Elixir Petroleum (ASX: EXR) is focusing its farm out efforts on conventional oil and gas at its Moselle Permit in the onshore East Paris Basin, France, where new targets have been identified and an updated resource estimate is expected soon.
While interest in the unconventional prospectivity of the permit was high with over 30 global and other large upstream oil and gas companies reviewing the data, the ongoing uncertainty over fracture stimulation in the country impacted the value placed on its potential.
To that end, Elixir is now concentrating on engaging on an alternative group of companies for whom the conventional oil and gas exploration prospects identified within the Moselle Permit represent core business and a material opportunity.
Ongoing assessment of data on the permit has allowed the company identify 40 targets consisting of 25 prospect and 15 leads, up from the previous 34 targets.
This includes a new stacked pay prospect named ‘Francheville North’ that was identified as a result of the use of ADF analysis, which seeks to identify direct hydrocarbon indicators in seismic data using quantitative seismic attribute extraction.
Work is now underway to update the conventional recoverable resource estimates at Moselle, which were previously estimated at 161 million barrels of oil, or 559 billion cubic feet of gas.
With expectations that a French reassessment of fracture stimulation would only occur in the medium term despite the country importing more than 99% of its gas and 98% of its hydrocarbon liquids demand, Elixir said it reserves its unconventional prospects for future farmout activity.
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