Eland Oil & Gas is pleased to announce the following operations and financing update.

Highlights •Opuama Field current average gross production over 3,100 bopd (1,395 bopd net to Elcrest Exploration and Production Nigeria Ltd, Eland's joint venture company) based on production days. •Average uptime on Opuama field increased month on month between August 2014 (0.8 producing days; 2.6% uptime) and December 2014 (27.9 producing days; 90.1% uptime) with average Opuama field uptime for Q4 2014 of 73.8% (Q3 2014: 15.7%). •The OML 40 Joint Venture achieved a 100% uptime of facilities and export pipeline for January and February 2015. Production was shutdown in January 2015 for planned maintenance of the Trans Escravos Pipeline network by SPDC. Consequently, current Q1 average Opuama field uptime of over 85%.

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