By Yemisi Izuora-Lagos
Eland Oil and Gas PLC today announced that its joint venture company in Nigeria has completed the company’s final sale of crude for the calendar year.
Elcrest Exploration and Production Nigeria Ltd has completed the loading and sale of 31,500 barrels gross crude for an average price of USD94.93 per barrel. It is the final loading and sale to be completed in 2014, and Eland said it expects to receive payment for the sale before the end of the year.
In 2014, Eland has sold 115,722 barrels of crude oil for an average price of USD103.77 per barrel.
“Eland has had a successful end to 2014, culminating in our most recent operational updates. The Company is moving from strength to strength and is well prepared and financed for our 2015 programme,” said Chief Executive George Maxwell.
Eland shares were untraded today and the stock last traded at 65.75 pence per share.