www.elixirpetroleum.com
Elixir Petroleum is an international exploration and production company listed on the Australian Stock Exchange (ASX:EXR). Elixir holds interests in producing gas and condensate fields located in the Gulf of Mexico and has extensive interests in exploration and appraisal licences in the UK North Sea. Elixir has recently acquired interests in two producing fields in the Gulf of Mexico which provide the group with cashflow from sales of gas and condensate. The company is focused on increasing its presence on the shallow water shelf of the Gulf of Mexico and continues to examine new projects in which to participate. Such projects typically display discovered reserves, nearby infrastructure and short cycle times to first production and cashflow.
Elixir Petroleum reports on a busy quarter
International exploration and production company Elixir Petroleum (ASX: EXR) has highlighted the successful completion of workover for Well #1 at Pompano among the highlights of its latest quarter.
In a statement, the Perth-based company said the re-establishment of higher condensate production rates at High Island was another important milestone of the quarter.
Elixir is an internationally focused upstream oil and gas company with a diversified portfolio of offshore petroleum interests across the exploration, appraisal, development and production lifecycle.
The company stated it was also preparing to kick off marketing activities on Block 211/12b (Tiger Prospect) UK North Sea.
Cash on hand at the end of the period of $6.95 million
Complementing the company's exploration strategy is the addition of lower risk oil and gas development projects with appraisal upside located in the shallow waters of the Gulf of Mexico. These projects typically demonstrate a short cycle time to production and provide cashflow for the Elixir Group.
The High Island field is located approximately 60 km offshore the Texas coast in the Gulf of Mexico. The field has been in production since September 2007 and has produced to date in excess of 3.8 billion cubic feet (“Bcf”) of gas and over 107,000 barrels of condensate.
Production uptime was 87% for the quarter with no safety incidents reported. The major contributor to platform downtime was a fire at a downstream installation on the HIOS gas pipeline system.
The A-1 well was produced at reduced rates until the end of April, when the well was shut-in due to surface constraints limiting the drawdown that could be applied to the well.
The Pompano field lies within the Brazos Area and is approximately 12 km offshore the Texas coast and 150 km southwest of Houston. The field has two production wells, with each producing from two separate reservoirs.
A third well drilled during Q3, 2008 has been temporarily suspended as a future sidetrack candidate. The field has produced approximately 3.7 Bcf of gas and 4,700 Bbls of condensate since the commencement of production in May 2008.
The field achieved 98% uptime during the reporting period with no safety incidents reported. The uptime was affected at the end of the reporting period when the Well #1 workover commenced on 19 September 2009 and the well was shut-in.
