Eland’s wholly owned subsidiary, Wester Ord Oil & Gas Limited (Wester Ord), has agreed to acquire a 40 per cent participating interest in the Ubima Field (Ubima) from Allgrace Energy Limited (the "Farmor").

The most recent independent 2C resources estimate for Ubima is 34 MMbbl of oil (independent report prepared by AGR TRACS). There is also a significant upside 3C resource estimate of 66.9 MMbbl of oil with an extra 2C resource estimate of 97 Bcf of non-associated gas in two reservoirs.

Ubima lies onshore in the northern part of Rivers State and has been carved out of Oil Mining Lease (OML) 17, which is held by Nigerian National Petroleum Corporation, The Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited (the "Head-Farmors").

Tags: Eland Oil & Gas PLC