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 production has resumed at High Island field in offshore Gulf of Mexico
International oil and gas producer and explorer, Elixir Petroleum (ASX: EXR) has advised that production from its High Island field has recommenced following a temporary shut-in due to a fire at a third party compression facility located downstream from the High Island field.
The operator at High Island reports that production has been re-established at rates equivalent to those being achieved prior to the shut-in, with the field currently producing approximately 2.2 mmscf of gas and 370 bbls of condensate per day.
The High Island field is a gas and oil field located in 169 feet of water offshore Texas in the Gulf of Mexico. The field is surrounded by a number of producing fields and associated oil and gas infrastructure. Elixir holds a 30% working interest in the High Island Project. Federal and other royalties on production equate to 25% giving a net revenue interest to Elixir of 22.5%.
Recent activities
In the UK North Sea, a comprehensive programme of technical studies continued with respect to the 100% owned Tiger prospect located in Block 211/12b. The Tiger prospect is estimated to hold 90 million barrels of oil (“MMBbls”) on a most likely in-place resource basis. It is anticipated the technical studies will conclude in the next few weeks, after which marketing activities for the farmout of the block will commence.
Farmout activities continued in the quarter with respect to the 56% owned Leopard prospect located in Block 211/18b, with a number of new companies entering the dataroom and examining the opportunity. Elixir is in discussions with several companies and is hopeful that a farmout of the Leopard prospect will be completed in the next few months to allow the drilling of the Leopard exploration well before year end.
