Eland acquires stake in Niger Delta
Nigeria 
LAGOS, August 20, 2014 – Independent exploration and production firm Eland Oil & Gas last week announced that its Nigerian subsidiary Wester Ord’s had acquired a 40-percent stake in the Niger Delta’s onshore Ubima field from Allgrace Energy.
Previously part of OML 17, the marginal field could contain up to 66.9 million barrels of oil and 2.7 bcm (97 bcf) of non-associated gas from two reservoirs. The company estimates that the field’s full work programme of four wells will require $125 million, to be partially funded from extended production tests. These wells could produce as early as within nine to twelve months of the programme’s start.
The firm expects year-end production from its OML 40 site, where it acquired a 45-percent stake in 2012, to stand at 7,000 barrel of oil per day.
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