ELAND TO COMPLETE UBIMA-1 WELL ONSHORE NIGERIA

Eland Oil & Gas PLC an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, has signed a rig contract with KCA Deutag for the T-57 land rig to workover the Ubima-1 well. Ubima-1 is located on the Ubima Field, onshore Niger Delta in the Northern part of Rivers State, in which Eland has a 40% interest.
The Deutag T-57, a Bentec E-1500 DC land rig is currently being mobilised and prepared and is expected on site in early June. Eland therefore expect to re-enter Ubima-1 before the end of June. The Ubima-1 re-entry well is the first to be worked on in the licence by Eland and its partner. A dual string completion is planned for the well, which will target oil within four reservoirs, namely the D1000, E1000, E2000 and F7000.
A study published in April 2016 by AGR TRACS ascribes gross 2P reserves of 2.4 million barrels of oil to the Ubima-1. On a full field development basis, the contingent resources are up to 20.6 million barrels (1C), 31.1 million barrels (2C) and 66.0 million barrels (3C).
George Maxwell, CEO of Eland, commented:
“This is a very exciting milestone for the Company. Not only do we have ground breaking activity in Ubima, with the first rig activity in decades, but we are also moving to a multiple rig operation for Eland. The underlines the importance of diversification of our production base. The Ubima-1 re-entry will be completed in four reservoirs, appraising the field in advance of full field development and moving the material volumes of Contingent Resources into Reserves.”
The Ubima field, discovered in 1963 is located onshore in the Niger Delta at about 40km north of the Nigerian oil city of Port Harcourt.
Eland holds 40% interest in the field acquired from All Grace Energy Limited in August 2014. (Source and image: Eland Oil & Gas/Eland well head in OML 40 in the Niger Delta)