Eland Oil & Gas PLC, an oil & gas development and exploration company operating in West Africa with an initial focus on Nigeria, is pleased to announce that Elcrest Exploration and Production Nigeria Ltd, Eland's joint venture company, has received approval of a five year tax exemption on the OML 40 licence.
On 13 March 2014, the Company announced that Elcrest was in discussions with relevant government departments in Nigeria regarding its tax status. These discussions have now been concluded successfully and Elcrest has received approval of the five year tax holiday on its OML 40 development. This five year period begins immediately through to Q2 2019.
Les Blair, CEO of Eland Oil & Gas, commented:
"This welcome government incentive provides the opportunity to accelerate both the planned development of OML 40 and our community programs through the increased free cash flows that will become available for re-investment. The opportunity in OML 40 is significant and this latest development is the first of a number of initiatives that we are working on to enhance production and reserves within the licence."
