AnaTexas Prepares to Drill Ahead at Pompano Well-3

Elixir Petroleum Ltd.

Elixir has provided the following update on progress at Well SL10320-4 ("Well-3"), the latest development well to be drilled at the Pompano field.

Since the Company's last announcement, the Operator at the Pompano Project, AnaTexas Offshore Inc., has advised that the 9 7/8" hole section has reached section total depth at 7,974 feet. At the time of the Operator's report on October 8, 2008, several zones of interest were being evaluated with logging tools.

The forward program will see the running and cementing of 7 5/8" casing in the 9 7/8" hole prior to drilling ahead to a total depth for the well of approximately 8,400 feet. On a trouble free basis, it is expected that total depth will be reached in approximately one week.

The Participants in Well-3 and their respective working interests are:

  • Elixir Petroleum Ltd 25.0%
  • Buccaneer Energy Ltd 65.0%
  • Baron Petroleum Inc. 7.5%
  • Streamline Exploration Inc. 2.5%