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 gets note of arbitration in payment dispute over Sierra Leone seismic work
Elixir Petroleum Ltd said its UK unit received a notice of arbitration issued by TGS-NOPEC Invest AS, which relates to an alleged dispute concerning payment of approximately US$9.3 million for the seismic data acquired by TGS over Block SL-4 offshore Sierra Leone.
EP (UK) has been named as a co-respondent in the arbitration together with Prontinal Ltd, EP (UK)'s former joint venture partner in the Block SL-4 joint venture.
EP(UK) understands that an existing arbitration in relation to the dispute is currently in progress between Prontinal and TGS.
Elixir said it remains the view of EP (UK) that Prontinal is responsible for the payment of any sums that are found to be due to TGS in respect of the 3D seismic acquisition and processing.
Elixir Petroleum announced earlier this week it is to cancel its secondary listing on AIM with effect from the end of March 2009 as the compliance burden coupled with the costs of the listing outweigh its benefits. It also cited its Australian focused shareholder base and the relatively low volume of trading in shares on AIM as reasons for the decision.
