Company’s stock added 26.75% to its value in three days’ time on Ubima’s reserves and resources update.
Only during today’s trading session, the outburst of ELA has been 17.39%. The stock of Eland Oil & Gas confirmed its upward move to close at £33.75 for second consecutive day.
Based on ELA’s market cap, at the end of the trading day today, the company has been valued by investors at £50.50m. There is yet, another evidence of the high investor’s appreciation in Eland’s stock and its possible hidden potential.
The chart here shows the performance of ELA and FTSE 100 within a tree months’ time frame. The performance of Eland’s share price provides one clear evidence. As oppose to many statements that the oil industry and companies are in a deep decline, still, there are prospective investment alternatives and hopes.
The spectacular and sharp upward presentation of Eland’s share price these days has been raised by an official company’s announcement from this Wednesday with updated results of the Reserves and Resources Evaluation Report on Ubima Field. The re-evaluation work and the report produced by AGR TRACS International Limited classified the oil associated with the company’s Early Production System (EPS) as Reserves in contrast to the earlier Contingent Resources classification.
George Maxwell, CEO of Eland stated: “We are confident that a successful EPS later this year would move us quickly to a Full Field Development, which will deliver material value for Eland and its Partner, Allgrace Energy.”
Eland Oil & Gas PLC is an oil and gas development and production company operating in West Africa. Company’s initial focus is on oil and gas assets located in Niger Delta region of Nigeria. Eland’s main assets are its interest in the OML 40 licence, onshore Nigeria and the so called Ubima Field, onshore Niger Delta. Company’s stock is publicly listed on AIM in London. ELA’s headquarters are in Aberdeen, Scotland.
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