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 UK unit seeking legal advice in seismic payment dispute
Elixir Petroleum Ltd, which is delisting from AIM at the end of March, said its UK unit is currently seeking legal advice with regards to a payment dispute over seismic work, and it reported results for the first half to end-December 2008.
It made a pretax loss of A$21.49 million, hit by a A$12.9 million impairment charge and higher depreciation, compared with a loss of A$6.06 million in the previous first half. Revenue from oil and gas sales rose to A$4.2 million from A$2.99 million.
The company last week announced that EP UK 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.
Elixir said today it remains the unit’s view that its joint venture partner in Block SL-4, Prontinal Ltd, remains responsible for payment of any amounts found to be due to TGS-Nopec, and EPUK intends to vigorously defend its position.
At the end of the December 2008, Elixir held cash on hand of A$12,531,000. As of today, March 13, Elixir holds cash on hand of approximately A$9.8 million, following the repayment in January 2009 of A$3.0 million of convertible loan notes. With the repayment of these notes, Elixir is now debt free.
