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Elixir Petroleum completes farm-out of North Sea oil and gas permit to Adriatic Oil

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Elixir Petroleum (ASX: EXR) has completed its farm-out of Seaward Production Licence P1921 in the North Sea to Adriatic Oil following approval by the UK Department of Energy and Climate Change.

Adriatic was assigned a further 55% - bringing its stake up to 80% - in consideration for fully funding re-processing of the acquired 3D seismic data and its interpretation.

In addition, all costs related to any farm-out required to fulfil the drill or drop requirements before February 2014 will be borne solely by Adriatic.

Elixir is free carried for its 20% interest until the drill or drop decision.

 

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