of Opuama-7.”

Maxwell noted that the board continued to target production from OP-7 and Gb-1 in H2 2017, targeting total gross production from OML 40 of 25,400b/d and net production of 11,430b/d.

“This is double our current levels of production and should bring significant value to all our stakeholders.” He added.


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