http://www.elixirpetroleum.com/



Elixir Petroleum Limited is an Australian company with a focused strategy of North Sea Exploration. The company is listed on the Australian Stock Exchange (ASX) and on the Alternative Investment Market (AIM) in London.

The company listed in Australia in July 2004 with interests in one UK Licence covering Block 21/6b. Interests in five further UK licences were added in September 2004 as a result of the 22nd UK Licensing Round. One further licence was acquired in December 2004. Elixir currently has interests in 7 UK exploration licences covering 11 North Sea blocks.

Elixir has entered into an agreement with DNO ASA, a Norwegian exploration and production company, for the DNO Group to farmin to Elixir's 100% owned Northern North Sea block 211/22b. The well is expecte to be drilled during 2006.

Elixir's first exploration well spudded on 18th June 2005 on the Marquis prospect in UK Block 21/6b.

RNS's from ELP can be viewed at:

http://www.uk-wire.com/cgi-bin/index?search_type=3&words=elp&go.x=19&go.y=11

At sp of 19/22 now ,a buying opportunity if sp settles.

tOP UP DAY.

Got in yesterday. Good for a punt

sambal, whats the latest on ELP and its exploration in North Sea

has anyone got any news on ELP!!!! Something seems afloat especially with the performance of DNO 2day (volume traded) on the Norwegian stock exchange

Look back at SEY and my comments............

Hendrix Comes In Dry For Granby As Elixir Prepares To Spud Jaguar Wildcat
Drilling in the North Sea during the winter months is never much fun. Particularly when the well concerned comes in dry. This was the experience for Granby Oil & Gas, which last week announced its second North Sea well since its June 2005 flotation on AIM had failed to find commercial quantities of oil and gas.

The company will be hoping its planned multi-well drilling programme for North Sea over 2006 and 2007 will meet with better success. Granby can boast a management team that includes six former executives of one of the UKs most successful independent oil companies during the 1980s and 1990s, Enterprise Oil, and currently holds interests in 13 UK offshore licences in the Central North Sea. As work begins to understand and exploit this pipeline of future prospects, the disappointments of 2005 should recede from investor memory.

Exploration well 9/27a-4 was designed to probe the Hendrix prospect in the west of the North Seas Viking Graben. The well encountered sub-commercial oil shows, having been drilled by the Bredford Dolphin to a depth of 1,850 metres. It has, however, earned the AIM oil junior a 12.5 per cent stake in the block, which was awarded to operator Century Exploration in the 23rd licensing round. Granby agreed to pay 25 per cent of the well costs (reckoned to be around 1.26 million) in return for its equity stake.

The disappointment at Hendrix follows the duster drilled on the Marquis prospect in June, when the 21/6b-6 exploration well, again operated by Century Exploration, found only water-bearing sandstones. This well didnt cost Granby anything as its 15 per cent stake was carried by farm-in partners Century and Elixir Petroleum.

The latter company, which is listed on AIM and the Australian Stock Exchange, is now gearing up to drill its third hole in the North Sea. It will use the Bredford Dolphin rig once it completes plugging and abandonment operations on the Hendrix prospect. The rig will then pull anchors and, weather permitting, be towed north to Block 211/22b, where the Jaguar wildcat is expected to spud this week.

Elixir suffered two dry holes in 2005 - Marquis and Muness - but has high hopes for the Jaguar well. And, as managing director Russell Langusch points out, with Marquis and Muness coming in under budget the company has saved cash funds for later activity.
The Northern North Sea well is expected to take 45 days to reach its target depth of 3,950 metres. Its progress with be closely monitored by both Elixir followers and North Sea watchers: this is a well that could unlock the geology in this part of the aging oil province. Jaguar is an Upper Jurassic stratigraphic trap, a play which has received little attention on the UK side of the border but has been successfully exploited by the Norwegians. The analogous Borg field, for example, is now producing in the Snorre area of the Norwegian North Sea.

It is significant that Elixir's partner in the Jaguar prospect is Oslo-based DNO. DNO has agreed to meet 92.5 per cent of the Jaguar well costs to earn a 60 per cent stake in the prospect.

Jaguar is a possible 450 million barrel prospect and is thought to be analogous to the Buzzard field, which when discovered in 2001 was the largest find to be made in the North Sea for ten years. Elixir believes that very few junior oil and gas explorers, if any, will participate in such a high potential exploration project in the coming months - although this is one for investors with an appetite for higher risk wildcatting.

aldwicck, how can we get info. on the progress of Jaguar..... before information is formally released on the market.. so the question is, wheter its possible to gain closer knowledge of progress on jaguar b4 a rns is released... Surely it must be possible to those that are willing to go the extra mile rather than to sit and wait for news and if it turns sour then lose alot of dollars!.... your views welcomed!

ELP INFO::::::::::::::::::::
Translated excerpts from an article in the Norwegian financial paper Finansavisen 17 Janaury 2006:

.......DNO [www.dno.no] is busy preparing for the drilling the exciting Jaguar project. According to DNO the field could contain between 54 and 280 million barrels of oil with the most probable estimate at 138m barrels. This would mean 83m barrels for DNO, or a reserve increase of 80%.

- Jaguar is our next big project and it starts in the very near future, the CEO of DNO Mr. Helge Eide says to Finansavisen........


Now take a look at this:

If 83 million barrels is an 80% increase in DNO's reserves, their current reserves must be approximately 100m barrels. The market cap. of DNO is today 1billon, or 10 per barrel of oil reserves. However, as well as OWNING reserves DNO is also pumping and selling oil. Therefore lets allow for this and value their oil reserves in isolation to 7 per barrel.

DNO (and Rocksource ASA) own 60% og Jaguar and Eilixir owns 40%. If they find 138m barrels of oil Elixirs 40% will equate to 55m barrels of oil reserves. Multiplied by 7 per barrel this gives a total value of 385m to Elixir. Eilxirs market value today is 26m. Therefore if DNOs likely scenario (if they strike oil) happens Elixirs share can rise to 6.