Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2008production update▲ GoodMajor
Buccaneer reported Pompano Well #2 went on production on 1 May 2008 and stabilised near 8.0 MMcf/d. Together with Well #1, which was performing to expectations at about 6.6 MMcf/d, the two wells produced about 14.6 MMcf/d. Elixir holds 25%.
24 Apr 2008flow test result▲ GoodMajor
Elixir reports Pompano Well #2 flow tests: the E sand flowed 6.1 MMscf/d with 30 barrels a day of condensate, and the B sand 0.8 MMscf/d. E-sand pressure was well above pre-drill estimates. The C sand was non-commercial. Production is expected within about 10 days.
24 Apr 2008flow test result▲ GoodMajor
Buccaneer says Pompano Well #2 tested 74 ft of net gas pay. The E sand flowed 6.1 MMcf/d plus 30 barrels a day of condensate, with near-original pressure of 4,820 psi versus 2,500 psi expected. The C sand did not flow. Combined rate is expected near 7 MMcf/d.
22 Apr 2008drilling progress report● Neutral
Elixir reports weather caused minor delays to perforation and testing of Pompano Well #2, now due to finish within about 48 hours. Production is still expected towards the end of April. Routine progress.
22 Apr 2008drilling progress report● Neutral
Buccaneer says flow testing on Pompano Well #2 is still running and should finish within 24-48 hours. Production is still expected at the end of April. Routine progress.
15 Apr 2008drilling progress report● Neutral
Elixir reports the dual string completion is run in Pompano Well #2 and perforation of the B, C and E sands is being prepared. Production is still expected toward the end of April. Routine progress.
15 Apr 2008drilling progress report● Neutral
Buccaneer reports the dual string completion is in Pompano Well #2 and perforation of the B, E and C sands is being prepared. Production is still expected at the end of April. Routine progress.
9 Apr 2008drilling result● Neutral
Elixir reports the F and G sands in Pompano Well #2 were not commercial in this fault block, though gas shows suggest potential elsewhere in the field. The well will be completed on the B and E sands, with production expected late April.
8 Apr 2008drilling result● Neutral
Buccaneer says Pompano Well #2 will be completed on the B and E sands, expected to produce 6-7 MMcf/d combined by end of April. The F and G sands were gas bearing but thin, so were not completed.
4 Apr 2008asset acquisition disposition▲ Good
Elixir says the Pompano joint venture is high bidder for a 720-acre lease (SL108868) adjacent to the field, with Elixir at 25%. Award is expected within about 10 weeks. Elixir grants the operator a 5% reversionary interest in new wells after Elixir recovers costs.
4 Apr 2008asset acquisition disposition▲ Good
Buccaneer says the Pompano joint venture was high bidder at US$110,000 for a 720-acre Texas state lease next to the field. Elixir's share is 25%. Two leads, called the Redfish Prospect, will be assessed with new 3D seismic.
1 Apr 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 drilling finished at 8,980 ft, with logs being run over the F and G sands. The operator thinks they were penetrated and the well is unlikely to go deeper. Routine progress.
1 Apr 2008regulatory community update▲ GoodMajor
3D seismic acquisition began on 30 March 2008 on Sierra Leone Block SL-4, covering 1,222 km², larger than the 1,000 km² earlier announced. Completion is expected by early June 2008. It satisfies the first-period minimum work programme, with drill-ready prospects for farm-out targeted for 1H 2009.
1 Apr 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 drilled to 8,980 ft, with the operator believing all target horizons have been penetrated and logging under way. Hydrocarbon sands found in the 6700, B, C and E sands. Routine progress.
28 Mar 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 casing run and pressure tested at 8,627 ft, with drilling ahead into the F and G sands at 8,663 ft. Total depth stays 9,150 ft. Routine progress.
27 Mar 2008production update▲ Good
Pompano Well #1 has stabilised at about 7 MMscf/d of gas, with 9 barrels of condensate and 140 barrels of water a day, in line with pre-drill expectations. Sales proceeds are expected about two months after each month of production.
25 Mar 2008drilling result▲ Good
Buccaneer says Pompano Well #2 reached 8,627 ft and the B, C and E sands appear commercial, with E the main target. Drilling was difficult, and a decision on drilling to the F and G sands follows. Elixir holds 25%.
25 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 at 8,627 ft with the 5½-inch liner run as a contingency after difficult drilling. Hydrocarbon sands found in the 6700, B, C and E sands. Final section now planned to 9,150 ft, down from about 9,358 ft.
18 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 has 7⅝-inch casing cemented at 8,154 ft and is starting the final section to about 9,358 ft. No hydrocarbon results are reported until total depth. Routine progress.
18 Mar 2008drilling progress report● Neutral
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17 Mar 2008asset acquisition disposition▲ GoodMajor
Elixir acquires a 15% interest and operatorship of Block SL-4, offshore Sierra Leone (4,429 km²), with an option on a further 20%. It must fund a 1,000 km² 3D seismic survey to begin by Q3 2008. A new frontier exploration area beyond its US and UK holdings.
17 Mar 2008investor presentation● Neutral
Roadshow presentation restating known facts: 161.1m shares, cash A$4.7m at March 2008, Pompano Well #1 producing, Well #2 expected at depth late March, High Island revenue about US$600-700k a month. Nothing new to announce.
13 Mar 2008half year report▼ Bad
Half-year to 31 December 2007: net loss of $6.06m versus $2.26m a year earlier. High Island wells averaged 14.5 MMscf/d gas, though Well A-1 shows more water and condensate, with a fix planned by shifting the producing interval.
12 Mar 2008production update▲ GoodMajor
First gas from Pompano Well #1 flowed on 9 March 2008, with rates in line with expectations, about 13 weeks after field work began. Elixir's 25% interest now earns gas sales alongside High Island. This delivers the mid-March target.
12 Mar 2008production update▲ Good
Buccaneer says Pompano Well #1 began producing on 9 March 2008, with gas flowing as expected, and a stable rate is expected in 7-10 days. The independent reserve report slipped from mid-March to mid-April.
11 Mar 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 at 8,180 ft, preparing to run 7⅝-inch casing before drilling to 9,360 ft. Hydrocarbon shows are withheld until total depth. Routine progress.
11 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 drilled to 8,180 ft, with logging runs then casing before the final section to about 9,358 ft. No hydrocarbon results are reported until total depth.
6 Mar 2008production update▲ Good
Elixir says Pompano flowlines passed testing and are connected to Well #1, so gas production should begin within about 7 days from the 6700A and B sands. This resolves the open flowline test.
6 Mar 2008production update▲ Good
Buccaneer says the Pompano flowlines passed pressure testing and are connected to Well #1. Production is expected within about 7 days once platform piping is finished, with no delay from flowline repair. This resolves the flowline-test question.
4 Mar 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #2 has 10¾-inch casing run to 3,550 ft, with drilling ahead expected next. No hydrocarbon results are reported yet.
