Eland Oil & Gas announces the following operations and financing update.
• Opuama Field current average gross production over 3,500 bopd (1,575 bopd net to Elcrest Exploration and Production Nigeria Ltd (Elcrest), Eland's joint venture company) based on production days.
• Average uptime on Opuama Field has increased month on month since August. Current average uptime in November 2014 of circa 90%. Current average uptime for Q4 2014 of over 74%.
• Current OML 40 fourth quarter gross production in excess of 140,000 barrels of oil (63,000 barrels net to Elcrest).
• First Oil condition precedent for drawdown of $22 million loan facility with Standard Chartered Bank complete. Availability of debt to be announced in the near term. The Company remains in advanced discussions to target a $75 million reserve based lending facility.
• Current cash balance of $14.7 million as at 21 November 2014.
• Elcrest's next oil lifting is expected to take place in December and is due to be a cargo of circa. 30,000 bbls of crude.
• Dredging operations, which commenced in Q3 2014, continue at the Opuama Field and are nearing completion. Drilling operations planning ongoing for an extended OML 40 development programme in 2015.