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magazinePlacing faith in Eland Oil & Gas
Eland Oil & Gas (ELA:AIM) 55p
Loss to date: 3.5%
Original entry point: Buy at 57p, 27 April 2017
Although shareholder dilution is never welcome, a $19.5m share placing at Nigerian oil producer Eland Oil & Gas (ELA:AIM) (7 Jun) should at least keep its planned work programme on track.
This is underlined by news (13 Jun) a rig contract has subsequently been agreed for a side-track well on the Opuama-7 well.
This is a key element of a plan to lift production from 8,000 barrels of oil per day (bopd) to 25,000 bopd by the end of the year.
Keep buying. (TS)
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