Eland Oil & Gas (ELA)

Sector:

Energy Producers

Index:

FTSE AIM 100

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108.00p
   
  • Change Today:
      2.00p
  • 52 Week High: 137.50p
  • 52 Week Low: 67.50p
  • Currency: UK Pounds
  • Shares Issued: 219.26m
  • Volume: 148,295
  • Market Cap: £236.80m
  • RiskGrade: 323
  • Beta: 1.18

Eland Oil & Gas drafts in rig for Ubima well

By Duncan Ferris

Date: Thursday 17 May 2018

LONDON (ShareCast) - (Sharecast News) - Resource production and development firm Eland Oil & Gas announced on Thursday that it has signed a rig contract with KCA Deutag for the T-57 land rig to workover the Ubima-1 well in Nigeria.
The Ubima Field, in which Eland has a 40% interest, is expected to see the arrival of the rig in early June where dual string completion will then be actioned on the well, which will target oil within the D1000, E1000, E2000 and F7000 reservoirs.

George Maxwell, chief executive of Eland, said: "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. This underlines the importance of diversification of our production base."

The Ubima-1 well will be the first to be worked on by Eland and its partners at the Ubima field where there is a 13.1 mmbbls net contingent resource attributable to Eland.

"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," said Maxwell.

Elsewhere, the company said it had performed strongly in the first quarter of the year and highlighted that it had benefited from higher crude prices, lower operating costs and an improved balance sheet.

Eland's revenue increased to $39.8m for the first quarter of 2018, a vast improvement on the $16.3m made in the final three months of 2017, while EBITDA jumped by 136% to $23.9m compared to $10.1m in the preceding quarter.

As of 1409 BST, Eland Oil & Gas' shares were up 0.13% at 102.13p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Eland Oil & Gas Market Data

Currency UK Pounds
Share Price 108.00p
Change Today 2.00p
% Change 1.89 %
52 Week High 137.50p
52 Week Low 67.50p
Volume 148,295
Shares Issued 219.26m
Market Cap £236.80m
Beta 1.18
RiskGrade 323

Eland Oil & Gas Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
87.05% above the market average87.05% above the market average87.05% above the market average87.05% above the market average87.05% above the market average
85.11% above the sector average85.11% above the sector average85.11% above the sector average85.11% above the sector average85.11% above the sector average
Price Trend
79.56% above the market average79.56% above the market average79.56% above the market average79.56% above the market average79.56% above the market average
86.54% above the sector average86.54% above the sector average86.54% above the sector average86.54% above the sector average86.54% above the sector average
Income Not Available
Growth
84.20% above the market average84.20% above the market average84.20% above the market average84.20% above the market average84.20% above the market average
96.72% above the sector average96.72% above the sector average96.72% above the sector average96.72% above the sector average96.72% above the sector average

What The Brokers Say

Strong Buy 6
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 6
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Eland Oil & Gas Dividends

No dividends found

Trades for 11-Dec-2018

Time Volume / Share Price
16:51 319 @ 108.00p
16:50 5,609 @ 105.00p
16:35 1,656 @ 108.00p
16:29 3 @ 107.50p
16:29 622 @ 107.50p

Eland Oil & Gas Key Personnel

CEO George Walter Mitchell Maxwell
CFO Ronald Bain

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