Elixer Disappointed with Guinea Results

Elixir Petroleum says drilling operations on the Central North Sea well 15/13b-8 located on the Guinea prospect have been completed.

The well was drilled to a total depth of 2,176m.

No significant hydrocarbons were encountered in the major Palaeocene objective and the well is now being plugged and abandoned.

Elixir retains a 13.125% working interest in Block 15/13b after Nexen and Gas Plus International BV completed their farmin obligations on the Guinea well.

Russell Langusch, Elixir's Managing Director, said, 'Unfortunately dry holes are not unexpected in the exploration business. While we are disappointed that Guinea did not come up trumps, the remaining deeper prospectivity in Block 15/ 13b is unaffected.

We shall be working hard to advance drilling activities on several of our other UKCS licenses. Due to the conservative approach adopted to finance our North Sea exploration activities, we have sufficient cash reserves to cover existing work commitments and likely drilling programs.

The high potential Leopard prospect is part-way farmed-out and marketing of the nearby Panther prospect is well underway. We are also aggressively pursuing other opportunities to add development/production to our asset portfolio'.

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