Full Year Results 

Eland ups buyback plans

Eland ups buyback plans

On most financial and operational metrics, momentum appears to be with Eland Oil and Gas’ (ELA), as results for 2018 attest. Average production at its Elcrest joint venture more than doubled to 8,000 barrels of oil per day (bopd), and finished the year at a rate of 13,420 bopd. Production testing at the Ubima field – in which Eland holds a 40 per cent stake – was deemed a success and came on stream post-period. Development drilling has boosted reserves, and with it Eland’s borrowing facility.

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