Eland is definitely interesting and I have my eye on them. That said, they are overly optimistic with their production forecasts out of the gate and it's not a hopeful sign considering their very aggressive production forecasts. A few months ago, they said the plan was to be in production in 6 months. Now, 2 months later, they still say the plan is to be in production in 6 months. They also only have ~20% of the field, so they are a minority interest partner, although they are the operator of the block. It really irritates me when companies list "gross" production without clearly mentioning what their net production is - it's designed to be misleading and I don't understand why legitimate companies do that - just give us the bottom line numbers.
Impressed to see the CEO lives in Nigeria - that is a sign of commitment that nobody else (Wade) is willing to make. Former Addax management is also a plus. That said, they are an AIM listing and that's the kiss of death for me. I refuse to buy London listed plays due to shareholder unfriendly policies (only report financials twice a year, and mostly pathetic promotion - it's the good ol' boys club in full force in London). The only reason I remain interested is they said they were planning to list in Canada next year. If so, and if the value is there, I'd consider buying some.