Description
Elixir Petroleum is an international exploration and production company listed on the Australian Stock Exchange (ASX:EXR). Elixir holds interests in producing gas and condensate fields located in the Gulf of Mexico and has extensive interests in exploration and appraisal licences in the UK North Sea. Elixir has recently acquired interests in two producing fields in the Gulf of Mexico which provide the group with cashflow from sales of gas and condensate. The company is focused on increasing its presence on the shallow water shelf of the Gulf of Mexico and continues to examine new projects in which to participate. Such projects typically display discovered reserves, nearby infrastructure and short cycle times to first production and cashflow.
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In-depth Elixir Petroleum Proactive Investors Articles
Recent Elixir Petroleum news
- 02/02/2010 Elixir Petroleum reports on a busy quarter
- 06/10/2009 Elixir Petroleum says workover finished on Well #1, off Texas coast
- 29/09/2009 Elixir Petroleum reports workover progressing on Pompano oil field
- 25/09/2009 Elixir Petroleum reports workover on well off Texas Coast is underway
- 01/09/2009 Elixir Petroleum reports workover on Pompano oil well #1, to commence in September
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Company Statement:
Elixir Petroleum is an international exploration and production company listed on the Australian Stock Exchange (ASX:EXR). Elixir holds interests in producing gas and condensate fields located in the Gulf of Mexico and has extensive interests in exploration and appraisal licences in the UK North Sea.
The UK North Sea has been targeted by Elixir as a core exploration area based on the view that the UK Continental Shelf remains highly prospective for oil and gas. The area benefits from low political risk, attractive fiscal conditions and established oil and gas infrastructure. In addition, changes to the UK licensing regime in 2003 provided improved access for junior explorers and created the opportunity for Elixir to rapidly build an exciting portfolio with exposure to meaningful exploration and appraisal targets in the region.
Elixir has recently acquired interests in two producing fields in the Gulf of Mexico which provide the group with cashflow from sales of gas and condensate. The company is focused on increasing its presence on the shallow water shelf of the Gulf of Mexico and continues to examine new projects in which to participate. Such projects typically display discovered reserves, nearby infrastructure and short cycle times to first production and cashflow.
Elixir's Strategy
Elixir is steadily growing its business and diversifying risk by focusing on development and production opportunities located initially in the shallow waters of the Gulf of Mexico and high impact exploration and appraisal opportunities both in the UK North Sea and offshore Sierra Leone.
Elixir will achieve growth in shareholder value by:
* Rapidly identifying and securing on a low cost basis exploration prospects globally.
* Utilising world leading technologies and in-house skills and experience to evaluate and
mature exploration prospects within its portfolio to drill-ready status.
* Farming out exploration prospects to industry to drill, whilst achieving an optimal balance
between risk and reward for its shareholders.
* Efficiently progressing all discoveries to commercial production.
* Aggressively identifying and securing interests in development and production projects so as
to achieve diversification and balance to exploration activities.
* Actively participating as a joint venture partner in development projects to secure at lowest
cost and on a timely basis additions to reserves, production and cashflow for the Group.
* Developing and maintaining key industry relationships to allow the Company to maximise
efficiency, control costs and access a broad range of oil and gas industry expertise.
* Applying a combination of technical excellence, commercial innovation, speed and flexibility to
mature the Company's portfolio and access new opportunities.
Current Operations:
Gulf of Mexico Projects
High Island Project
High Island Project: High Island Area, Block 268A.
Location: Offshore Texas, Gulf Coast, USA.
Elixir ownership: 30% Working Interest (subject to ‘back-in’ of 5.4% after cost recovery).
The High Island field is a gas and oil field located in 169 feet of water offshore Texas in the Gulf of Mexico. The field is surrounded by a number of producing fields and associated oil and gas infrastructure.
High Island 268-A – Field Development Schematic
For more information on the High Island Project, please click here
Pompano Project
Elixir (through its wholly-owned US subsidiary) has acquired a 25% working interest in the Pompano gas field development and exploration project (“Pompano Project”) located in Brazos Block 446-L SE/4, which is 7 miles offshore the Texas Gulf Coast. The lease holder and operator of the project is a private US company.
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. Access to this infrastructure will significantly reduce project capital costs and the time required to first production.
A Diargram Image of the Pompano Project
For more information on the Pompano Project, please click here
UK North Sea Projects
Northern North Sea Project
Image of the Northern Sea Project Diargram
Block 211/18b
Block 211/18b, to the west of the Thistle field (400 million barrels) was awarded on a Traditional licence application. It contains a major prospect, Leopard in an Upper Jurassic stratigraphic play. Although this Upper Jurassic play has not been actively pursued in the UK Northern North Sea, an analagous play is proven on the Norwegian side of the median line in the Borg field. The Leopard exploration well is partially farmed, and it is expected that drilling operations will commence on this prospect in H2, 2008
Block 211/22b
Block 211/22b, to the east of the Cormorant field (650 million barrels) hosted a large Upper and Middle Jurassic prospect named Jaguar which was tested by the 211/22b-5 well in the first half of 2006. This well was the first test of Elixir's Upper Jurassic play in the Northern North Sea. Although commercial hydrocarbon was not found at this location, the well did intercept residual oil in the Upper Jurassic. This led to a re-examination of prospectivity of the southern section of the licence and a review of the logs of a well drilled in the south of the licence in the 1970's. This review identified a 7m oil column in the well and further interpretation of 3D seismic data together with the success of the adjacent Causeway development has resulted in the mapping of a 20 million barrel oil discovery named Mulle in Block 211/22b.
The joint venture is considering appraisal options for Mulle and hope to be able to drill an appraisal well in 2008.
For more information on the Northern North Sea Project please click here
Central North Sea Project
Image of the Central North Sea Diargram
15/13b Block 15/13b is located approximately 20 km from Piper Field (1 billion barrels) and close to the Kildrummy (15/12) and Hood (15/13a) discoveries. The licence contains significant prospects and leads identified within the Tertiary, Jurassic and Permian horizons. The Paleocene Guinea prospect was drilled by farminee, Nexen Petroleum, in February 2007. Unfortunately the well was subsequently plugged and abandoned after failing to find hydrocarbons. Elixir was fully-carried through the well retaining a 13.125% residual interest. However the deepr prospectivity of the block remains untested, particularly an Upper Jurassic prospect named Eagle. A further Zechstein lead has also been identified. Continuing technical work is being undertaken to fully assess this remaining prospectivity. 13/25 Located 25 km north east of the Captain Field (350 million barrels), this licence offers multiple Mesozoic prospectivity within potentially large Upper Jurassic structures. The reservoir target is similar to the reservoir of the giant Buzzard field. Each of the prospects is considered capable of stand-alone development. Identified Lower Cretaceous prospectivity provides further upside to this area.
Elixir's second well was drilled on the Muness prospect in Block 21/4b after farming in to the licence. Muness was a stratigraphic prospect in the Kopervik sandstone on-trend with the Brodgar gas condensate field. The reservoir was encountered close to prognosis and, although hydrocarbon shows were encountered, commercial hydrocarbon was not discovered. The partnership is currently evaluating the prospectivity remaining on the block.
Elixir and its joint venture partners, DNO and Sosina Exploration, were awarded Block 21/16b in the 24th UKCS Licensing Round in February 2007. The block is located in the north west Central Graben area immediately south of the Durward and Dauntless oil fields. Four prospects in the Upper Jurassic Fulmar sands have been identified in the block. The objective is to further de-risk these prospects before commencing a farmout campaign. |
For More Information on the Central North Sea Project , please click here
Management
DIRECTORS & EXECUTIVES
FOR FURTHER DETAILS ON ELIXIR'S DIRECTORS CLICK HERE
Jon Stewart - Chairman
Andrew Ross - Managing Director
Iain Knott - Executive Director: Exploration
Trevor Benson - Non-Executive Director
John Robertson - Non-Executive Director
Major Shareholders
For investor information click here
Contact Information
Head Office:
Level 20 Allendale Square
77 St Georges Terrace
Perth
WA 6000
tel : +61 8 9440 2650
fax : +61 8 9440 2699
London Office location:
8 The Courtyard
Eastern Road
Bracknell
RG12 2XB
Phone: +44 1344 423170
Fax : +44 1344 360268
Corporate Information
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 2, 45 St Georges Terrace
Perth WA 6000
ph: +61 (0)8 9323 2000
fax: +61 (0)8 9323 2033
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