Eland oil and gas has said it is targeting early 2019 for first production in Nigeria which could significantly increase its output.
The company said development operations on the Gbetiokun field in Nigeria were progressing well.
Eland said it expects an early production system at the field, expected to start up in the first quarter of 2019, to deliver production of around 15,000 barrels of oil per day.
Through its joint venture company Elcrest, Eland’s core asset in Africa is a 45 per cent interest in the OML 40 licence which is in the Niger Delta.
The OML 40 licence holds proved and probable reserves of 83.4 million barrels of oil.
George Maxwell, chief executive of Eland said: “Gbetiokun has the potential to deliver a 50 per cent increase in oil production from OML 40.
“We look forward to updating shareholders on the completion of the Gbetiokun-3 appraisal well in January 2019.”