Elixir Petroleum to Spud Well on Guinea Prospect Soon

Elixir Petroleum says its next exploration well on the Guinea prospect in Central North Sea Block 15/13b is anticipated to spud around mid-November. Nexen Petroleum UK, the well operator and principal farminee, has signed up the Borgsten Dolphin drilling rig on a multi-well contract and Guinea is scheduled to be the second well in the rig's planned upcoming drilling campaign. After being delayed with the previous operator, Nexen has just taken delivery of the rig to commence its program.

Under the terms of the farm-in agreements announced in May 2006, Elixir will retain a 13.125% interest in the block with its share of well costs being fully-funded by Nexen and Gas Plus Italiana SpA. During the quarter another potential farminee, Albion Petroleum, withdrew from the group of farminees after failing to prove its financial capacity. However Albion's 6.25% working interest has been taken up by Gas Plus thereby increasing the latter's interest to 12.5%.

The Guinea prospect is a robust four-way dip closed Palaeocene structure which lies on-trend with producing fields such as Balmoral and Dumbarton. Nexen drilled the Yeoman discovery on the neighboring Block 15/18b to the south in 2005.

On an unrisked basis, the Guinea structure is estimated to host prospective resources of between 65 million (low case) and 120 million (high case) barrels of oil on Block 15/13b if hydrocarbons are present, with a mid case estimate of 91 million barrels.

Projected drilling time for the well is approximately 21 days on a dry-hole basis.

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