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 confirms third well at Pompano Project
24th Jun 2008, 8:20 am
Elixir Petroleum (ASX:EXR, AIM:ELP), the oil and gas exploration and production company with interests in the Gulf of Mexico, UK North Sea and offshore Sierra Leone, announced that the operator of the Pompano Project had contracted a drilling rig to drill a third development well.
The Pompano Project is located in shallow waters offshore Texas in the Gulf of Mexico and is currently producing approximately 15 MMscf of gas per day and 50 barrels of condensate from two development wells which are tied back to a production platform.
Elixir's Managing Director, Andrew Ross said:
"Based on our current production rates from our US operations, and recent gas prices in the US, we anticipate our net revenues for May and June will exceed US$2.75 million in total, setting a new record for Elixir. Continued high gas prices and growing production would see Elixir generate strong cashflow from the US over the next twelve months."
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