Elixir: Pompano Drilled, Log to be Evaluated

Elixir Petroleum Limited provided an update on drilling operations on Well SL 103230 #1 ("Well #2") at the Pompano Gas Field at Brazos Block 446-L SE/4.

The operator of the Pompano Project, AnaTexas Offshore Inc, has advised that the Well #2 has been drilled to 8,627ft MD, which is approximately 200ft below the base of the 'E' sands. Due to difficult drilling conditions, the joint venture has elected to run the 5 1/2-in. liner at this depth as a contingency before drilling on to the 'F' and 'G' sand targets.

A logging run has been carried out on the 'E' sands and the 5 1/2-in. liner was being run in the hole on March 24.

The final hole section will be drilled to a revised planned depth of 9,150ft MD and the 'F' and 'G' sands will then be logged and evaluated.

Thus far Well #2 has encountered hydrocarbon bearing sands in the 6700, B, C and E sands.

Once the F and G sands have been evaluated, a completion program will be developed to optimise the production and recovery from these zones.