Elixir Petroleum (AIM & ASX: ELP) announced that it has acquired an interest in, and is now operator of, Block SL-4, offshore from Sierra Leone, West Africa.
Elixir’s interest will be for up to 35% - consisting of a 15% working interest in exchange for paying for 15% of the costs of a proposed 1,000 sq km 3D seismic programme, and an option with an option to acquire an additional 20% working interest on similar terms.
The 3D programme will carried out, and the data processed and interpreted before the end of this year - a previous exploration well drilled in Block SL-4 encountered hydrocarbons.
Elixir's Managing Director, Andrew Ross, said:
"Block SL-4 represents a relatively low-risk, low-cost entry for Elixir into what we hope will emerge as a new petroleum province. The acquisition of 3D seismic data is a key requirement in evaluating and refining drilling targets identified from the existing 2D seismic data set."
Elixir Petroleum to operate offshore Sierra Leone
Last updated: 11:09 17 Mar 2008 AEDT, First published: 12:09 17 Mar 2008 AEDT