Elixir Petroleum Spuds Well on Guinea Prospect

Elixir Petroleum says that drilling operations have commenced on its Guinea prospect in UKCS Block 15/13b.

The Guinea well, designated as 15/13b-8, was spudded on February 25, 2007 by the Borgsten Dolphin operated by Nexen Petroleum (UK) Limited. Drilling time to the planned total depth of approximately 2,150m is expected to be around 20 days, assuming no downtime.

The well is targeting a Palaeocene prospect in the Balmoral sandstone with significant oil potential.

The two farminees, Nexen and Gas Plus Italiana SpA, will be funding the cost of the well to earn interests of 50% and 12.5% respectively in the 15/13b block. Elixir has a 13.125% interest in the block and its share of the well costs is being fully carried by Nexen and Gas Plus.

Elixir will make further announcements regarding the progress in the Guinea well once the target zone is intersected or if significant hydrocarbons are encountered in the interim.

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