Marquis Exploration Well Spuds

Elixir Petroleum reports that its first North Sea exploration well on the Marquis prospect located in UKCS Block 21/6b has commenced drilling.

Well 21/6b-6 was spudded on June 18, 2005 by the Bredford Dolphin semisub and is operated by Century Exploration (UK) Limited. The well is currently drilling ahead.

The well has a planned total depth of 2,000m and is prognosed to take around 18 days to drill. The primary objective, the Palaeocene Forties-Balmoral sands, is interpreted to be reached at a depth of approximately 1,600m or around Day 12 in the drilling program.

The well is being drilled as a low cost finder well and will not be flow tested.

The Company has a 15% interest in Block 21/6b and is contributing 10% of the Marquis well's estimated total cost of about 3.7 million (A$8.9 million).

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