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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	EXR
Latest Price:	0.06 (3.64% )
52-week High:	0.09
52-week Low:	0.03
Market Cap:	15.80M

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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 looks for new opportunities in 2010

Tuesday, November 24, 2009 by Proactive Investors

International oil and gas exploration producer Elixir Petroleum has revealed the company's intentions to focus on new opportunities in 2010 during its annual general meeting presentation.

The company, which has a diversified portfolio of interests across the exploration, appraisal, development and production spectrum, is examining a number of options for growth in 2010, as well as meaningful extensions to the company's core business.

However, it is mindful of recent volatility in markets and forecasts for commodity prices

Elixir's cash on hand at 30 June 2009 $8.1m (mid-Nov 2009 - $7.1m), with the company having cut costs in the first half of 2009, which will flow through in FY 2010. It repaid $3m in Jan 2009 and is now debt free.

The market cap of the company stands at $10.8 million.

The company's current geographic areas of activity include the development and production from the shallow shelf Gulf of Mexico and exploration and appraisal activities in the UK North Sea.

This year, Elixir announced the successful completion of the workover of Well #1 at the Pompano Field and the recommencement of gas sales from the well.

Elixir owns a 25% working interest in the Pompano gas field development and exploration project, located in Brazos Block 446-L SE/4, which is 7 miles offshore the Texas Gulf Coast.

The Pompano Project is located in 60 feet of water and has existing production infrastructure, including a platform and two satellite caissons tied back to the platform. The field has pipeline access to intrastate gas markets.

It has a current production rate of ~6.4MMscf/d.

Meanwhile, the High Island Project (30%WI), which has had two wells on production since Sept 2007, experienced a shut-in for 5 months in FY 2009.

Gas production rate is currently facilities constrained and the field is currently producing at ~0.5 mmscf/d.
of gas and 200 Bbls/d condensate (100% project)

The operator has confirmed potential to increase gas rate to 10-13 mmscf/d, while it will continue with oil recovery from existing horizon in current low gas price environment.

The company was awarded block 211/12b awarded in February 2009 at the Tiger Prospect, which is an Upper Jurassic Magnus Sandstone prospect located adjacent to 1.5 Bn bbl Magnus field.

Elixir is anticipating a significant uplift in the resource estimate of the prospect.

During the AGM, the Mulle Appraisal Project and the Leopard Prospect were also mentioned as part of the company's focus for the year ahead.

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