Eland deal for Nigerian onshore oil block approved

摘要

UK-based independent Eland Oil and Gas said Monday its 45%-owned Nigerian associate Elcrest has been granted approval by the Nigerian government to take over operatorship of the onshore oil block OML 40, ahead of a drilling campaign aimed at increasing output from the asset to about 5,500 b/d. The deal is for a minimum of ten years. The company has to pay a premium and fees of $2.3 million.