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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	EXR
Latest Price:	0.06 (0.00%)
52-week High:	0.09
52-week Low:	0.03
Market Cap:	15.25M

1 year chart

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Elixir Petroleum Full Elixir Petroleum profile here

Elixir Petroleum (ASX: EXR) has interests in conventional and unconventional exploration and production assets, with a geographical focus on Europe.

Elixir Petroleum in pre-open pending capital raising announcement

Monday, October 03, 2011 by John Phillips

Elixir Petroleum (ASX: EXR) has been granted a trading halt by the ASX pending the release of capital raising details, with the company's shares placed in pre-open.

Elixir has not yet indicated where the potential inflow of funds will be allocated, but the company is in a very interesting position and just last month received an independent assessment of the company’s 100% owned Moselle Permit in France that has identified significant conventional and unconventional hydrocarbon potential.

Consulting reserves auditors, Netherland, Sewell & Associates, Inc. (NSAI) completed the evaluation.

Moselle represents a world scale acreage position and the company would be encouraged by the results of the NSAI volumetric analysis and aim to commence the necessary planning and design work which will lead to a multi-well conventional exploration work program at Moselle.

Andrew Ross, Elixir’s managing director, said at the time of the announcement, “this large, maiden in-place hydrocarbon evaluation of the Moselle Permit by NSAI provides independent verification of the substantial value proposition we believe exists at Moselle."

The potential for hydrocarbons is within the triassic and carboniferous sections of the 5,360 square kilometre (1.34 million acre) permit, located in the in the eastern part of the highly prospective Paris Basin.

The carboniferous section within the Moselle Permit is over 3,500 metres thick and includes oil, condensate and dry gas hydrocarbon maturity windows that remain generative at the present day.

NSAI has provided an unrisked gross unconventional undiscovered original oil in place (OOIP) and original gas in-place (OGIP) best estimate (P50) within the Carboniferous Section of the Moselle Permit of: 164.7 billion barrels (BBbls) of OOIP and 649.7 trillion cubic feet (Tcf) of OGIP.

Approximately one third of the OGIP volume is anticipated to contain condensate and natural gas liquids (NGL’s).

A total of 19 conventional prospects and leads have been identified and mapped in the Triassic and Carboniferous Sections of the Moselle Permit.

NSAI have provided a combined mean unrisked gross conventional undiscovered in-place hydrocarbon volume in the Moselle Permit of: 2.1 BBbls of OOIP or, alternatively, 2.2 Tcf of OGIP.

Elixir considers the identified conventional prospects as ‘drill ready’ and intends to immediately commence planning, procurement and permitting for up to a three well program targeting high graded conventional prospects to be drilled in 2012.

The halt will last until the earlier of an announcement being made, or the opening of trade on Wednesday 5 October.

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