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 says debt-free and well-funded
Oil and gas group Elixir Petroleum Ltd said it is now debt-free following a convertible loan note repayment in January 2009 and is well-funded with cash currently on hand of A$9.0 million.
In an update for the quarter to December 31 2008, the group said it made further progress in the period despite difficult market conditions.
Following the passage of Hurricane Ike in Mid-September, the High Island field was shut-in for most of the quarter pending the repair of third party operated export pipelines. By early January 2009 the two High Island wells were back in production at rates equivalent to those being achieved prior to the shut-in.
Elixir is planning a remedial well intervention on Well #1 at Pompano, also in the Gulf of Mexico, in the coming quarter which, if successful, should increase gas production rates from that well. Elixir has a 25 percent working interest in the field.
