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 takes control of Sierra Leone offshore block
Elixir Petroleum Ltd said it now has taken full control of Block SL-4 offshore Sierra Leone, after the joint partner for the block, Prontinal Ltd, defaulted on its payment obligations and negotiations to settle the dispute have not reached a satisfactory conclusion.
Elixir said the notice of forfeiture it issued to Prontinal after the deadline passed included a demand for the immediate payment of all monies Prontinal owes to the joint venture, but Prontinal has not paid this amount to date.
Prontinal has indicated it will be contesting the demand, default and forfeiture notices. Elixir believes any challenge to the default and forfeiture process will be without merit.
As previously advised, a notice of default was issued in late September by Elixir's subsidiary Elixir Petroleum (UK), the operator of Block SL-4.
Prontinal’s obligations primarily relate to outstanding payments to the seismic contractor who acquired 3D seismic over the block.
