Hercules 152 Contracted to Drill First Well at Pompano Project

Elixir Petroleum Limited has been advised by the operator of the Pompano Project, AnaTexas Offshore Inc., that the Hercules 152 jack-up drilling rig has been contracted to drill the first well at the Pompano Project.

The Pompano Project is essentially a re-development of the Pompano gas field with new well locations based on modern 3D seismic data. The Pompano gas field lies offshore in the Gulf of Mexico, in Brazos Block 446-L SE/4, which is approximately 90 miles southwest of Houston Texas.

The field is approximately 7 miles offshore in 55 feet of water. If successful, the Pompano Project will use the field's extensive existing production and pipeline facilities. This will achieve a significant capital cost saving and a reduction in time to production for the project.

Well #1 will be directionally drilled from the field's existing 'B' satellite platform to 7,941 feet measured depth ('MD'). Well #1 is expected to take 30 days to drill and complete.

Well #1 is designed to test seven potentially gas bearing sands located between 3,800 feet and 7900 feet MD. Several of these sands have been productive down dip or nearby within the Pompano field. In the event of success, the well can be readily connected to the existing pipeline network and gas treatment facilities, and is expected to be brought on production soon after well completion.

AnaTexas advises that driving of 36 feet pipe on the 'B' satellite platform is in progress and that the Hercules Drilling Rig is anticipated to mobilise to site around 7 January 2008.

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