The first half of 2018 was “the most important operational and financial period” in the history of Eland Oil & Gas (ELA), says chief executive George Maxwell. This, arriving straight after “the most successful year” in its history, gives you a sense of the company’s optimism, and Mr Maxwell's current mood.
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In the six months to June, gross daily production increased threefold to 17,000 barrels of oil (bopd), has since notched up to 30,000bopd, and is expected to climb further before 2018 is out. That production bounce, and a $32-a-barrel increase in average realised prices contributed to a near-tripling in operating cash flow to $50.6m (£38.3m), and a first maiden profit.
