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 granted further delay in drilling Leopard prospect in North Sea
23rd Apr 2009, 2:46 pm
Elixir Petroleum Ltd (ASX: EXR) said the UK Department of Environment and Climate Change has again extended the deadline by which the company must make a “drill-or-drop” commitment on North Sea Block 211/18b, containing the Leopard prospect.
Elixir has now until December 21 2009 to spud a well which will allow it to retain the licence, and if this does not occur, the licence will be relinquished at that date.
The DECC had already waived the commitment stipulated in the agreement when the licence was granted in 2005, setting a new deadline for April 21 2009.
The licence is located in the northern sector of the UK North Sea and the Leopard prospect is one of the largest remaining undrilled oil targets in the North Sea, with a mean prospective resource estimate of approximately 350 million barrels, Elixir said.
Managing director, Andrew Ross said: “The waiver will allow us to continue the detailed discussions we currently have on foot with several interested parties with a view to securing a further partner to participate in the drilling of the Leopard prospect.”
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