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