Elixir Petroleum Spuds 2nd Central UK North Sea Well

Elixir Petroleum reports that its second Central North Sea exploration well has commenced drilling. A well on the Muness prospect located in UKCS Block 21/4b spudded on 30 November 2005.

The well designated as 21/4b-6 is being drilled by the semi-submersible rig Sedco 712 and is expected to take around four weeks to reach its proposed total depth.

Elixir will earn a 7% working interest in Licence P1104 (Block 21/4b) from the licence operator, Maersk Oil North Sea UK Limited (formerly Kerr-McGee North Sea Limited), by contributing a share of the costs to drill the Muness well. Elixir's cost contribution is estimated to be less than 1 million.

Muness is a highly attractive, gas-condensate prospect which lies on the proven Lower Cretaceous Kopervik sand fairway. Conoco-Phillips' Brodgar gas-condensate field lies approximately 10 km to the west of Muness.

The prospect is interpreted as a large stratigraphic trap which is estimated to host gross prospective resources at the mean level of some 350 bcf of gas and 20 million barrels of associated condensate. The presence of good quality Kopervik sands on the block has already been proven by the well 21/4-2 drilled in 1984.

Russell Langusch, Elixir's Managing Director, said, "This is the start of an exciting time for Elixir with participation in two exploration wells over the next 4-5 months. Although Muness is smaller than our large Jaguar prospect further north in Block 211/22b, success at Muness would have a material value impact on our company. Its location close to infrastructure means that a discovery could be quickly commercialized".

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