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Elcrest Exploration receives consent to assume operatorship of OML40


Published May 12, 2015
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Eland Oil & Gas PLC

Eland Oil & Gas PLC is pleased to announce its joint venture company Elcrest Exploration and Production Nigeria Limited has received confirmation from the Department of Petroleum Resources that Elcrest has fulfilled its obligations, including the payment of the requisite premium and fees of $2.3m to the DPR, in relation to Elcrest's appointment as operator of OML 40 for a minimum 10 year period.

The Ministry of Petroleum Resources has in turn advised the Nigerian National Petroleum Corporation to proceed with the finalisation of the Joint Operator Model Agreement with Elcrest in respect of OML 40 as approved by the Honourable Minister of Petroleum Resources.

The Joint Operating Model Agreement has been fully drafted and is currently under review by all parties. Signing of the agreement is expected in the coming weeks.

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