4 Mar 2008drilling progress report● Neutral
Elixir reports Pompano Well #2 casing cemented at 3,550 ft, with the next section heading to 8,136 ft. Platform refurbishment is well advanced and flowline test results are due in days. Routine progress.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2008admin correction● Neutral
Corrects the earlier count of exercised Gawler merger options: 7,880,139 were validly exercised, 25,000 more than first advised, because of a share registry administrative error. Late forms for lapsed options cannot be honoured.
26 Feb 2008drilling spud▲ GoodMajor
Elixir confirms Pompano Well #2 has spudded, targeting about 9,360 ft in roughly 28 days. This is the follow-up to Well #1's success. Pipeline testing between the B caisson and A platform will decide when Well #1's first gas arrives.
26 Feb 2008drilling spud● Neutral
Buccaneer reports Pompano Well #2 (SL 103230 #1) spudded 24 February 2008 and reached 800 ft. Planned depth is 9,360 ft in about four weeks. Elixir holds 25%.
18 Feb 2008flow test result▲ GoodMajor
Buccaneer reports Pompano Well #1 flow tested at 1.501, 1.430 and 5.342 million cubic feet a day from three gas sands. The two sands to be produced are expected to give 6-7 million cubic feet a day combined. Elixir holds 25%.
18 Feb 2008flow test result▲ Good
Elixir confirms Pompano Well #1 flowed 1.501, 1.430 and 5.342 million cubic feet a day from its three gas sands. The 6700A and B sands should start at a combined 6-7 million cubic feet a day once the platform retrofit is done. Elixir's 25% back-in is 5.5%.
12 Feb 2008drilling progress report▲ Good
Buccaneer says Pompano Well #1 completion is in its final stages with minor weather delays, flow rates due within 7 days. Platform refurbishment has started, and production is expected in mid-March 2008.
12 Feb 2008drilling progress report● Neutral
Pompano Well #1's shallow 6,700 ft sands were perforated and gas reached surface; deeper A and B sands are next for flow testing. The rig then moves to spud Well #2. The text now says the back-in is 5.5%, versus 5.0% in earlier releases.
5 Feb 2008drilling progress report▲ Good
Buccaneer reports production casing run on Pompano Well #1 and preparation to perforate for testing. The operator says three sands appear commercial. No flow rates yet.
5 Feb 2008drilling progress report● Neutral
Pompano Well #1 has production casing cemented, and perforating and flow testing of three gas zones is being prepared. Completion should end in about 8 days if trouble-free. No flow rates yet.
31 Jan 2008drilling scheduled▲ GoodMajor
After Well #1's success, Pompano partners have taken up a rig option to drill a second well, SL 103230 #1. It should spud within about 7 days of the rig being released in roughly 14 days. Buccaneer has options on 5 additional wells.
30 Jan 2008drilling result▲ GoodMajor
Pompano Well #1 reached 7,821 ft on 26 January with gas in three sand groups. The joint venture judges the pay commercial and will complete it as a producer in about 15 days. This is a success for Elixir's 25% first well.
30 Jan 2008drilling result▲ Good
Buccaneer reports Pompano Well #1 finished drilling at 7,821 ft with positive preliminary indications, so completion for production has begun. Completion takes about two weeks and platform refurbishment 30-60 days before production starts.
25 Jan 2008capital raising announcement● NeutralMajor
Elixir will issue 8,571,429 unsecured convertible notes at $0.35 to Macquarie Bank, raising $3.0m for Pompano drilling and working capital. Notes convert at $0.35 to 31 Dec 2008, otherwise redeem 31 Jan 2009; interest is 10% a year.
22 Jan 2008drilling progress report● Neutral
Buccaneer reports Pompano Well #1 at 3,265 ft with casing run and tested to 3,000 ft, drilling ahead. No hydrocarbon results yet; they come after logging.
22 Jan 2008drilling progress report● Neutral
Pompano Well #1 reached 3,265 ft with 10¾-inch casing cemented and the final hole section started. Total depth is planned around 7,973 ft, after which logging will occur. Routine progress with no results yet.
14 Jan 2008drilling progress report● Neutral
Buccaneer repeats that Pompano Well #1 spudded 12 January and was at 808 ft, preparing to run 16-inch casing. Hydrocarbon shows will be reported after logging. Duplicate of Elixir's own report.
14 Jan 2008drilling spud▲ GoodMajor
Pompano Well #1 spudded on 12 January 2008 and had reached 808 ft the next morning. This is the first well of the project in which Elixir holds 25%. Weekly Tuesday drilling updates will follow.
11 Jan 2008drilling progress report▲ Good
Buccaneer reports the caisson for Pompano Well #1 is installed, 15-20% under budget, and the rig is mobilising. Spud is expected shortly. Repeats Elixir's 25% interest.
11 Jan 2008drilling progress report● Neutral
Operator says the rig began mobilising to Pompano on 9 January, with spud preparations to start on arrival. Well #1 will test seven gas sands. Elixir's 25% interest is unchanged; a back-in of 5% applies after payout.
9 Jan 2008security holder rights change● Neutral
Notice that the 0.1c options issued to Gawler optionholders expire on 5 February 2008 and must be exercised before then. Shares last traded at $0.295. Administrative reminder with a sample holder letter.
3 Jan 2008security holder rights change● Neutral
18,375,000 unlisted options expired on 31 December 2007, including 10,000,000 unvested options at $0.74. This is expected expiry of options noted earlier in the company's share structure, not new capital.
3 Jan 2008drilling scheduled▲ Good
Elixir confirms the Hercules 152 rig is contracted for Pompano Well #1, targeting seven gas sands to 7,941 ft in about 30 days. Elixir has 25%, reducing by 5% after payout plus 20%. Rig due on site around 7 January.
2 Jan 2008drilling scheduled▲ Good
Partner Buccaneer says a Hercules rig is contracted to drill Pompano Well #1, planned to 7,941 ft and about 30 days. Buccaneer cites 18.7 BCF of 2P reserves for the first well. Elixir holds 25%.
30 Nov 2007investor presentation● Neutral
AGM presentation after the Gawler merger: 157.2m shares on issue, market cap about A$50m, cash A$5.1m at October 2007. Pompano drilling is planned for January 2008, Leopard in 2H 2008. Aurora Oil & Gas is the largest holder at 15%.
29 Nov 2007director officer appointment● NeutralMajor
Jonathan Stewart became Chairman and Andrew Ross Managing Director from 29 November 2007. John Robertson stays as a non-executive director. Russell Langusch resigned as Managing Director and stays until mid-February to help integration after the Gawler merger.
22 Nov 2007production update▲ GoodMajor
The Gawler merger completed 13 November 2007 and Gawler was delisted. Elixir now holds 30% of High Island, producing about 17.5 MMcf of gas and 200 barrels of condensate daily since September. It also holds 25% of Pompano, whose joint operating agreement is signed.
21 Nov 2007joint venture update▲ Good
Buccaneer, operator-partner in Pompano, said the joint operating agreement was signed, allowing refurbishment work to begin. Elixir holds 25% alongside Buccaneer 65%. The first well has 18.7 BCF of proven and probable reserves per Buccaneer. Drilling follows rig selection.
29 Oct 2007annual report● Neutral
Elixir's 2007 annual report, dated October 2007, repeats the year's results and describes the Gawler merger as pending, aimed at adding Gulf of Mexico production to North Sea exploration. No new figures in the excerpt; no Elixir shareholder action is required.
29 Oct 2007business combination● Neutral
The court order was lodged with ASIC and the Gawler schemes became legally effective. Record date remains 5 November and implementation 12 November 2007. This confirms the timetable already announced.