Background

The Ubima licence is onshore in the northern part of Rivers State, just north of Part Harcourt, and covers an area of 65 square kilometres. The Ubima field was discovered in 1963 but never developed. The Company acquired the license in August 2014 and after a period of assessment, commenced appraisal operations in July 2018 with a re-entry and flow test of the discovery well, Ubima-1. In August 2018, Eland successfully undertook a re-entry on the 1963 Ubima-1 discovery well running a dual string completion over four intervals, namely the D1000, E1000, E2000 and F7000 reservoirs.

Reservoir characterisation was updated in 2019, taking into account data obtained from the 2018 the Ubima-1 well re-entry. Based on the Ubima-1 well data, NSAI’s* CPR assessment of gross reserves is 6.2 mmstb (1P) – 9.3 mmstb (2P) – 13.1 mmstb (3P). These reserves are located principally in the E1000/E2000 reservoirs which are the focus for development planning.

Full field development planning is in its early stages, but Eland envisages a phased approach, with horizontal wells initially produced through an Early Production System evacuating production via trucking and subsequently through a permanent production facility and evacuation by pipeline to nearby infrastructure.