Eland Oil & Gas plc reported unaudited earnings results for the first quarter of 2018. For the quarter, the company reported revenue of $39,800 and EBITDA of $23,900.

The company provided capital expenditure guidance for the year 2018. Fully funded from existing operations and anticipated banking facilities, from the beginning of second quarter of 2018 for the rest of 2018 is $123,900.

Continuing with the drilling success achieved in 2017, and the current average gross production of 22,000 barrels of oil per day ("bopd"), the company plans to undergo the following drill programme for the remainder of 2018 and 2019. 2018 Drilling Programme: Complete Opuama-9 (D1000 and D2000 reservoirs); drill and complete Opuama-10 (D1000 and D5000 reservoirs); Gbetioukun EPS - re-enter and complete Gbetiokun-1; drill and complete Gbetiokun-3; commence production at an anticipated rate of 15,000 bopd gross from the two wells using leased floating facilities with oil export by ship along the Benin River Valve Station, prior to injection into the OML 40 export pipeline; Ubima-1 re-entry and production testing three reservoirs with the ultimate objective of further drilling and converting the 31.1 million 2C contingent resources into reserves.

For the year 2019, the company to drill and complete Opuama-11 to -13 targeting a) the E2000 oil leg and b) the D3500 and D4000 reservoirs. Drill Amobe-1 exploration well, a large, low risk prospect comparable to Opuama in terms of both structural style and areal extent. Full field development at Gbetiokun including drilling and completing Gbetiokun-4 to -8, installing purchased floating production facilities (up to 45,000 bopd) and oil export line to Adagbassa Manifold.