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Eland Oil & Gas set for £14mln cash boost


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

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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