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Elixir Petroleum retains focus on French Moselle oil and gas project

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Elixir Petroleum (ASX: EXR) is focusing its efforts on the Moselle Project in France after deciding to relinquish the Sunset oil and gas project in the UK North Sea.

Operator Adriatic Oil (ISD: ADOP), which had previously earned an 80% interest in Sunset from Elixir, had failed to identify sufficient prospectivity to warrant entering into the second exploration period for which there were substantial additional spending commitments.

This follows its reprocessing and reinterpreting existing 3D seismic data.

Elixir will also review new venture opportunities.

The company is currently awaiting renewal of its Marcelle Permit, which is prospective for conventional oil and gas as well as tight and shale gas.

It had previously identified three conventional prospects could host mean unrisked prospective recoverable resources of 861 billion cubic feet if entirely gas filled, or 805Bcf of gas and 76 million barrels of oil if the Lower Triassic ‘Paris Basin’ reservoirs are oil filled.

 

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Quick facts: Elixir Energy Ltd

Price: 0.086 AUD

ASX:EXR
Market: ASX
Market Cap: $59.28 m
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