logo-loader
viewEland Oil & Gas PLC

Eland Oil & Gas set for £14mln cash boost

sterling350_5332e6797620b.jpg

Nigeria focussed Eland Oil & Gas (LON:ELA) is set for a £14mln injection of cash, following the exercise of share options.

New shares will be issued, priced at 100p each.

The buyers are Solstice International Investments and Helios Natural Resources, exercising 7mln options each. The shares issued to Helios, however, will not have voting rights.

The cash will be used for general working capital and corporate purposes.

Last month, Eland joined the producing ranks with the hotly anticipated start up at the Opuama field, within the OML40 licence.

At that time, two wells were in operation and production is expected to stabilise at 2,500 barrels of oil per day. The Opuama facilities currently have the capacity to export up to 30,000 barrels a day.

With production now established the company’s focus will shift to increasing daily production volumes.

Quick facts: Eland Oil & Gas PLC

Price: - -

AIM:ELA
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Eland Oil & Gas PLC named herein, including the promotion by the Company of Eland Oil & Gas PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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...

on 09/18/2012

2 min read