Elixir to Spud Jaguar Prospect Next Week

Elixir Petroleum says that, weather permitting, drilling is expected to commence within the next week on its latest exploration well on the North Sea Jaguar prospect.

The Bredford Dolphin semisub is currently moving to the location of the Jaguar well, designated as 211/22b-5. The Company expects drilling planned to the total depth of circa 4,000m to last approximately 45 days, assuming no downtime.

The Jaguar prospect is interpreted as a large Upper Jurassic stratigraphic trap located in Northern North Sea Block 211/22b (License P1067) to the northeast of the Cormorant North oil field. If hydrocarbon bearing, Jaguar has the potential to hold several hundred million barrels of recoverable oil reserves within several sandstone units.

Although this type of play is relatively new for the UK sector of North Sea, it has been proven in an analogous geological setting on the Norwegian side of the median line.

Under a farm-in agreement signed in July 2005, the Norwegian independent exploration and production company, DNO, agreed to secure a 60% working interest in Block 211/22b by contributing 92.5% of the Jaguar well costs. Elixir retains a 40% interest and will contribute the remaining 7.5% of the well costs.

In a subsequent earn-in agreement announced on November 30, 2005, DNO will transfer a 10% interest in License P1067 to Rocksource ASA, a Norwegian offshore technology company, in return for Rocksource funding 15.42% of the well costs.

Following the completion of the above transactions and the approval of the relevant UK authorities, the license holders in P1067 will be DNO with 50% as operator; Eilixir with 40% and Rocksource with 10%

Russell Langusch, Elixir's Managing Director, said, 'The Jaguar well could have a major impact on our Company if it proves successful. However, as a focused North Sea explorer, we are only too aware that exploration outcomes cannot be predicted. Hence we shall continue to pursue activities in all of our license areas, aiming at a multi-well drilling program over 2006-07 to optimize our chances of success.'

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