Replies to post #12234 on Addax Petroleum (fka AXC)

[midtieroil]

Peter Ntephe has been treated better than any CEO of a failed company has ever been treated. He still is employed and is still drawing a salary. He has never once admitting to his many failures and shortcomings while always blaming everyone and everything else. He has never once been held accountable or responsible for anything despite the fact that this company has almost been destroyed.

Eland has NOTHING to do with any deal with Starcrest and has never once been mentioned as a party to that possible transaction.

Besides, Eland is heavily in debt and Starcrest and Chrome are in even worse shape. Those are the real facts, but feel free to provide your own version.

[seek the light]

Nigeria: Eland Oil & Gas signs rig contract for Opuama-7 sidetrack

13 Jun 2017

AIM-listed Eland Oil & Gas, an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, has announced that its joint venture company, Elcrest Exploration and Production Nigeria has signed a rig contract with OES Energy Services for the OES Teamwork Rig for the upcoming sidetrack of Opuama-7.

The side-tracking of the existing Opuama-7 well is expected to contribute an initial production rates of 5,900* barrels of oil per day ('bopd') gross, increasing near term overall production from OML 40 to around an expected 17,500 bopd gross. The OES Teamwork swamp rig is currently undergoing meticulous preparation, which includes mobilising rig personnel, system tests and equipment shake down, to target the commencement of the rig move to Opuama-7 location in July 2017. The rig will drill a sidetrack to around 7,500 ft, expected to take in the region of a month to complete. As part of the contract's terms, Elcrest has the option to extend the contract for the re-entry of Gbetiokun-1, which it intends to start immediately after Opuama-7 sidetrack.

Photo - see caption
George Maxwell, CEO of Eland, commented:

'Following the successful completion of our oversubscribed placing last week, I am delighted to announce the signing of a rig contract with OES to accelerate the commencement of our workover programme, starting with the side-track drilling of Opuama-7.

We are committed to developing OML 40 to its full potential and have immediately started to deploy the additional funds recently raised. We continue to target production from OP-7 and Gb-1 in H2 2017, targeting total gross production from OML40 of 25,400bopd (net: 11,430 bopd). This is double our current levels of production and should bring significant value to all our stakeholders.'

Original article link

Source: Eland Oil & Gas



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