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 jumps on reserves statement
22nd May 2008, 11:58 am
Oil and Gas explorer and producer, Elixir Petroleum (AIM: ELP) jumped more than 15% after announcing at reserve update at the Mulle Field on Block 211/22b in the UK North Sea. Elixir has a 40% interest in the field; DNO is the operator and has a 50% interest while Rocksource UK holds the remaining 10%.
DNO released a contingent P50 recoverable resource estimate for the Mull Field of 17 million barrels of oil equivalent and a P10 estimate of 36 million barrels of oil equivalent. The estimate was based on additional 3D seismic data from the adjacent Causeway programme and a new petrophysical interpretation.
"We are delighted with the results of the further technical work undertaken by the 211/22b joint venture. The booking of contingent resources today for the Mulle oil accumulation by the operator is a significant first step in moving this discovery closer to commercialisation. The joint venture will now be examining appraisal and development scenarios for the accumulation, a process in which Elixir will be actively involved." Elixir's Managing Director, Andrew Ross said.
Elixir, DNO and Rocksource are now hoping to attract new farm-in partners into the block with the ambition of drilling in 2009.
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