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    1. Drilling & Completion

    Guinea North Sea prospect targeted

    Oct. 30, 2006
    An exploration well in central North Sea's Guinea prospect of block 15/13b is expected to spud in mid-November.

    Offshore staff

    LONDON -- An exploration well in central North Sea's Guinea prospect of block 15/13b is expected to spud in mid-November.

    With Nexten Petroleum UK as operator, the BorgstenDolphin has a contract to drill the well.

    The Guinea prospect is a four-way dip closed Palaeocene structure on-trend with producing fields such as Balmoral and Dumbarton. Nexen drilled the Yeoman discovery on the neighbouring block 15/18b to the south in 2005.

    Under the terms of the farm-in, Elixir Petroleum will retain a 13.125% interest in the block with its share of well costs being funded by Nexen and Gas Plus Italiana SpA.

    10/30/06