Eland Oil & Gas PLC OML 40 - FDP Approval and Drilling Activities (4561F)

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RNS Number : 4561F

Eland Oil & Gas PLC

15 July 2019

15 July 2019

Eland Oil & Gas PLC

("Eland" or the "Company")

OML 40 - FDP Approval and Resumption of Drilling Activities

Eland Oil & Gas PLC (AIM:ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce that regulatory approval has been obtained for the Gbetiokun Field Development Plan ("FDP") from the Department of Petroleum Resources.

The FDP caters for the drilling of an additional five oil production wells during phase 1 of the development, followed by the drilling of a further six oil production wells and a single workover well (the conversion Gbetiokun-2 to a water disposal well) during phase 2.

Furthermore, following the successful completion of remedial and upgrade works on the swamp drilling unit "OES Teamwork", we are pleased to announce the spudding of the Gbetiokun-4 well on 12 July 2019. It is intended that this well will be completed as a dual string producer on the E3000 and E5000 reservoirs with an estimated initial production rate of between 3,000 and 5,000 bopd.

George Maxwell, CEO of Eland, commented:

"We are delighted to have received regulatory approval for the Gbetiokun Field Development Plan from the Department of Petroleum Resources. The approval enables us to progress with our phased development programme of the Gbetiokun field.

"Moreover, we are pleased to have resumed drilling on the Gbetiokun field after the successful remedial work on the OES Teamwork rig. We look forward to updating our shareholders on drilling progress in the near future."

For further information:

Eland Oil & Gas PLC ([phone])

www.elandoilandgas.com

George Maxwell, CEO

Ronald Bain, CFO

Finlay Thomson, IR

Peel Hunt LLP, Nominated Adviser & Joint Broker ([phone])

Richard Crichton

David McKeown

Stifel Nicolaus Europe Limited, Joint Broker ([phone])

Callum Stewart

Nicholas Rhodes

Ashton Clanfield

Camarco ([phone])

Billy Clegg

Tom Huddart

Monique Perks

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July 15, 2019 02:00 ET (06:00 GMT)