Oando Announces Increased Production in Nigeria

Oando Energy Resources (TSX:OER) announced the completion of all pipeline works at the Qua Iboe field and associated crude delivery and sales infrastructure, with commercial production at 2,150 barrels of oil equivalent per day.

As quoted in the press release:

Oando Energy Resources holds a 40 percent working interest in the field. In its capacity as technical services provider, OER, together with the operator and 60 percent owner, Network Exploration and Production Nigeria Limited (NEPN), brought the field from conceptualization, through development, to first oil delivery. The commercial oil production from the field’s reservoirs has now commenced at an initial rate of 2,150 barrels of oil equivalent per day (gross) to the partners. The crude processing facility was commissioned in the fourth quarter of 2014 but commercial production was delayed until the completion of the associated cluster crude delivery and sales infrastructure into the Qua Iboe Terminal.

Pade Durotoye, CEO of Oando Energy Resources, commented:

We are delighted to have achieved this milestone, having taken this field through the full cycle of asset development, from drilling to facility engineering, construction and commissioning, and also increasing our organic production contribution from our portfolio. We will now be focusing our attention on maturing the potential of this field through seismic acquisition and interpretation, and a possible multi-well drilling program. We hope the Qua Iboe field will follow in the footsteps of our successful Ebendo field, where production has increased from 900 barrels of oil per day (gross) at inception to over 7,500 barrels of oil per day (gross) through the identification and drilling of new reservoirs in the field.

Click here to read the full Oando Energy Resources (TSX:OER) press release.