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Eland Oil & Gas PLC

Eland Oil & Gas completes remedial work on Gbetiokun well ahead of ‘early production’

"We are pleased to have successfully completed the remedial work on Gbetiokun-3 and are very happy with the achieved flow-rates of almost 7,000 bopd,” said George Maxwell.

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The 'EPS' is due online later this month

Eland Oil & Gas PLC (LON:ELA) told investors that it has completed remedial work on  the Gbetiokun-3 well, which will be part of the early production system (EPS) due online this month.

In June, the company identified a small leak in the shorter of the well’s two production strings and this has now been remedied.

Gbetiokun-3’s short string has seen oil flows of around 3,800 barrels of oil per day, while the longer string measured around 3,000 bopd. Ahead of the EPS the well was producing via temporary facilities.

READ: Eland reveals record revenues and maiden profit

It will be one of two wells that will feed the initial phase of the EPS which, with new facilities, is expected to flow around 12,000 bopd gross (5,400 bopd net to Eland).

"We are pleased to have successfully completed the remedial work on Gbetiokun-3 and are very happy with the achieved flow-rates of almost 7,000 bopd,” said George Maxwell, Eland chief executive.

“With Gbetiokun-1 performance already established at over 5,000 bopd, we look forward to updating all shareholders as we bring the field on stream later this month."

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Price: 163 GBX

Market: AIM
Market Cap: £351.41 m
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