Proactiveinvestors Australia Elixir Energy Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Elixir Energy Ltd RSS feed en Sat, 25 May 2019 03:19:23 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Elixir Energy raises $3.6 million in oversubscribed placement ]]> https://www.proactiveinvestors.com.au/companies/news/220274/elixir-energy-raises-36-million-in-oversubscribed-placement-220274.html Elixir Energy Limited (ASX:EXR) has received strong support from investors for a placement which was oversubscribed and raised $3.6 million.

In order to remain within its placement capacity, the placement was scaled back for oversubscriptions.

Mongolian drilling plan

Funds will allow the company to vigorously pursue a seismic and corehole drilling program for 2019 at its gas project in Mongolia.

The company has options to expand the drilling program beyond an initial two well plan.

Funds will also help the company meet all government rents, fees and bonuses required under the PSC and help cover working capital requirements.

Elixir chief executive officer Neil Young said: “The strong support for this capital raising from across Australia is a testament to multiple factors including the exciting gas targets that this year’s exploration program is pursing.”

Total number of shares to be issued under the placement is 99,440,807 at 3.6 cents, which represents a 10% discount to the last closing price and an 8.6% discount to the 10-day VWAP.

The company changed its name to Elixir Energy Limited at a general meeting on March 29.

Mongolia's Mining Minister has also issued the company with an exploration licence for the Nomgon IX Coal Bed Methane (CBM) PSC.

This is a procedural step that allows the company to begin field operations with a 10-year initial term.

Status of the various Government approvals that the company has been addressing.

Young added: “We are pleased to have passed the latest milestone on the pathway of securing customary Government approvals required for our upcoming exploration program.

“Securing sign-off of the DEIA is the last remaining step and our in-country team is currently in the field engaging with the local community as part of this process.”

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Wed, 15 May 2019 15:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220274/elixir-energy-raises-36-million-in-oversubscribed-placement-220274.html
<![CDATA[Media files - Elixir Petroleum appoints Richard Cottee as chairman, begins development of Mongolian gas project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13185/elixir-petroleum-appoints-richard-cottee-as-chairman-begins-development-of-mongolian-gas-project-13185.html Wed, 01 May 2019 21:53:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13185/elixir-petroleum-appoints-richard-cottee-as-chairman-begins-development-of-mongolian-gas-project-13185.html <![CDATA[News - Elixir Petroleum to reveal raising, proposed transaction ]]> https://www.proactiveinvestors.com.au/companies/news/185534/elixir-petroleum-to-reveal-raising-proposed-transaction-185534.html Elixir Petroleum Ltd (ASX:EXR) might be on the lookout for a new asset, as the ASX has granted the company a trading halt pending details of a proposed transaction.

The company is also raising funds.

Most recently Elixir and partners agreed to plug and abandon the Rodwell 14-31 exploration well in Colorado, U.S.

The halt will remain in place until the opening of trade on Tuesday 17th October 2017, or earlier if an announcement is made to the market.

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Fri, 13 Oct 2017 08:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185534/elixir-petroleum-to-reveal-raising-proposed-transaction-185534.html
<![CDATA[News - Elixir Petroleum Ltd granted ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/153783/elixir-petroleum-ltd-granted-asx-trading-halt-69692.html Elixir Petroleum Ltd (ASX:EXR) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Elixir requested the halt pending details of a capital raising, proposed consolidation and rights issue.

The halt will remain in place until the opening of trade on Tuesday 12th July 2016, or earlier of an announcement is mad to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 08 Jul 2016 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153783/elixir-petroleum-ltd-granted-asx-trading-halt-69692.html
<![CDATA[News - Elixir Petroleum Ltd is ASX % Gainer intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/153782/elixir-petroleum-ltd-is-asx-gainer-intra-day-69106.html Wednesday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Elixir Petroleum Ltd EXR $0.002 100% 1,000,000 India Resources Ltd IRL $0.002 100% 6,278,305 BrazIron Ltd BZL $0.003 50% 100,000 Kina Petroleum Ltd KPL $0.150 36.36% 9,000 Pancontinental Oil & Gas NL PCL $0.004 33.33% 150,000 RMG Ltd RMG $0.008 33.33% 685,515 Liquefied Natural Gas Ltd LNG $1.080 31.71% 19,454,023 Yonder & Beyond Group Ltd YNB $0.079 31.67% 191,575 The Gruden Group Ltd GGL $0.045 28.57% 2,027,183 IOT Group Ltd IOT $0.100 28.21% 22,311,963

 

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Wed, 08 Jun 2016 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153782/elixir-petroleum-ltd-is-asx-gainer-intra-day-69106.html
<![CDATA[News - Elixir Petroleum among ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/153781/elixir-petroleum-among-asx-gainers-intra-day-65321.html Wednesday's leading ASX % Gainers intra-day.

Company NameCodeLast Change Volume Elixir Petroleum  EXR $0.002 100% 3,000,002 Firestrike Resources FIE $0.053 76.67% 4,410,959 Segue Resources SEG $0.003 50% 660,000 Peel Mining PEX $0.245 36.11% 1,304,777 Southern Cross Exploration SXX $0.004 33.33% 25,000 Birimian Gold BGS $0.009 28.57% 2,033,005 Solco SOO $0.032 28% 280,000 Ephraim Resources EPA $0.005 25% 90,000 Bass Strait Oil Corporation
BAS $0.005 25% 400,000 King Solomon Mines KSO $0.011 22.22% 15,776,606


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Wed, 28 Oct 2015 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153781/elixir-petroleum-among-asx-gainers-intra-day-65321.html
<![CDATA[News - Elixir Petroleum to boost cash balance ]]> https://www.proactiveinvestors.com.au/companies/news/153780/elixir-petroleum-to-boost-cash-balance-65277.html Elixir Petroleum (ASX:EXR) is preparing to reveal details of a capital raising, with the ASX granting the company a trading halt to do so.

Elixir has entered an agreement to acquire AWE Limited’s 57.5% Working Interest in the producing Cliff Head Oil Field located in the Perth Basin.

The halt will remain in place until the opening of trade on Wednesday 28th October 2015, or earlier if an announcement is made to the market.

 

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Mon, 26 Oct 2015 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153780/elixir-petroleum-to-boost-cash-balance-65277.html
<![CDATA[News - These four companies are up 100% today ]]> https://www.proactiveinvestors.com.au/companies/news/153779/these-four-companies-are-up-100-today-64821.html Tuesday’s leading ASX % Gainers at midday.

NameCodeLastChangeVolume Elixir Petroleum ASX:EXR $0.002 100% 1,000,000 Soilsub Technologies ASX:SOI $0.002 100% 590,025 WHL Energy ASX:WHN $0.002 100% 300,000 Thor Mining ASX:THR $0.002 100% 50,000 Sovereign Gold ASX:SOC $0.003 50% 256,720 Ram Resources ASX:RMR $0.003 50% 200,000 Coal of Africa ASX:CZA $0.09 45.2% 27,000 Actinogen Limited ASX:ACW $0.066 32% 18,823,913 American Patriot Oil & Gas ASX:AOW $0.175 25% 610,000 Empire Oil & Gas ASX:EGO $0.005 25% 2,000,000

 

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Tue, 29 Sep 2015 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153779/these-four-companies-are-up-100-today-64821.html
<![CDATA[News - Elixir Petroleum is up 100% today ]]> https://www.proactiveinvestors.com.au/companies/news/153778/elixir-petroleum-is-up-100-today-64335.html Wednesday’s leading ASX % Gainers intra-day.

NameCodeLastChangeVolume Elixir Petroleum ASX:EXR $0.002 100% 750,000 Armour Energy ASX:AJQ $0.13 91.2% 3,199,435 Energy Tech ASX:EGY $0.003 50% 12,195 Castle Minerals ASX:CDT $0.01 42.9% 32,005 Carajas Copper Company ASX:CJC $0.012 33.3% 683,155 Moreton Resources ASX:MRV $0.004 33.3% 46,998 Kangaroo Resources ASX:KRL $0.008 33.3% 705,293 Silver Mines ASX:SVL $0.004 33.3% 6,630,865 Empire Oil & Gas ASX:EGO $0.005 25% 4,323,280 Galilee Energy ASX:GLL $0.135 22.7% 300,000


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Wed, 02 Sep 2015 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153778/elixir-petroleum-is-up-100-today-64335.html
<![CDATA[News - Elixir Petroleum, Nyota Minerals among the top ASX% Gainers at midday ]]> https://www.proactiveinvestors.com.au/companies/news/153777/elixir-petroleum-nyota-minerals-among-the-top-asx-gainers-at-midday-63102.html Wednesday’s leading ASX % Gainers at midday.

NameCodeLastChangeVolume Elixir Petroleum ASX:EXR $0.002 100% 9,457,959 Arunta Resources ASX:AJR $0.002 100% 4,019,259 Dourado Resources ASX:DUO $0.002 100% 3,000,000 Nyota Minerals ASX:NYO $0.002 100% 250,000 DMY Capital ASX:DMY $0.028 55.6% 19,799,341 Black Range Minerals ASX:BLR $0.003 50% 3,000,000 Aus Asia Minerals ASX:AQJ $0.003 50% 7,500 Beacon Minerals ASX:BCN $0.004 33.3% 1,000,000 AnaeCo Limited ASX:ANQ $0.004 33.3% 398,470 Ardent Resources ASX:AWO $0.011 22.2% 100,000

 

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Wed, 24 Jun 2015 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153777/elixir-petroleum-nyota-minerals-among-the-top-asx-gainers-at-midday-63102.html
<![CDATA[News - Elixir Petroleum, WildHorse Energy among ASX % Gainers at midday ]]> https://www.proactiveinvestors.com.au/companies/news/153776/elixir-petroleum-wildhorse-energy-among-asx-gainers-at-midday-61669.html Thursday’s ASX % Gainers at midday.

NameCodeLastChangeVolume Apollo Consolidated ASX:AOP $0.025 108.3% 60,000 Elixir Petroleum ASX:EXR $0.002 100% 2,593,950 WildHorse Energy ASX:WHE $0.155 72.2% 2,626,230 Lakes Oil ASX:LKO $0.003 50% 553,333 Wollongong Coal ASX:WLC $0.01 42.9% 234,698 Paradigm Metals ASX:PDM $0.004 33.3% 626,301 South American Ferro Metals ASX:SFZ $0.008 33.3% 6,000 Q Technology Group ASX:QTG $0.008 33.3% 200,000 Novogen Limited ASX:NRT $0.29 31.8% 12,335,106 World Reach ASX:WRR $0.36 28.6% 643,596

 

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Thu, 09 Apr 2015 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153776/elixir-petroleum-wildhorse-energy-among-asx-gainers-at-midday-61669.html
<![CDATA[News - Elixir Petroleum completes 2D seismic over U.S. oil project ]]> https://www.proactiveinvestors.com.au/companies/news/153775/elixir-petroleum-completes-2d-seismic-over-us-oil-project-60748.html Elixir Petroleum (ASX:EXR) has completed 2D seismic over the Petra Project in Washington County, Colorado.

Processing of the data is currently underway and its integration into the company’s data set will be completed mid to late March 2015.

The detailed interpretation of the new data together with the existing data set will further enhance Elixir’s understanding of the structures in this core area of the Petra Project.

The company has a 50% interest in the project, which lies within a proven onshore oil play in a low cost and low risk operating environment.



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Tue, 17 Feb 2015 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153775/elixir-petroleum-completes-2d-seismic-over-us-oil-project-60748.html
<![CDATA[News - Elixir Petroleum cuts costs to focus on exploring Colorado oil project ]]> https://www.proactiveinvestors.com.au/companies/news/153774/elixir-petroleum-cuts-costs-to-focus-on-exploring-colorado-oil-project-59887.html Elixir Petroleum (ASX:EXR) has reduced its corporate overheads to preserve cash for exploration of the Petra Project that targets multi-million barrel conventional oil prospects in Colorado.

These include cutting non-executive director fees by 20% and the chairman’s by 25%.

In addition, Michael Price has stepped down as a non-executive director. The company’s board now consists of the managing director, an independent non-executive chairman and two non-executive directors.

Further permanent and temporary cost savings are also being introduced to reflect the current market conditions.

Elixir has a 50% working interest in 25,000 net acres of acreage adjacent to 2,000 barrels per day oil fields in Colorado.

It is funding the first US$1.5 million of exploration expenditure with about US$300,000 funded to date on seismic data, reprocessing and interpretation.

The Petra Project is located in a region with proven, repeatable, conventional oil discoveries that required low cost (less than $1 million) vertical exploration wells.

It has multiple stacked objectives with wells delivering payback within three months.

The company had $2.3 million in cash as at 30 September 2014.



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Mon, 05 Jan 2015 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153774/elixir-petroleum-cuts-costs-to-focus-on-exploring-colorado-oil-project-59887.html
<![CDATA[News - Elixir Petroleum, White Cliff Minerals options amongst ASX % Gainers at midday ]]> https://www.proactiveinvestors.com.au/companies/news/153773/elixir-petroleum-white-cliff-minerals-options-amongst-asx-gainers-at-midday-57131.html Monday’s leading ASX % Gainers at midday.

NameCodeLastChangeVolume Elixir Petroleum ASX:EXR $0.014 180% 3,850,853 Blaze International ASX:BLZ $0.002 100% 150,000 Dromana Estate ASX:DMY $0.003 50% 347,000 Thor Mining ASX:THR $0.003 50% 392,230 Laconia Resources ASX:LCR $0.007 40% 4,127,777 Pental Limited Options Jun15 ASX:PTLOA $0.007 40% 500,000 Lakes Oil ASX:LKO $0.004 33.333% 381,012 NSL Consolidated Options Dec16 ASX:NSLO $0.005 25% 200,000 White Cliff Minerals Options Mar17 ASX:WCNOA $0.005 25% 500,000 Arc Exploration ASX:ARX $0.005 25% 25,593

 

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Mon, 25 Aug 2014 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153773/elixir-petroleum-white-cliff-minerals-options-amongst-asx-gainers-at-midday-57131.html
<![CDATA[News - Elixir Petroleum to reveal proposed transaction, capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/153772/elixir-petroleum-to-reveal-proposed-transaction-capital-raising-56439.html Elixir Petroleum (ASX:EXR) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Elixir requested the halt pending details of a proposed transaction and associated capital raising.

Recently the company completed a strategic review with a renewed focus on international new ventures.

The company holds a 100% working interest in the Moselle exploration licence onshore France and is currently reviewing several new venture opportunities.

The company has no debt and $900,000 cash at the end of March 2014.

The halt will remain in place until the opening of trade on Friday 25th July 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 23 Jul 2014 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153772/elixir-petroleum-to-reveal-proposed-transaction-capital-raising-56439.html
<![CDATA[News - Elixir Petroleum retains focus on French Moselle oil and gas project ]]> https://www.proactiveinvestors.com.au/companies/news/153771/elixir-petroleum-retains-focus-on-french-moselle-oil-and-gas-project-53051.html 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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Fri, 21 Feb 2014 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153771/elixir-petroleum-retains-focus-on-french-moselle-oil-and-gas-project-53051.html
<![CDATA[News - Elixir Petroleum completes farm-out of North Sea oil and gas permit to Adriatic Oil ]]> https://www.proactiveinvestors.com.au/companies/news/153770/elixir-petroleum-completes-farm-out-of-north-sea-oil-and-gas-permit-to-adriatic-oil-49212.html 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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Thu, 17 Oct 2013 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153770/elixir-petroleum-completes-farm-out-of-north-sea-oil-and-gas-permit-to-adriatic-oil-49212.html
<![CDATA[News - Elixir Petroleum raises $1.85M to advance French petroleum permit ]]> https://www.proactiveinvestors.com.au/companies/news/153769/elixir-petroleum-raises-185m-to-advance-french-petroleum-permit-46706.html Elixir Petroleum (ASX: EXR) has successfully raised $1.85 million from its fully underwritten entitlement issue to fund exploration at its wholly-owned Moselle oil and gas permit in France.

Notably, its largest shareholder New Standard Energy (ASX: NSE), which provided cornerstone support for the underwriting, purchased 83,655,036 shares priced at $0.012 each for a total cost of $1 million.

This increased NSE’s stake in Elixir to 28.2% from 13.7%, highlighting its support for the company’s exploration and technical work on the Moselle Permit.

Moselle is largest single exploration block in onshore France, covering 5,360 square kilometres in the Paris Basin. It has strong prospectivity for conventional, tight gas and shale gas exploration targets.

Elixir’s technical studies estimated three targeted conventional prospects in the Moselle Project contained 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 (targeted in the Bullseye and West Chaumont prospects) are oil filled.

Proceeds from the raising will also be used to undertake technical studies in relation  to any additional acreage the company secures and potential costs associated with the repositioning or the eventual abandonment of its U.S. assets.

With funds in place to progress exploration of its Moselle Permit, Elixir prospects look attractive given that its largest shareholder NSE clearly sees value in its prospects and has invested additional funds accordingly.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 14 Aug 2013 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153769/elixir-petroleum-raises-185m-to-advance-french-petroleum-permit-46706.html
<![CDATA[News - Elixir Petroleum to raise $1.85m in underwritten issue, to advance French permit ]]> https://www.proactiveinvestors.com.au/companies/news/153768/elixir-petroleum-to-raise-185m-in-underwritten-issue-to-advance-french-permit-45231.html Elixir Petroleum (ASX: EXR) is set for a funding boost to progress the Moselle Permit in France, with the company to raise $1.85 million from a fully-underwritten pro-rata, non-renounceable entitlements issue.

The issue will be priced at $0.012 per share for the issue of around 154 million shares based on five for every nine shares held, and is priced at a 14.3% discount to the market.

Elixir’s largest shareholder, New Standard Energy (ASX:NSE), has agreed to fully subscribe for its pro rata entitlements under the offer. In addition, NSE has agreed to priority sub-underwriting the offer. NSE currently owns 13.7% of Elixir.

The new funds will be allocated to a large exploration permit in the East Paris Basin onshore North-eastern France, with the company targeting oil and gas in Europe, including unconventional hydrocarbon resources.

Last month the company was encouraged received an independent mean unrisked prospective recoverable resource estimate of 861 billion cubic feet of conventional gas for its Moselle Permit.

RPS Energy Services based this estimate on the assumption that Elixir finds hydrocarbons in all sequences at the Nancy East, Bullseye and West Chaumont prospects.

Taking just one success at each prospect, RPS estimated a mean unrisked prospective recoverable resource of 157Bcf with an 80% geological probability of success.

Should oil be found in the Lower Triassic of in both the Bullseye and West Chaumont prospects, prospective recoverable oil resources could be 76 million barrels.

A number of conventional prospects additional to those above have also been identified within the Moselle Permit but were not included within the scope of work.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 05 Jul 2013 09:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153768/elixir-petroleum-to-raise-185m-in-underwritten-issue-to-advance-french-permit-45231.html
<![CDATA[News - Elixir Petroleum prepares to raise capital ]]> https://www.proactiveinvestors.com.au/companies/news/153767/elixir-petroleum-prepares-to-raise-capital-45137.html Elixir Petroleum (ASX: EXR) has been granted a trading halt this morning, with its shares placed in pre-open, pending details of a proposed capital raising.

Elixir holds interests in producing gas and condensate fields located in the Gulf of Mexico and has interests in exploration and appraisal licences in the UK North Sea.

The company also operates a very large exploration permit in the East Paris Basin onshore North-eastern France, with the company targeting Europe oil and gas, including unconventional hydrocarbon resources.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 5th July 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 03 Jul 2013 10:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153767/elixir-petroleum-prepares-to-raise-capital-45137.html
<![CDATA[News - Elixir Petroleum encouraged by 861 billion cubic feet of gas resource potential for French permit ]]> https://www.proactiveinvestors.com.au/companies/news/153766/elixir-petroleum-encouraged-by-861-billion-cubic-feet-of-gas-resource-potential-for-french-permit-44249.html Elixir Petroleum (ASX: EXR) has received an independent mean unrisked prospective recoverable resource estimate of 861 billion cubic feet of conventional gas for its Moselle Permit in the Saar Lorraine Basin, France.

RPS Energy Services based this estimate on the assumption that Elixir finds hydrocarbons in all sequences at the Nancy East, Bullseye and West Chaumont prospects.

Taking just one success at each prospect, RPS estimated a mean unrisked prospective recoverable resource of 157Bcf with an 80% geological probability of success.

Should oil be found in the Lower Triassic of in both the Bullseye and West Chaumont prospects, prospective recoverable oil resources could be 76 million barrels.

A number of conventional prospects additional to those above have also been identified within the Moselle Permit but were not included within the scope of work.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 07 Jun 2013 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153766/elixir-petroleum-encouraged-by-861-billion-cubic-feet-of-gas-resource-potential-for-french-permit-44249.html
<![CDATA[News - Elixir Petroleum identifies new petroleum play type in France ]]> https://www.proactiveinvestors.com.au/companies/news/153765/elixir-petroleum-identifies-new-petroleum-play-type-in-france-43684.html Elixir Petroleum (ASX: EXR) has identified a new petroleum play type targeting conventional reservoirs in large Carboniferous thrust anticlines at its Moselle Permit in the Saar Lorraine Basin, France.

While Stephanian play was not the target of past wells, there are five historic wells that intersect parts of the Stephanian sequence in the Moselle Permit.

Analysis of core and well logs demonstrates reservoir quality, while reprocessed seismic, which has been corrected for static issues, has identified large anticline structures.

Substantial potential is also present in the more traditionally exploited existing play types in the Lower Triassic, which host the nearby La Trois Fontaine gas field and the Forcelles oil field, and Westphalian, where gas to surface has been achieved in a number of historic wells.

Work carried out by Elixir has focused on three prospects:

-    Nancy East, targeting stacked Stephanian anticlinal closures;
-    Bullseye, stacked lower Triassic and Stephanian hangingwall closures; and
-    West Chaumont, broad faulted anticline with Triassic closure.

With the aim of verifying the extensive internal technical work undertaken by Elixir, RPS Energy Services has been engaged to provide an Independent Resources Report in relation to these conventional prospects in Moselle.

The final report is expected within the next few weeks.

Elixir remains actively engaged with interested parties regarding a potential farm-out based on conventional prospectivity.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 24 May 2013 10:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153765/elixir-petroleum-identifies-new-petroleum-play-type-in-france-43684.html
<![CDATA[News - Elixir Petroleum farming out North Sea oil permit ]]> https://www.proactiveinvestors.com.au/companies/news/153764/elixir-petroleum-farming-out-north-sea-oil-permit-37119.html Elixir Petroleum (ASX: EXR) has reached an agreement to farm out a stake in its UK North Sea permit to Adriatic Oil.

Adriatic will be assigned a 25% participating interest in Seaward Production Licence P1921 by funding the cost of interpreting newly purchased 3D seismic data over the area up to an agreed maximum value and a cash consideration towards Elixir’s past costs.

If interpretation of the 3D data indicates that reprocessing is required, Adriatic will have an option to earn an additional 25% participating interest by carrying Elixir’s share of the costs on a partially promoted basis.

If the 3D data does not require reprocessing and a drill ready target exists, Adriatic will have an option to acquire an additional 25% participating interest by paying £100,000 and granting a 10% gross overriding royalty to Elixir.

P19212 contains the large Sunset stratigraphic oil prospect in the Middle Jurassic Beatrice Formation.

Sunset is predicted to have Beatrice Formation reservoir sands, which have been identified as an acoustic impedance anomaly on several 2D seismic lines.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 10 Dec 2012 18:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153764/elixir-petroleum-farming-out-north-sea-oil-permit-37119.html
<![CDATA[News - Elixir Petroleum seeks partner for French conventional oil and gas targets ]]> https://www.proactiveinvestors.com.au/companies/news/153763/elixir-petroleum-seeks-partner-for-french-conventional-oil-and-gas-targets-31285.html Elixir Petroleum (ASX: EXR) is focusing its farm out efforts on conventional oil and gas at its Moselle Permit in the onshore East Paris Basin, France, where new targets have been identified and an updated resource estimate is expected soon.

While interest in the unconventional  prospectivity of the permit was high with over 30 global and other large upstream oil and gas companies reviewing the data, the ongoing uncertainty over fracture stimulation in the country impacted the value placed on its potential.

To that end, Elixir is now concentrating on engaging on an alternative group of companies for whom the conventional oil and gas exploration prospects identified within the Moselle Permit represent core business and a material opportunity.

Ongoing assessment of data on the permit has allowed the company identify 40 targets consisting of 25 prospect and 15 leads, up from the previous 34 targets.

This includes a new stacked pay prospect named ‘Francheville North’ that was identified as a result of the use of ADF analysis, which seeks to identify direct hydrocarbon indicators in seismic data using quantitative seismic attribute extraction.

Work is now underway to update the conventional recoverable resource estimates at Moselle, which were previously estimated at 161 million barrels of oil, or 559 billion cubic feet of gas.

With expectations that a French reassessment of fracture stimulation would only occur in the medium term despite the country importing more than 99% of its gas and 98% of its hydrocarbon liquids demand, Elixir said it reserves its unconventional prospects for future farmout activity.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 13 Jul 2012 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153763/elixir-petroleum-seeks-partner-for-french-conventional-oil-and-gas-targets-31285.html
<![CDATA[News - Elixir Petroleum raising A$2.2M to progress French play under alliance with New Standard Energy ]]> https://www.proactiveinvestors.com.au/companies/news/153762/elixir-petroleum-raising-a22m-to-progress-french-play-under-alliance-with-new-standard-energy-25939.html Elixir Petroleum (ASX: EXR) is raising A$2.2 million under a strategic alliance with New Standard Energy (ASX:NSE) that will allow it to fund well planning and farm out process for its Moselle Permit onshore France.
   
Elixir plans to firm up plans for a multi-well drilling program in the second half of this year on the wholly-owned 5360 square kilometre block in the Saar-Lorraine Basin.

It is also in the process of finding partners to fund the drilling program and currently has several companies currently evaluating the technical database and seismic workstation.

This is aimed for completion in the second quarter of this year and the farm-in partner will help finalise the final well locations of the drilling program.

New Standard has agreed to subscribe for 6.4 million new shares in Elixir priced at A$0.0625 each, a 11.6% premium over Elixir’s closing price of A$0.056 on 28 February, to raise A$400,000.

It will also underwrite a pro-rata, non-renounceable 1 for 6 entitlement issue to eligible Elixir shareholders at a price of A$0.05 per share, a 10.7% discount from the closing price on 28 February.

This will raise about A$1.81 million.

New Standard also has an option to top-up its shareholding following the entitlement issue to bring its equity in Elixir up to 15%. Any shares issued will be issued within Elixir’s 15% placing capacity at $0.0625 each.

For New Standard, the stake in Elixir gives it exposure to emerging conventional and unconventional exploration prospectivity in the single largest onshore exploration block in France.

The shale gas explorer has been reviewing a number of exploration projects and opportunities as part of its long-term growth plans.

Moselle currently has mean prospective unrisked in-place resources of 2.1 billion barrels of oil equivalent for the original 19 prospects and leads.

However, new data has allowed further conventional prospects and leads to be identified, bringing the total up to 34.

This has also identified 6 stacked pay targets that offer multiple opportunities for success from single wells.

Moselle is located close to existing markets with historic prices ranging from US$8 to US$10 per thousand cubic feet, higher than prices in the U.S. and growing.

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Fri, 02 Mar 2012 11:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153762/elixir-petroleum-raising-a22m-to-progress-french-play-under-alliance-with-new-standard-energy-25939.html
<![CDATA[News - Elixir Petroleum in pre open pending capital raising details ]]> https://www.proactiveinvestors.com.au/companies/news/153761/elixir-petroleum-in-pre-open-pending-capital-raising-details-25814.html Elixir Petroleum (ASX: EXR) has been granted a halt by the ASX pending the release of details surrounding a proposed capital raising, with the company's shares placed in pre-open.

Elixir has not yet indicated where the potential capital injection will be allocated, but the company has some very promising interests including holding 100% of the 1.34 million acre Moselle Permit - the largest exploration permit onshore France.

Moselle represents the dominant acreage position in the Saar-Lorraine Basin.

Towards the end of 2011, the company completed 20 months of technical studies on Moselle which fully defined the proven Upper Carboniferous-Triassic petroleum system within the basin.

The halt will remain in place until the earlier of an announcement being made to the market, or the opening of trade on Friday 2 March.

 

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Wed, 29 Feb 2012 10:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153761/elixir-petroleum-in-pre-open-pending-capital-raising-details-25814.html
<![CDATA[News - Elixir Petroleum expands portfolio of gas prospects in the North Sea ]]> https://www.proactiveinvestors.com.au/companies/news/153760/elixir-petroleum-expands-portfolio-of-gas-prospects-in-the-north-sea--24037.html Elixir Petroleum (ASX: EXR) has secured new acreage in the UK North Sea which hosts a large identified oil prospect.

Blocks 12/18 and 12/19a, which are in the Inner Moray Firth area of the North Sea, were applied for in the 26th UK Seaward Licensing Round and have been offered to Elixir under promote licences as 100% interest holder and operator.

A single large stratigraphic prospect has been identified in the Middle Jurassic Beatrice Formation on the northerly edge of the Smith Bank High.

The prospect is predicted to have Beatrice Formation sands as the reservoir, which has been identified as an acoustic impedance anomaly on several 2D seismic lines.

No wells to date have targeted the Smith Bank High in the blocks.

The two blocks are contiguous and located 150 kilometres northeast of Inverness, in a water depth of about 75 metres.

The acreage lies to the northeast of the Beatrice oil field in Block 11/30a and to the west of the Captain oil field in Block 13/22a.

Work obligations covering the new acreage include the acquisition of 3D seismic data and require a drill-or-drop decision to be made by early 2014.

The two new blocks add to Elixir’s portfolio of prospects in the North Sea, which include the Tiger and Dumas Prospects.

The Tiger Prospect is a Magnus sands play type located next to the 1.5 billion barrel Magnus field operated by BP. Elixir has to make a drill-or-drop decision on the Tiger licence by February next year.

The Dumas Prospect licence was finalised in February 2011 on a two year drill-or-drop basis.

Four prior wells have been drilled on the block, which is believed to host possible Cretaceous aged prospects.

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Wed, 11 Jan 2012 16:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153760/elixir-petroleum-expands-portfolio-of-gas-prospects-in-the-north-sea--24037.html
<![CDATA[News - Elixir Petroleum in pre-open pending capital raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/153759/elixir-petroleum-in-pre-open-pending-capital-raising-announcement-20304.html 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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Mon, 03 Oct 2011 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153759/elixir-petroleum-in-pre-open-pending-capital-raising-announcement-20304.html
<![CDATA[News - Elixir Petroleum reveals hydrocarbon potential at Moselle Permit in France ]]> https://www.proactiveinvestors.com.au/companies/news/153758/elixir-petroleum-reveals-hydrocarbon-potential-at-moselle-permit-in-france-19729.html Elixir Petroleum (ASX: EXR) has 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 “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.


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Fri, 16 Sep 2011 16:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153758/elixir-petroleum-reveals-hydrocarbon-potential-at-moselle-permit-in-france-19729.html
<![CDATA[News - Elixir Petroleum in pre-open pending resource estimate ]]> https://www.proactiveinvestors.com.au/companies/news/153757/elixir-petroleum-in-pre-open-pending-resource-estimate-19615.html Elixir Petroleum (ASX: EXR) has been granted a trading halt by the ASX pending the release of a resource estimate, with the company's shares placed in pre-open.

The halt will last until the earlier of the announcement being released to the market, or the commencement of trade of Friday 16 September.

Elixir currently has interests in conventional and unconventional exploration and production assets, with development and production from the shallow shelf Gulf of Mexico, and exploration and appraisal activities in UK North Sea and onshore France.

The company has also made significant progress recently at the Moselle Project in the Paris basin, France, including:

– Unconventional and conventional hydrocarbon prospectivity evaluated;
– Prospects and leads defined and volumetric assessments completed; and
– Independent certification of unconventional in-place resource achieved – to be published shortly.

Farmout activities will commence in the December quarter of 2011.

 

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Wed, 14 Sep 2011 12:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153757/elixir-petroleum-in-pre-open-pending-resource-estimate-19615.html
<![CDATA[News - Elixir Petroleum appoints Michael Price as director ]]> https://www.proactiveinvestors.com.au/companies/news/153756/elixir-petroleum-appoints-michael-price-as-director-13073.html Elixir Petroleum (ASX: EXR) has appointed Michael Price as an independent, non-executive director, effective from Thursday 13 January 2011.

Price was previously a non-executive director of Eureka Energy (ASX: EKA), and has extensive experience in the finance sector.

 

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Fri, 14 Jan 2011 10:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153756/elixir-petroleum-appoints-michael-price-as-director-13073.html
<![CDATA[News - Elixir Petroleum granted further delay in drilling Leopard prospect in UK North Sea ]]> https://www.proactiveinvestors.com.au/companies/news/153755/elixir-petroleum-granted-further-delay-in-drilling-leopard-prospect-in-uk-north-sea-1309.html
Elixir has now until December 21 2009 to spud a well which will allow it to retain the licence, and if this does not occur, the licence will be relinquished at that date.

The DECC had already waived the commitment stipulated in the agreement when the licence was granted in 2005, setting a new deadline for April 21 2009.

The licence is located in the northern sector of the UK North Sea and the Leopard prospect is one of the largest remaining undrilled oil targets in the North Sea, with a mean prospective resource estimate of approximately 350 million barrels, Elixir said.

Managing director, Andrew Ross said: “The waiver will allow us to continue the detailed discussions we currently have on foot with several interested parties with a view to securing a further partner to participate in the drilling of the Leopard prospect.”

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Thu, 23 Apr 2009 21:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153755/elixir-petroleum-granted-further-delay-in-drilling-leopard-prospect-in-uk-north-sea-1309.html
<![CDATA[News - Elixir Petroleum – Cash flow and upside ]]> https://www.proactiveinvestors.com.au/companies/news/1733/elixir-petroleum-cash-flow-and-upside-2932.html There has been plenty of speculation that we’d see consolidation in the junior oil sector, due to a general lack of funds and difficulties in securing drilling equipment. However, to date at least, not a lot has actually happened on this front. One company that has made its move though is Elixir Petroleum which tied up a merger with Gawler Resources at the tail end of last year.


Elixir had a prospective North Sea portfolio – expensive to drill but offering plenty of upside – while Gawler brought some low-risk assets to the table, in the form of production in the shallow waters of the Gulf of Mexico.


Proactive last checked on the company’s progress at the beginning of this year. Since then it has begun to earn decent revenues from its US assets, firmed up its plans for next year regarding the North Sea, been awarded an exciting new licence area off the coast of Sierra Leone and bolstered its balance sheet. No one can accuse the company of sitting on its hands!


Gulf of Mexico
Elixir has an interest in two offshore producing fields in the Gulf of Mexico, which together net the company revenue of around US$1m a month. High Island lies some 65km from the coast of Texas in 50m of water while Pompano is in shallower waters of 18m and lies just 7km off the coast.


At High Island, Elixir has a 30% working interest in two wells that are producing around 4.5 million cubic feet of gas per day and 200 barrels of condensate. One of the wells has proved problematic and an intervention is planned to raise production levels. Efforts are continuing to resolve this issue, but both wells are expected to shift to produce from shallower reservoirs in a year or so anyway.


At Pompano, there are another two wells with a third due to be drilled this month. Current production is around 10 million cubic feet of gas per day and 50 barrels of condensate, with Elixir’s working interest standing at 25%. An independent reserves review of the first two wells at Pompano showed 2P reserves of 17.1 billion cubic feet of gas and about 50,000 barrels of condensate.


The third well at Pompano should be followed by others in 2009, plus drilling is expected to begin at the nearby Redfish prospect, which should be relatively easy to hook up to existing infrastructure if a commercial find is made.


UK North Sea
Elixir holds stakes in a several licence areas in the North Sea and has also applied for three more in the latest UK licensing round, the results of which are expected by the end of 2008.


Of the current portfolio, three prospects called Mulle, Leopard and Bobcat look to have the most potential and all of them will hopefully be drilled in the next twelve months or so. With Elixir’s North Sea prospects, the strategy is generally to attract farm-in partners to keep drilling costs to a minimum.


Mulle lies in Block 211/22b, where Elixir drilled the Jaguar prospect back in 2006. Jaguar had hydrocarbon shows, but was deemed to be non-commercial. Nevertheless, the data collected and the Causeway discovery in a neighbouring block led to the identification of this new target. The block’s operator, DNO, has a P50 estimate of 17 million barrels recoverable. The data room is open to potential farm-in partners with drilling pencilled in for 2009. Elixir’s current working interest is 40%.
Leopard is higher risk, targeting a new play in the northern North Sea, but is potentially much larger.

The most likely recoverable resource is estimated at 350 million barrels. It lies in Block 211/18b and Elixir is looking to farm down its current working interest of 56% before drilling a well next year.
Several companies have apparently visited a data room for the Bobcat prospect that was opened at the end of June. Elixir has a 40% working interest and is also the operator of this licence. It lies further south than both Mulle and Leopard in Block 21/16b of the central North Sea.


Sierra Leone
Tullow’s giant Jubilee discovery has whetted the appetite of many UK investors for West African oil plays. Elixir was assigned a 15% working interest in block SL-4, off the coast of Sierra Leone, in February of this year and has an option to raise its stake to 35% by issuing US$2m of shares.


The licence covers over 4,400 sq kms with the water depth ranging from 100m to 3,500m. 2D seismic was acquired back in 2003 which identified 16 large prospects and was used to design a 3D seismic programme covering 1,222 sq km that was completed this June. Processing of the data is ongoing with Elixir expecting to receive the results sometime in the final quarter of this year.


Cash
Now that Elixir is a producer, it has managed to be broadly cash neutral over the last two quarters. It also raised A$7m of share capital in May, boosting its coffers to A$10.6m. The original plan had been to raise double this amount, but this was scuppered by the poor stock market conditions of the time, particularly in Australia where the majority of Elixir’s investors reside.


Blue Oar, Elixir’s broker, reckons profits for the year ending June 2009 could be around A$5m. This makes the current market value look relatively modest even before taking the exploration upside into account. With cash in the bank, albeit slightly less than it was hoping for, Elixir is well-placed to expand its portfolio over the course of the next year.

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Wed, 10 Sep 2008 10:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/1733/elixir-petroleum-cash-flow-and-upside-2932.html
<![CDATA[News - Elixir Petroleum jumps on reserves statement ]]> https://www.proactiveinvestors.com.au/companies/news/153754/jumps-on-reserves-statement--0154.html
DNO released a contingent P50 recoverable resource estimate for the Mull Field of 17 million barrels of oil equivalent and a P10 estimate of 36 million barrels of oil equivalent. The estimate was based on additional 3D seismic data from the adjacent Causeway programme and a new petrophysical interpretation.

"We are delighted with the results of the further technical work undertaken by the 211/22b joint venture. The booking of contingent resources today for the Mulle oil accumulation by the operator is a significant first step in moving this discovery closer to commercialisation. The joint venture will now be examining appraisal and development scenarios for the accumulation, a process in which Elixir will be actively involved." Elixir's Managing Director, Andrew Ross said.

Elixir, DNO and Rocksource are now hoping to attract new farm-in partners into the block with the ambition of drilling in 2009. ]]>
Thu, 22 May 2008 00:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153754/jumps-on-reserves-statement--0154.html
<![CDATA[News - Elixir Petroleum sees solid progress in Gulf of Mexico ]]> https://www.proactiveinvestors.com.au/companies/news/153753/sees-solid-progress-in-gulf-of-mexico--0150.html
An independent reserve report on the Pompano Project, where Elixir has a 25% interest, subject to a 5.5% back in arrangement with the operator, attributed a 2P reserve of 17.1 billion cubic feet of gas and 50,000 barrels of condensate for Well 1 & 2. Elixir recently received its first sales proceeds from production at Pompano, where production is currently ahead of expectations at a combined rate of 16MMscf of gas per day and 60 barrels of condensate per day. Elixir's net production is around 2.9MMscf per day and 11 barrels of condensate per day.

Also in the Gulf of Mexico, a increased production from Well A-1 on the High Island Field is expected shortly, once the upper sliding sleeves are opened over the C Sand reservoir.

Elixir's bigger, more high risk projects in the North Sea and West Africa also bolstered shareholder sentiment. The Company confirmed that it would participate in the 25th UK licensing round this summer, and in Sierra Leone, 60% of a 3D seismic survey over Block SL-4 was now complete with the remainder on schedule to be finished by June.

"We are extremely pleased with the result of the reserves certification for the first two wells at Pompano, which was ahead of expectation and gives added confidence for future wells. We are looking forward to steadily increasing cash flow from our operations in the Gulf of Mexico through the second half of 2008 and to further activity across our entire portfolio of interests" Elixir's Managing Director, Andrew Ross said.
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Fri, 16 May 2008 00:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/153753/sees-solid-progress-in-gulf-of-mexico--0150.html
<![CDATA[News - Elixir Petroleum says 3D program starts in Sierra Leone ]]> https://www.proactiveinvestors.com.au/companies/news/153752/elixir-says-3d-program-starts-in-sierra-leone-0124.html Elixir Petroleum (AIM: ELP)([url=http://www.proactiveinvestors.co.uk/chart.asp?ELP new=true]CHART[/url]) announced that a 3D seismic acquisition program on Block SL-4, offshore Sierra Leone, had commenced on the 30th March. 

Elixir recently announced that it would earn into Block SL-4, its first investment in a block in Africa. The 3D program is expected to collect 1,222 square kilometres of data in an attempt to better define and mature leads on the block identified from a previous 2D seismic program.  The survey is expected to take until June to complete.

Managing Director of Elixir Petroleum, Andrew Ross, said:

"We are delighted to have been able to commence in-field operations so soon after becoming operator of Block SL-4. We are confident that the 3D data set will lead to the generation of high quality, drill ready prospects which should be available for farm-out to drill in the first half of 2009. We look forward to making further releases regarding progress at Block SL-4 in the coming months."

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Tue, 01 Apr 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153752/elixir-says-3d-program-starts-in-sierra-leone-0124.html
<![CDATA[News - Elixir Petroleum starts production starts at Pompano Gas Project ]]> https://www.proactiveinvestors.com.au/companies/news/153751/production-starts-at-pompano-gas-project-0081.html
Elixir's Managing Director, Andrew Ross said:

"We are delighted to have achieved first production and gas sales from the Pompano Project, a milestone which has been accomplished in less than 13 weeks from the commencement of in-field activities. We look forward to being able to report on further progress at Pompano in the coming weeks."

Elixir has a 25% working interest in Well-1, subject to a 5.5% back in arrangement with the operator. ]]>
Thu, 13 Mar 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153751/production-starts-at-pompano-gas-project-0081.html
<![CDATA[News - Elixir Petroleum's Pompano Project one week away from production ]]> https://www.proactiveinvestors.com.au/companies/news/153750/pompano-project-one-week-away-from-production-0074.html
Elixir has a 25% working interest in the project, subject to a 5.5% claw back with the operator, AnaTexas Offshore. ]]>
Thu, 06 Mar 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153750/pompano-project-one-week-away-from-production-0074.html
<![CDATA[News - Elixir Petroleum completes string casing at Pompano ]]> https://www.proactiveinvestors.com.au/companies/news/153749/completes-string-casing-at-pompano-0069.html
Elixir Petroleum has a 25.0% interest in Pompano Project, and the company’s 25% working interest in Well No 2 will be reduced to 20% once Elixir has recouped 120% of its investment in the well.

The Pompano gas field produced over 120 billion cubic feet of gas before being shut-in, and the project is essentially a re-development of the gas field using new well locations supported by new 3D seismic data.
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Wed, 05 Mar 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153749/completes-string-casing-at-pompano-0069.html
<![CDATA[News - Elixir Petroleum confident of drilling Leopard in Q3 ]]> https://www.proactiveinvestors.com.au/companies/news/153748/confident-of-drilling-leopard-in-q3--0106.html
Meanwhile in the Gulf of Mexico, Elixir's 30% working interest (subject to a back-in of 5.4% after cost recovery) in the High Island field appeared to be operating more or less smoothly. Production from the A-1 and A-2 wells generated a cumulative total of around 1,569 MMscf of gas and 20,840 Bbls of condensate in the 14 weeks to 31 December 2007. The field was affected by a number of downtime days in October, but returned to normal by December. Sales proceeds for the month of September and October totalled US$1.03 million.

At the Pompano Project, also in the Gulf of Mexico, Elixir confirmed that completion activities on Well 1 were underway and should be finalised by the end of February. The partners had also agreed to move the Hercules drill rig on to drill Well 2 once the completion of Well 1 is done.

Back to the North Sea, and Elixir said technical work on the Jaguar drill results were now completed. The results suggest the potential for a oil entrapment up dip from the primary target, now named the "Mulle Prospect". Additional partners (Elixir 40% working interest) are now being sought to help fund an appraisal well. Elixir have also opened up their data room on the Bobcat Prospect (40% working interest, operator), and finalised the merger of Block 13/25 with Block 13/24d held by Petro-Canada. Elixir now holds a 12.5% working interest, while Petro-Canada is operator and owner of the block. Petro-Canada is processing 2D seismic over the block with interpretation expected back by the end of the first quarter.
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Fri, 01 Feb 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153748/confident-of-drilling-leopard-in-q3--0106.html
<![CDATA[News - Medusa's mine expansion on track ]]> https://www.proactiveinvestors.com.au/companies/news/153747/mine-expansion-on-track--0109.html
On the exploration front, the Company confirmed that preparations are underway to commence drilling at the Lingig Porphyry Discovery as soon as possible. Drilling at Anoling was continuing on the Alcorn and Hope Veins and a soil sampling program was completed at the Tambis-Barobo area with results expected back in the second quarter. ]]>
Thu, 31 Jan 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153747/mine-expansion-on-track--0109.html
<![CDATA[News - Elixir Petroleum gets good news from Pompano ]]> https://www.proactiveinvestors.com.au/companies/news/153746/gets-good-news-from-pompano--0111.html
Well-1 was drilled into an existing satellite platform to a depth of approximately 7,800 feet and was designed to test several potentially gas bearing sands. Gas returns in the mud were encountered in the primary targets with several zones gas bearing. Subsequent testing has confirmed the commercial potential of the gas bearing zones, and the partners will now move to complete the well in the next 15 days and also carry out a refurbishment of the platform and flow line.

Elixir's Managing Director, Andres Ross, commented:

"We are very pleased with drilling results from our first well at the Pompano Project and are looking forward to starting completion activities."
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Tue, 29 Jan 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153746/gets-good-news-from-pompano--0111.html
<![CDATA[News - Elixir Petroleum: Steady post merger progress ]]> https://www.proactiveinvestors.com.au/companies/news/153745/elixir-petroleum-steady-post-merger-progress-0051.html So the merger is complete. Elixir Petroleum is now a dual listed company (Australia & UK) and can boast that it holds interests in a producing field in the Gulf of Mexico and additional interest in a second field that will shortly be tested for re-development, whilst still retaining its offshore interests in the high risk, high impact North Sea. Pre-merger Elixir was finding life tricky; as one of the first oil and gas exploration juniors to move into the North Sea at the beginning of the recent exploration boom, the company picked up a fair amount of acreage, and found itself in a position of advantage as larger players moved in, looking for drill targets. However, things changed quite rapidly in the North Sea over the following years, as the price of drilling soared due to lack of available rigs, advantaging the larger, more cash-rich oil and gas players who could still afford to drill and buffer the disappointment of dry holes. Elixir changed from a nimble company that could position itself in a prime exploration hydrocarbon basin, to an oil and exploration minnow that was struggling to appease shareholders with regular news flow, whilst attempting to farm out interests in its blocks in the hope of retaining a free carry interest on an exploration well. Not to put too fine a point on it, Elixir had the targets, but didn’t have the cash to develop them, which made it extremely difficult to maintain investors’ interest in the story.

Fortunately, Russell Langusch was acutely aware of the predicament and went on the hunt for a suitable deal that would help balance the company’s portfolio and bring in some much needed near term drilling and production potential. A deal was eventually struck with Gawler Resources, a small ASX listed company that had earned into the re-development of the High Island oil and gas project in the Gulf of Mexico. Gawler Resources was, in a sense, like Elixir. It had a 30% working interest in a near term cash flow project, but lacked the cash to fund its share of the development costs. Elixir may have come up short for splashing out on an offshore drilling platform in the North Sea, but it certainly had enough cash to fund Gawler’s smaller development. Hence a deal was struck and the two companies agreed a merger, bringing immediate cash to the table for Gawler - plus high impact acreage in the North Sea - and giving Elixir access to much needed near term developments and cash flow.

Shares in Elixir are understandably still volatile, being a small company with only a handful of assets, but we think its safe to say that the market agreed with Elixir’s logic, and supports the merger – shares in the company have established a bit of an upward trend since bottoming out at 8-9p in 2007. So the merger is complete. What next? To start with, Elixir is generating cash flow. Both the High Island A-1 and A-2 wells have been successfully completed and tied into the established infrastructure in the Gulf of Mexico. First receipts of revenues from the wells arrived in Q4 2007, and are expected to be in the region of US$0.7 million per month from cumulative gas production of 17.6 mmcf/d of gas and 297 barrels/day of condensate. A third well will be drilled in 2008 to boost production yet again, with a possible fourth well in 2009 – Argonaut Securities is pencilling gross production figures for 2009 of over 11 billion cubic feet equivalent (bcfe) per annum; up from 6 bcfe in 2008.

Elixir has also opted to earn into another field re-development in the Gulf of Mexico, the Pompano gas field. Elixir has a 25% working interest in Pompano, which has probable reserves of 40 billion cubic feet (bcf) of gas, and proved undeveloped reserves of 24 bcf, with total exploration potential of 104 bcf. The first of six wells is expected to get underway shortly and operator, AnaTexas Offshore, announced last week that it had contracted a jack-up rig to drill the first well to a depth of almost 8,000 feet at the field’s ‘B’ satellite platform. The well is expected to take approximately 30 days to complete and will test seven sands located between 3,800 feet and 7,900 feet. Pompano, like High Island, benefits from good infrastructure so re-development costs are modest and any discoveries can be quickly connected to the pipeline.

Meanwhile, in the North Sea, the focus is still firmly on the Leopard prospect, which has prospective gross reserves of 350 million barrels. German utility, RWE, opted to take a 30% working interest in the prospect in return for paying more than 50% of the costs. Elixir is actively promoting the prospect to other interested parties, with the ultimate goal being to farm out another chunk of the prospect whilst retaining a free carried interest through the first exploration well. The company is hopeful of completing the farm-out and drilling Leopard in 2008.

The merger has also seen a bit of shake up at the top with Managing Director, Russell Langusch, stepping down and Chairman, John Robertson, relinquishing his duties but staying on as a Non-Executive Director. Replacing them are Jonathan Stewart as Chairman, and Andrew Ross as Managing Director, both from Gawler Resources which may hint to shareholders that Elixir may be focusing more on the Gulf of Mexico for growth, rather than the cold, wet and expensive North Sea…

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Wed, 16 Jan 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153745/elixir-petroleum-steady-post-merger-progress-0051.html
<![CDATA[News - Elixir Petroleum confirms drilling at Pompano ]]> https://www.proactiveinvestors.com.au/companies/news/153744/confirms-drilling-at-pompano-0116.html Fri, 11 Jan 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/153744/confirms-drilling-at-pompano-0116.html <![CDATA[News - Elixir Petroleum makes Healthy post-merger progress ]]> https://www.proactiveinvestors.com.au/companies/news/85/elixir-petroleum-makes-healthy-post-merger-progress-0374.html So the merger is complete. Elixir Petroleum is now a dual listed company (Australia & UK) and can boast that it holds interests in a producing field in the Gulf of Mexico and additional interest in a second field that will shortly be tested for re-development, whilst still retaining its offshore interests in the high risk, high impact North Sea. Pre-merger Elixir was finding life tricky; as one of the first oil and gas exploration juniors to move into the North Sea at the beginning of the recent exploration boom, the company picked up a fair amount of acreage, and found itself in a position of advantage as larger players moved in, looking for drill targets. However, things changed quite rapidly in the North Sea over the following years, as the price of drilling soared due to lack of available rigs, advantaging the larger, more cash-rich oil and gas players who could still afford to drill and buffer the disappointment of dry holes. Elixir changed from a nimble company that could position itself in a prime exploration hydrocarbon basin, to an oil and exploration minnow that was struggling to appease shareholders with regular news flow, whilst attempting to farm out interests in its blocks in the hope of retaining a free carry interest on an exploration well. Not to put too fine a point on it, Elixir had the targets, but didn?t have the cash to develop them, which made it extremely difficult to maintain investors? interest in the story.

Fortunately, Russell Langusch was acutely aware of the predicament and went on the hunt for a suitable deal that would help balance the company?s portfolio and bring in some much needed near term drilling and production potential. A deal was eventually struck with Gawler Resources, a small ASX listed company that had earned into the re-development of the High Island oil and gas project in the Gulf of Mexico. Gawler Resources was, in a sense, like Elixir. It had a 30% working interest in a near term cash flow project, but lacked the cash to fund its share of the development costs. Elixir may have come up short for splashing out on an offshore drilling platform in the North Sea, but it certainly had enough cash to fund Gawler?s smaller development. Hence a deal was struck and the two companies agreed a merger, bringing immediate cash to the table for Gawler - plus high impact acreage in the North Sea - and giving Elixir access to much needed near term developments and cash flow.

Shares in Elixir are understandably still volatile, being a small company with only a handful of assets, but we think its safe to say that the market agreed with Elixir?s logic, and supports the merger ? shares in the company have established a bit of an upward trend since bottoming out at 8-9p in 2007. So the merger is complete. What next? To start with, Elixir is generating cash flow. Both the High Island A-1 and A-2 wells have been successfully completed and tied into the established infrastructure in the Gulf of Mexico. First receipts of revenues from the wells arrived in Q4 2007, and are expected to be in the region of US$0.7 million per month from cumulative gas production of 17.6 mmcf/d of gas and 297 barrels/day of condensate. A third well will be drilled in 2008 to boost production yet again, with a possible fourth well in 2009 ? Argonaut Securities is pencilling gross production figures for 2009 of over 11 billion cubic feet equivalent (bcfe) per annum; up from 6 bcfe in 2008.

Elixir has also opted to earn into another field re-development in the Gulf of Mexico, the Pompano gas field. Elixir has a 25% working interest in Pompano, which has probable reserves of 40 billion cubic feet (bcf) of gas, and proved undeveloped reserves of 24 bcf, with total exploration potential of 104 bcf. The first of six wells is expected to get underway shortly and operator, AnaTexas Offshore, announced last week that it had contracted a jack-up rig to drill the first well to a depth of almost 8,000 feet at the field?s ?B? satellite platform. The well is expected to take approximately 30 days to complete and will test seven sands located between 3,800 feet and 7,900 feet. Pompano, like High Island, benefits from good infrastructure so re-development costs are modest and any discoveries can be quickly connected to the pipeline.

Meanwhile, in the North Sea, the focus is still firmly on the Leopard prospect, which has prospective gross reserves of 350 million barrels. German utility, RWE, opted to take a 30% working interest in the prospect in return for paying more than 50% of the costs. Elixir is actively promoting the prospect to other interested parties, with the ultimate goal being to farm out another chunk of the prospect whilst retaining a free carried interest through the first exploration well. The company is hopeful of completing the farm-out and drilling Leopard in 2008.

The merger has also seen a bit of shake up at the top with Managing Director, Russell Langusch, stepping down and Chairman, John Robertson, relinquishing his duties but staying on as a Non-Executive Director. Replacing them are Jonathan Stewart as Chairman, and Andrew Ross as Managing Director, both from Gawler Resources which may hint to shareholders that Elixir may be focusing more on the Gulf of Mexico for growth, rather than the cold, wet and expensive North Sea?

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Thu, 10 Jan 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/85/elixir-petroleum-makes-healthy-post-merger-progress-0374.html
<![CDATA[Media files - Elixir Petroleum, Proactive Audio Interview ]]> https://www.proactiveinvestors.com.au/companies/stocktube/313/elixir-petroleum-proactive-audio-interview-63.html Fri, 24 Aug 2007 00:00:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/313/elixir-petroleum-proactive-audio-interview-63.html <![CDATA[News - Elixir Petroleum Finds a bride ]]> https://www.proactiveinvestors.com.au/companies/news/221/elixir-petroleum-finds-a-bride-0196.html At long last Elixir Petroleum has found its bride! Press releases from Elixir over the past 6 months have hinted, several times, that the company was considering options that would help balance its portfolio between high impact, high risk drilling and lower risk, lower impact assets. It would appear that Elixir has finally found the answer ? a merger with ASX listed Gawler Resources.

Originally formed to explore for uranium in Australia, Gawler Resources has one oil asset; a 30% working interest (22.5% Net Revenue Interest) in the High Island A268 oil and gas development project in the coastal waters off Texas. Oil and gas-bearing formations were first discovered at High Island between 1984 and 1989. At the time, 2D seismic and wireline logs suggested that the reservoirs had continuity risk and, combined with lower hydrocarbon prices so the decision was made not to develop the assets.

What a difference a few decades can make. There are now numerous producing fields in the immediate vicinity and modern 3D seismic data taken in 1995, and reinterpreted in 2004, has considerably lowered the development risk. There are now three wells planned for High Island A268, which will form a tripod that will tie into another nearby platform. Production is anticipated in September once the second well is completed and the necessary infrastructure is in place. A third well will be drilled and tied in shortly afterwards, but production is expected to start at around 20 million cubic feet per day (mcf/d) of gas in the 3rd quarter. Gawler have stated that gas and oil production from High Island should reach 1,500 barrels of oil equivalent per day once the field is fully developed. And even though High Island isn?t a particularly big field, with potential reserves estimated at 3.2 million barrels of oil and 38 billion cubic feet (bcf) of gas, from Elixir?s point of view, this is a quick and simple route to the sacred cow of all resource related companies ? cash flow. Gawler itself acquired the 30% working interest in High Island from fellow ASX listed oil and gas exploration and production company Aurora Oil and Gas (ASX: AUT) who will be a major shareholder in the combined group.

So while Gawler Resources has an option in a near term production play, what it lacks is access to funds for development. From this point of view, Elixir appears a good fit. Elixir?s own focus on high impact targets in the North Sea has always seen it farm out stakes in its North Sea blocks to larger players who essentially foot most of the entire exploration bill while Elixir is free carried. Elixir?s Achilles heel however has been the long gaps between drilling in the North Sea, and the excruciatingly long time it can take to negotiate farminee partners into a proposed well. And despite having a stake in some very sizeable targets, the chances of success on the first well are quite low. One thing Elixir has been quite good at though is retaining cash. The company currently has £3.8 million and with the merger with Gawler Resources, it will bring to the table all the funds required to complete the development of High Island, and some.

Gawler shareholders will gain access to Elixir?s high impact portfolio. Particular interest currently surrounds the completion of the farming out of Block 211/18b where German utility group RWE recently took a 30% interest. Russell Langusch, MD of Elixir, told Proactive that RWE?s entry on the block had sparked the interest of many other groups and that they were hopeful of making a further announcement soon on developments at Block 211/18b. Block 211/18b contains the Leopard prospect which has prospective reserves of 370 million barrels of oil. Elixir also has high hopes for Block 211/22b where, despite the failure to find a commercial discovery with the Jaguar well, it was proved that a working hydrocarbon system exits on the block. This added to the prospectively of the block as Antrim Energy?s Giants Causeway discoveries are on trend to the north-east of 211/22b.

Assuming the merger goes ahead ?- the combined entity will have interests in several blocks in the Northern and Central regions of the North Sea and near term production in the Gulf of Mexico. This will offer investors a much better balance of cash flow and high impact exploration.

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Mon, 02 Apr 2007 00:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221/elixir-petroleum-finds-a-bride-0196.html
<![CDATA[News - Elixir Petroleum: Investors await Guinea Prospect ]]> https://www.proactiveinvestors.com.au/companies/news/219/elixir-petroleum-investors-await-guinea-prospect-0197.html

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If hydrocarbons are present, this prospect is estimated to host a resource between 65 and 120 million barrels of oil on an un-risked* basis. This will be Elixir?s first major target to be drilled since a dry well was drilled last year and, in this case, Elixir has no financial exposure to worry about if the well is dry.

However, the discovery on a neighbouring block is encouraging, and for Elixir 13.125% of a 20 million barrel discovery would be significant.

On the adjacent Yoeman North Sea Block, it looks like Nexen, Paladin, OMV and Oilexco have discovered a (P50*) 22 mbbls* oil field. I say ?looks like? because further appraisal is required before the find can be classified as ?commercial?

Elixir felt the crunch in the North Sea when several mid sized oil companies piled into the region, increasing the competition for blocks in each licensing round. Unfortunately for the smaller players, this means that in many cases they simply cannot bid for the most sought after blocks as they are ?out bid? by bigger players. This has forced companies like Elixir to be more nimble and concentrate on acquiring blocks where there is prospectivity that has been overlooked by other players. Naturally this has led Elixir more to the fringes of what was then deemed ?typical? North Sea targets and as the company focus on less obvious targets is increased, so too is the risk increased that the drill bit will fail to find commercial quantities of oil.

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However, one ?edge? that Elixir does have is that it was one of the first AIM listed oil companies to move into the North Sea three years ago when the sector started to warm up. Many pundits wrote off the North Sea as the super majors exited the region, but their exit left a temporary vacuum which allowed many smaller players such as Elixir to snap up high impact acreage. Some of the licences that Elixir picked up at this time, in the 22nd and 23rd rounds, now attract the attention of some of the mid-tier players now looking for more drill targets.

Elixir is currently negotiating farm-in deals for Blocks 14/14b, 211/18b and 211/8b and it is very likely that Elixir will negotiate arrangements that leave the company with free carries through the exploration drill stage of the projects. If Elixir manages to do this the company will be hanging on to cash reserves which will be much needed for the forthcoming 24th licensing round, in which prospective applicants will have to show financial as well as technical capability to carry out exploration if they wish to acquire blocks.

Whilst we await more news flow on the farm-in arrangements, the near term high impact news will certainly come from Guinea, where operator Nexen anticipate drilling in the next few weeks.

So - fingers crossed!

Jargon Buster

*?Un-risked? means ?pretty sure?

* P50 represents a sort of ?middle path? estimate of the size of an oil field - about half-way between too optimistic and too pessimistic - and is taken to represent what can reasonably be expected to be the size of the oil reserve.

* mbbls = million barrels

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Fri, 10 Nov 2006 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/219/elixir-petroleum-investors-await-guinea-prospect-0197.html
<![CDATA[News - Elixir Petroleum is down but not out ]]> https://www.proactiveinvestors.com.au/companies/news/217/elixir-petroleum-is-down-but-not-out-0198.html Every executive of an oil exploration company knows what it is like when you hit a dry hole.

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After months or possibly years of raising funds, studying seismic, finding partners and securing a drill rig, the anticipation up to the moment of truth can be pretty intense, only to have all your hopes and dreams quashed in a flash.

have always been fascinated by the way oil exploration companies? share price tends to rise as the drill gets closer and closer to its target. Go on to a bulletin board of a oil company nearly at depth and the testosterone levels are through the roof. No doubt the company is feeling the same emotions. The very nature of how oil companies look for pockets of black goo in the ground really does encapsulate the imagination of truly frontier exploration. To some degree this phenomenon seems to have more to do with the ticking countdown to either discovery or disaster rather than the underlying target. A very little known Canadian exploration play, Stikine (TSX.V:SKY) last year attempted to drill into the side of a mountain to find the sister deposit of what was once one of Canada?s most famous mines.

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The target was primarily zinc, but the technique and manner in which the company went about its way was very similar to a oil play. Stikine raised enough money to drill one hole over 2 miles down and it was a make or break attempt to find another mammoth ore body. As the company inched toward the targeted anomaly, the share price crept higher and higher. When the day of reckoning came, the company announced that it had found massive sulphides?.but only 1 metre thick?. In response the shares plunged from 40c to 10c overnight.

Is there something in our nature which attracts investors to companies taking a shot in the dark in the hope of finding a company making play?

Sure there is. We all dream of the company that will make us 1000% overnight and change our life forever. Unfortunately, the chances of having the right position in the right company at the right time to pull off this coup is very, very slim. So slim that it is more or less pointless even attempting to risk your money on trying to do it. Instead, investors must spread money around and try to protect what we have made and limit our losses in the future.

So what on earth has all of this got to do with Elixir Petroleum, the North Sea exploration company?

Well Elixir had the unfortunate luck of hitting a dry well recently on a high risk target in the northern part of the north sea. As per usual, the share price crept up in anticipation of a big find that was not to be. The shares duly plunged by 50% on the bad news. And this was very high risk stuff. Elixir?s target was in the Upper Jurassic zone, which to non oil heads means pretty darn deep (4000 metres) and ever more darn risky as the vast majority of North Sea Oil comes from shallower targets, for example, in the Tertiary or Cretaceous zones. Elixir was hoping to strike oil formations similar to those found in the Upper Jurassic zone on the Norwegian side of the North Sea. The drill hole wasn?t a complete failure though, as the well did show find evidence of hydrocarbons, just not in commercial quantities. Elixir isn?t the only company hitting dry holes in the North Sea lately.

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The North Sea is a very established and depleting oil producing area. The majors moved in decades ago and have already cleaned out most of the big oil finds. With the remaining finds being are smaller and harder to locate, the junior and mid-tier players have moved in hoping to find deposits overlooked by their bigger counterparts.

Fortunately for Elixir and it?s shareholders, the company has stakes in a range of other licences in the North Sea and still has £4.3 million in cash which will allow it to continue drilling for another 12-18 months without needing to raise capital. The next most likely targets to be drilled will be in the central north sea region which are somewhat shallower (>2000m), slightly less risky and definitely less costly.

The licences are held with Granby Oil, and Elixir are hoping to find farm-in partner(s) to take on the roll as operator. With any luck 2 or possibly 3 wells will be drilled in the second half of 2006, and because the targets are much shallower, the time to drill to depth will be days to weeks rather than months.

The company also has plans to target two other Jurassic plays in the northern North Sea, named Panther and Leopard, but this is unlikely to happen until 2007. In the meantime the company is busy finding partners for this years program and also considering areas available in the 24th round of licensing for North Sea exploration permits, which began yesterday.

When Stikine came up with zilch after drilling miles into a mountain side, the company struggled to move on because it was a one trick pony. Elixir on the other hand, has stakes in more than 15 other licences in the North Sea and has the funds to keep it going for at least another year - the only real commonality between the companies is their willingness to tackle high risk / high reward targets that most wouldn?t?

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Mon, 20 Mar 2006 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217/elixir-petroleum-is-down-but-not-out-0198.html