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 reports fire in facility near High Island oil & gas field
Oil and gas producer, Elixir Petroleum (ASX: EXR) has reported a fire at its High Island field, has caused production from the field to be temporarily shut-in. The field is located in 169 feet of water, 60 km offshore Texas in the Gulf of Mexico. Elixir has a 30% Working Interest.
The fire occurred at at a third party compression facility associated with the High Island Offshore System (HIOS) regional export pipeline.
Elixir is debt free and remains well funded with cash on hand of approximately $7.9 million. Elixir’s cash on hand equates to cash backing per share of $0.042.
The HIOS compression facility is located approximately 17 kilometres East-North-East of the High Island field and is the gathering point for three main trunk lines.
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.
An assessment of the damage to the compression facility is currently being undertaken by the owner of the HIOS and that steps are being undertaken to bypass the compression facility and thereby allow for the re-commencement of gas deliveries into the HIOS.
The High Island field, located in High Island Block A-268, produces gas and condensate from two wells via a 5km subsea pipeline to a regional processing facility owned by Maritech Resources Inc., which is located in High Island Block A-442. Processed hydrocarbons are then transported to shore via the 470 kilometre long HIOS pipeline gathering system, which is owned and operated by Enterprise Products Partners L.P.
