Elixir pursuing farm-outs

Elixir Petroleum is seeking to farm-out part of its 56% interest in the potentially giant Leopard prospect in UK North Sea block 211/18b. The company wants to limit its cost exposure to a planned well – it has already farmed out 30% of the license to RWE Dea.

Offshore staff

LONDON, UK --Elixir Petroleum is seeking to farm-out part of its 56% interest in the potentially giant Leopard prospect in UK North Sea block 211/18b. The company wants to limit its cost exposure to a planned well – it has already farmed out 30% of the license to RWE Dea.

Mapping to date has linked Leopard with the Borg oil field across the median line with Norway. Analysis suggests potential oil in place of over 1 Bbbl, if hydrocarbons are present. The tight North Sea rig market is easing, Elixir adds, so with another farm-in partner in place, drilling could start late this year or early next.

Elixir is looking for another partner in the Panther prospect in block 211/8b, east of BP's Magnus oil field. Panther is a dual Lower Cretaceous – Upper Jurassic play. A shallower Palaeocene lead in the northern part of the block is also under evaluation.

03/15/2007

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