Elixir Petroleum Share Discussion Threads

[hermana] 26/9/2008 10:53

You need some luck in this biz and ELP are not exactly steeped....

[drago] 26/9/2008 10:33

zen
that's a positive spin on not very good news - IF we had loads of cash.

and the surveyors, they have done the job they have been asked at an agreed price only for one party to default.
hoping somone sees the potential in SL to pick up the tab
i'll bet buccaneer would be good partners

[drago] 26/9/2008 10:20

RNS Number : 3901E
Elixir Petroleum Ltd
26 September 2008

Elixir Petroleum Limited
(AIM : ELP)

26 September 2008

UPDATE ON BLOCK SL-4

Elixir Petroleum Limited ("Elixir", ASX:EXR, AIM:ELP), the international oil and gas
exploration and production company provides an
update on matters associated with Block SL-4, located offshore the Republic of Sierra Leone,
of which it is the operator and 15% working
interest holder.

Elixir has today issued a notice of default to Prontinal Limited, its joint venture
partner in Block SL-4. The notice of default relates
to the failure on the part of Prontinal to meet outstanding payments with respect to the 3D
seismic acquisition project which was recently
concluded over the licence. As a result of Prontinal's default, a letter of demand has been
received by a subsidiary of Elixir from the
seismic contractor in relation to the unpaid amount of approximately US$9 million. Elixir is
seeking clarification from the seismic
contractor in relation to the alleged debt and the letter of demand and is also seeking legal
advice.

Elixir understands that Prontinal is in negotiations with third party funding sources to
secure the necessary funds to meet its
outstanding obligations and future foreseeable commitments with respect to Block SL-4. Elixir
is endeavouring to work with Prontinal to seek
the timely resolution of these issues and has been advised that arrangements to resolve these
matters are advanced.

Were Prontinal ultimately unable to meet its obligations and remedy the default with
regard to Block SL-4, Elixir has certain rights to
have forfeited to it the equity in the licence held by Prontinal, although this is not a
preferred outcome or considered likely at this
time.

Elixir will keep the market informed of developments as they arise in relation to this
matter.

[zengas] 26/9/2008 10:19

Surely this would/could leave ELP gaining more of the block at some point.

[soulsauce] 26/9/2008 08:39

Not the kind of news we need.

[hermana] 23/9/2008 08:01

Soul,at least his mama was on the Radio at the weekend singing his praises!

[soulsauce] 23/9/2008 07:56

Lol, I think he has got a few troubles at home at the moment.

[hermana] 22/9/2008 23:27

Soul,will need a deep pockets partner for deepwater Sierra Leone prospect. Can we ring Hank Paulson?

[soulsauce] 22/9/2008 16:04

drago I am confused what has Matamata got to do with Sierra Leone? TIA.

[drago] 22/9/2008 15:58

no harm in having an extreamly big potential prize far away in the background.

[drewz] 22/9/2008 13:03

One step at a time.

[drago] 22/9/2008 13:02

article in oilbarrel mentions a very deepwater prospect off of sierra leone.
multi billion barrel potential.
maybe if the mata mata came good , tullow would be interested!

[soulsauce] 22/9/2008 09:02

Nice to see we have come out relatively unscathed though as others have not been so lucky.

Agree re' N.S. hermana.

[hermana] 22/9/2008 08:17

Dia,nowt happening to North Sea projects and that is what the market wants.

[dia43] 22/9/2008 08:12

Hurricane Ike

Elixir's operations at the High Island and Pompano projects located in the Gulf of Mexico were shut-in during the passage of Hurricane Ike. We are pleased to report that the platforms and associated offshore infrastructure were not damaged.

Whilst production at the Pompano project recommenced on the 19/09/08, some damage was sustained to the onshore section of the export pipeline into which Elixir's High Island production is sold. An evaluation of the damage to the pipeline and the programme required to effect repairs is currently being investigated by the pipeline owner. The damage is not believed to be severe and production should restart within the next week.

Well #3 - Pompano Project

The operator at the Pompano Project has also advised that the Hercules 152 jack-up drilling rig, which is contracted to drill the third development well at Pompano, was not damaged by Hurricane Ike and has been mobilised to the field. The rig arrived on location on the 19/09/08 and was last reported to be making preparations to drive the 36' Caisson.

Well #3 will be drilled through this new Caisson which will be positioned adjacent to the existing #5 Caisson. The #5 Caisson forms part of the existing field infrastructure and is located approximately 900m to the southwest of the 'A' Production Platform to which it is already connected via subsea flowlines (see schematic below).

Well #3 is targeting undrilled and updip fault block compartments immediately adjacent to the recently successful Well #2. The well will be directionally drilled into a total of 4 primary and 2 secondary target sands. It is expected that the primary sands will contain proven undeveloped reserves in horizons encountered by Well #2.

It is estimated that Well #3 will take approximately 25 days to drill and evaluate. If a decision is made to complete the well, then these operations are expected to take a further 22 days.

Subject to integrity testing, the existing flowline infrastructure from the Well #3 location to the 'A' Production Platform should facilitate a short time frame to production from the well. The addition of a third production stream to the existing two producing wells will require some upgrade activity on the 'A' Production Platform. These upgrade activities may temporarily interrupt production from the field for short periods.

Commenting on the announcement, Elixir's Managing Director, Andrew Ross said:

'Other than a short shut-in period during the passage of Hurricane Ike, we are pleased to advise that the storm has not adversely affected our projects in the Gulf of Mexico. We look forward to resumption of full production in the near future.

'We are eagerly anticipating the commencement of drilling operations in the coming days for Well #3 at the Pompano Project, where we hope to achieve a similar result to that of our successful Well #2 and a further lift in production rates from the field.'

The Participants in the Pompano Project and their respective working interests are:

Elixir Petroleum Ltd *
25.0%

Buccaneer Energy Ltd *
65.0%

Baron Petroleum Inc.
7.5%

Streamline Exploration Inc.
2.5%

[hermana] 19/9/2008 15:06

Rip,half botched fundraising 4 months back and a very dry well record in North Sea waters.

[riptracker] 19/9/2008 14:59

herm: fab what was the previous problem regards elp did not follow in great detail.?

[hermana] 19/9/2008 14:57

Rip,trip to abyss is over! Only way is up up and away now.....

[riptracker] 19/9/2008 14:45

Herm: may decide to purchase sopme elp as back on track to 12p and more.

[hermana] 18/9/2008 18:08

ELP is an ISA. Whadda do I know as Lester Pigott would say?

[soulsauce] 18/9/2008 16:29

drago lol yes and me.

[drago] 18/9/2008 16:13

same here (for all the good it has done me)

[ddraiggwyn] 18/9/2008 15:34

Rupe1958 - yes got mine in ISA

[hermana] 18/9/2008 15:33

Rupe,think not as primary exchange is in Australia. AIM is secondary quote.