Elixir Petroleum limited (AIM: ELP) informed the market that, AnaTexas Offshore Inc, the operator of the Pompano Project, has completed the insertion of a string casing at 3,550 feet ft at Well No 2 at Pompano. The operator is preparing to drill the next section, in the same well, which will be directionally drilled to 8,136ft – reaching target sands in about a week. Refurbishment of the production and processing facilities is also advancing.
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.