AWE Ltd. informed Elixir Petroleum Ltd. Thursday that the proposed sale of a 57.5 percent working interest in the Cliff Head oil field in the Perth Basin, Western Australia would not proceed after the firm agreed to dispose of the stake to a third party.
"The Board of Elixir is disappointed that AWE chose not to engage with Elixir about the status of its sale process until this late stage," Elixir said in the press release.
Elixir added that it will continue to review and assess other oil and gas production opportunities in conjunction with maintaining its focus on the conventional Petra Project in Colorado.
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