Eland Oil & Gas Share Discussion Threads

[jtsbrown] 07/11/2012 18:38

Me too. With q1 revenue it looked way to cheap. Slowly getting picked up by the early birds perhaps. Fully funded too with more drill targets in place.

[leedskier] 07/11/2012 17:54

I bought in on the day of the IPO at 110p. I rather like the fact it is under the radar ... it rises ;

[jtsbrown] 07/11/2012 15:25

Because presentation is on the 13th so could be some news soon.

[andrbea] 07/11/2012 12:51

still under the radar of most punters

rising nicely now

[mr.oz] 06/11/2012 09:05

Tipped? Professional outfit, but anyone know why the spike?

[jtsbrown] 30/10/2012 15:02

Henderson know their oil juniors and have done amazingly well recently. Early positions in magp, edg and fast. Ela looks to be next with presentation on the 13th explaining their top up. This one looks a safer aim bet to me

[mr.oz] 26/10/2012 18:02

Henderson up to 20,292,431 /15.00%
was 19,250,000 / 14.27% 5th Sept

[mr.oz] 24/10/2012 18:43

anyone planning on going? would be interested in feedback, am watching this co. have a very small stake atm

[jtsbrown] 21/10/2012 15:45

Presenting on the 13thhttp://oilbarrel.com/pub/articles/article_id-38

[lucky_punter] 01/10/2012 10:51

New to the AIM market, expect Eland Oil & Gas (LON:ELA) to hit the ground running.
Its principals, chief executive Leslie Blair and finance director George Maxwell, may be familiar to those who follow the oil and gas industry closely.

[jtsbrown] 18/9/2012 17:21

Nice interview. I like that the data is being reworked. Les Blair seems very confident the resource will be upgraded just on that work. These newly listed companies have hit the ground running of late, hopefully ela too.

[ceohunter] 18/9/2012 16:34

Eland Oil & Gas targets 50,000bpd in 4 years from Nigerian asset

Les Blair, CEO of Eland Oil & Gas (LON:ELA) tells Proactiveinvestors that it is targeting initial production at its OML 40 field of 2,500 barrels of oil per day in six months with the intention to expand to 50,000bpd within 4-years. Les details the history of the well, the team he has assembled to exploit the opportunities presented to Eland and the work is needed to initiate production.

[jtsbrown] 15/9/2012 20:56

bod holdings
2% with 12 month lock in. (approx £2.75m atm)


funding---------------------
The Board intends to use the gross proceeds from the Placing (being £118 million) together with the additional financing to which it has access pursuant to the Solstice Option Agreement and the SCB Facility
Agreement as follows:
• US$138.6 (£89.4) million, being the balance amount to be applied to the Acquisition Price
• US$15.0 (£9.7) million, being the amount applied to the re-commissioning of existing infrastructure
• US$5.0 (£3.2) million, being the amount to be applied to the acquisition of a further four per cent.
interest in Elcrest
• US$47.9 (£30.9) million, being the working capital and administrative costs
• US$14.4 (£9.3) million, being the amount applied to fees relating to the Acquisition and Admission

----------------------------
newsflow-------------------
presentations????
new licences????
rework siemic???

There exists a further 13 other prospects which were identified by SPDC as result of the 3D Seismic acquired between 1991 and 1994

oil line repairs

2013
q1
production of 2500 bpd.

q4
Exploration in 2013
The Company plans to drill two exploration wells at Abiala in Q4 2013, targeting gross Prospective Resources of 102 MMbbls, as estimated by Shell. According to the McDaniel CPR the Abiala prospects are attributed 45 MMbbls gross prospective resource with the Abiala field attributed gross contingent resource of 11 MMbbls. The first well will be an appraisal well on the Abiala North Field, targeting 11 MMbbls of Contingent Resources, and with an exploration sidetrack targeting 68 MMbbls of Prospective Resource
according to Shell (29 MMbbls according to the McDaniel CPR) on the Abiala Block 2 prospect. The well,b including sidetracking, is expected to take approximately 60 days to drill. Immediately following the Abiala North exploration well, the Group intends to drill an exploration well on
the Abiala North East prospect. The well will target 34 MMbbls of Prospective Resources according to Shell (16 MMbbls according to the McDaniel CPR) and is expected to take 30 days to drill. Following reprocessing and interpretation of the 3D Seismic acquired by Shell, the Group expects to define further exploration potential within OML 40.

2014
Further appraisal and production drilling on Opuama and Gbetiokun
Following the successful re-commissioning of Opuama 1 and 3, the Group intends to increase production through the drilling of up to six further development wells on Opuama and up to six on Gbetiokun starting in 2014. The Directors expect that field production will be increased through optimising infill development drilling via deviated and horizontal wells. To accommodate increased production for Gbetiokun, the Directors intend that a floating early production facility will be mobilised and a new export pipeline will be constructed.

Long term production growth
The Group's four year target of 50,000 bopd of gross production on OML 40 will be achieved through further appraisal and development drilling of nearby fields, and development of the Abiala and Ugbo fields. SPDC was informed in 2010 that each of these fields was being considered by the Department of Petroleum Resources in Nigeria for inclusion in a new marginal field operation ("MFO") round. It cannot be guaranteed that these fields will be available to Elcrest. However, based on the approach followed on recent divestments,
the Directors believe that these fields will not be included in any MFO round as a result of the change in ownership of OML 40. Following reprocessing and interpretation of the 3D Seismic acquired by Shel

5 OWNERSHIP AND CONTRACT TERMS
The onshore OML 40 lease is a Joint Venture between the Nigerian National Petroleum
Corporation ("NNPC") with a 55 percent participating interest, SPDC with a 30 percent
participating interest, Total E&P Nigeria Limited with a 10 percent participating interest and
Nigerian Agip Oil Company Limited with a 5 percent participating interest. All the joint venture
partners excluding NNPC have agreed to sell their interests in OML 40 to Elcrest. Assuming Eland
will purchase an additional 4 percent in Elcrest, Eland will hold a 22.05 percent working interest in
OML 40. All joint venture parties have to pay their share of costs including NNPC. The original
lease signed in 1964 was for 30 years but this was renewed in 1989 and now expires at the end of
June 2019. There is provision within the lease to extend for a further 30 years for a cost of US $1.0
million provided the terms and conditions of the lease have been honoured.
OML 40 does not have tax stability provisions and is subject to the current Nigerian joint venture
tax code as summarized in Table 12.

[lucky_punter] 04/9/2012 08:19

Shares in Nigeria focused Eland Oil & Gas (LON:ELA) got off to a solid start in the opening session of their debut on AIM.
At 10.30, the stock was trading at 112 pence, up 12 per cent on the placing price of 100 pence.

[andrbea] 03/9/2012 08:49

03 September 2012

ELAND OIL & GAS PLC
("Eland" or the "Company")

Placing of new ordinary shares valued at £118 million

Completion of acquisition of OML 40, Nigeria

Admission to trading on AIM


Eland Oil & Gas PLC, an oil & gas exploration company operating in West Africa, with an initial focus on Nigeria, today announces the completion by its Nigerian joint venture company Elcrest, of the purchase of licence OML 40 and the placing of new ordinary shares ("Placing Shares") in the capital of the Company with investors (the "Placing") to raise gross proceeds of £118 million. Eland is also pleased to announce the admission of all of its ordinary share capital (including the Placing Shares) to trading on the AIM market of the London Stock Exchange PLC ("Admission") at 08.00 today, symbol ELA.

Key point summary

· Placing price 100 pence per Placing Share.

· Gross proceeds of the Placing are approximately £118 million and the net proceeds are approximately £106.8 million.

· The expected market capitalisation upon Admission based on the Placing Price is approximately £134.9 million.

· The Placing Shares represent approximately 87.5 per cent of the total issued ordinary share capital of the Company at Admission.

· Eland has also secured a facility of $22 million with Standard Chartered Bank (the "Facility Agreement") and equity option agreements with two key investors of £10 million each.

· The net proceeds of the Placing together with other available financing will be applied to pay the outstanding balance for the acquisition of OML 40, increase Eland's economic interest in OML 40, re-commission existing infrastructure and restart production and provide working capital for the current 2P development of OML 40.

· Given Eland's focus on Nigeria and the importance of alignment with the Nigerian Government's indigenisation programme, Eland established with a Nigerian partner, a joint venture company, Elcrest, in which Eland currently has a 45% equity interest and has agreed to acquire a further 4% within 30 days of completion.

· On 31st August 2012, Elcrest completed the purchase of a 45 per cent interest in OML 40 jointly from Shell Petroleum Development Company of Nigeria Ltd ("SPDC"), Total E&P Nigeria Ltd and Nigerian Agip Oil Company Ltd, for a total consideration of US$154 million, of which US$15.4 million had been previously paid on signing the acquisition agreement as a deposit with US$138.6 million now being paid as the balance. The remaining 55 per cent interest is held by the Nigerian Petroleum Development Company ("NPDC").

· OML 40, located onshore Nigeria within the prolific Niger Delta, represents an asset with production and exploration potential and with independently certified gross recoverable 2P Reserves of 71.5 million barrels, 3P Reserves of 117 million barrels in the Opuama and Gbetiokun Fields and Mean Contingent Resources of a further 16.7 million barrels in the Abiala and Ugbo Fields. All fields contain light "sweet" oil.

· In addition, there is an exciting identified exploration portfolio of Gross Prospective Resources of 356 million barrels of oil based on 3D seismic within the 498 sq km. of OML 40.

· Production from existing wells will be restarted at an expected initial gross rate of at least 2,500 bopd within six months of Admission.

· It is planned to drill two exploration wells targeting 113 million barrels of oil in 2013.

· Production will increase through development, appraisal and exploration drilling to reach a target gross production of 50,000 bopd within four years.

· Eland will seek to acquire and develop underexploited upstream assets in Nigeria.

· Admission of the ordinary shares to AIM and commencement of dealings under the symbol "ELA", are to take place on 03 September 2012.

· Canaccord Genuity Limited acts as nominated adviser and broker to Eland.

Les Blair, CEO of Eland Oil & Gas, commented today,

"I am extremely grateful to the shareholders of the Company who have supported us to complete this milestone transaction. The fundraising of £118 million is the largest on an AIM IPO for over three years and highlights the exciting prospects for OML 40 and Nigeria as a whole.

"Together with our partner Starcrest, we will now work in close coordination with Nigerian Petroleum Development Company ("NPDC"), the oil and gas exploration and production subsidiary of the Nigerian National Petroleum Corporation ("NNPC"), which holds a 55% interest in OML 40, towards the full redevelopment of OML 40 including recommissioning of the existing facilities infrastructure to restart production and then the full development of the licence.

"I look forward to updating shareholders and the market as we progress our work programme which is designed to rapidly monetise this asset for the benefit of both our shareholders, the communities within the licence area and all other stakeholders".

For further information:

Eland Oil & Gas PLC ([phone])
www.elandoilandgas.com
Les Blair, CEO
George Maxwell, CFO

[andrbea] 03/9/2012 08:48

a new float

placing at 100p

currently 114.75p, so a good start

[lbo] 26/4/2012 11:15

Still reporting a net loss from continuing operations of $31.8m (€24.08m) in its first-quarter 2012 financial results

[demi] 16/7/2011 22:06

Elan dropped 2.9 per cent to €8.39. Data on its drug Tysabri shows there were 12 new cases of brain condition PML confirmed last month among patients taking the drug, bringing the total number of cases to 145.

[demi] 10/6/2011 18:45

Looking good now

[lbo] 07/3/2011 10:27

Give kids illegal drug 'in apple sauce', said Elan
Firm paid for Caribbean and ski junkets for doctors