Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2008investor presentation● Neutral
AGM presentation largely repeats known facts: share price 3.7c (market cap about A$6.9m), cash A$13.5m, Pompano Well #3 unsuccessful, High Island repairs expected within 5 weeks. Leopard remote farmout remains unfinalised and the Mulle data room feedback is being received.
17 Nov 2008regulatory community update▲ GoodMajor
Elixir won two blocks in the UK 25th Round. Block 211/27d, next to Mulle, is 40% Elixir. Block 211/12b is 100% Elixir and operated, holding the Tiger prospect with a 90 MMbbl most-likely in-place estimate (if hydrocarbon bearing). This resolves the pending awards.
30 Oct 2008quarterly activities report● Neutral
September quarter production receipts were A$4.3m and cash was A$12.9m (about A$14.2m by 29 October). High Island stays shut in until pipeline repairs, expected in November. Oil and gas prices fell about 50% since July, and cash preservation is now a priority.
27 Oct 2008admin correction● Neutral
Elixir adds a competent-person statement for the reserves figures in its annual report. It also reports 397 shareholders held less than a marketable parcel at 30 September 2008. Administrative only, with no new operational information.
22 Oct 2008annual report● Neutral
The 2008 annual report was lodged, highlighting the Gawler merger, first Gulf of Mexico production and EBITDAX of A$5.88m. The chairman says Sierra Leone Block SL-4 has become a 'mixed blessing' and notes share-market disappointment. It repeats results already reported.
22 Oct 2008drilling progress report● Neutral
Pompano Well #3 open hole was abandoned and the well suspended for possible later completion or sidetrack. The rig left on 17 October. The Well #1 workover is still awaiting equipment; this is the last Well #3 update.
15 Oct 2008drilling result▼ BadMajor
Buccaneer reports Pompano Well #3 reached 8,315 ft and found 12 ft of net gas pay in the 6700 Sand. Deeper sands were structurally lower than predicted, so not commercial there. Well #1 has stopped producing due to water and needs a workover. Elixir holds 25%.
15 Oct 2008drilling result▼ Bad
Elixir confirms Pompano Well #3 hit 12 ft of net gas pay in the 6700 Sand, but the deeper B, C and E sands were water wet after the pre-drill structure proved inaccurate. Well #1 is shut in by water from a poor cement job; a workover is planned to restore 5-7 MMscf/d.
8 Oct 2008drilling progress report● Neutral
Elixir reports Pompano Well #3 reached 9 7/8-inch section depth of 7,974 ft, with zones of interest being logged. Casing will be run, then drilling to about 8,400 ft, expected in about a week. No results yet.
8 Oct 2008drilling progress report● Neutral
Buccaneer reports Pompano well #3 at 7,978 ft, preparing to run casing before drilling to its 8,380 ft target depth. No hydrocarbon results will be released until logging is complete.
3 Oct 2008production update▼ BadMajor
Pompano is back at pre-storm rates, but both High Island wells stay shut in until a damaged export pipeline is repaired, estimated at six weeks. Management says output is deferred, not lost, and Elixir has about A$9m cash.
1 Oct 2008drilling spud● Neutral
Elixir confirms Pompano Well #3 spudded 22 September 2008 and was at 3,005 ft preparing the 9 7/8-inch section. It targets four primary and two secondary sands next to successful Well #2. Elixir holds 25%.
1 Oct 2008drilling spud● NeutralMajor
Buccaneer reports Pompano's third well, SL 103230 #4, spudded 22 September 2008. It was at 3,005 ft with caisson driven and upper hole sections cased. Target depth is about 8,380 ft, roughly four weeks. Elixir holds 25%.
30 Sept 2008annual report● Neutral
Full-year accounts to 30 June 2008 show a net loss of A$6.4m (2007: A$3.1m) after A$9.5m amortisation. Elixir's share of Gulf of Mexico revenue exceeded A$9.1m; the Gawler merger completed in November 2007 and A$7.5m was raised in 2008.
26 Sept 2008joint venture update▼ BadMajor
Elixir issued a default notice to Sierra Leone Block SL-4 partner Prontinal for unpaid 3D seismic costs. The contractor has demanded about US$9m from an Elixir subsidiary. Elixir is seeking legal advice and says resolution is advanced; forfeiture of Prontinal's equity is possible but not considered likely.
22 Sept 2008drilling progress report● Neutral
Ike shut in both fields without platform damage; Pompano restarted 19 September, while High Island awaits export pipeline repairs. The rig reached Pompano and is preparing to drive the caisson for Well #3, about 25 days to drill. Elixir holds 25%.
22 Sept 2008drilling progress report● Neutral
Buccaneer reports the rig has begun operations on Pompano well SL 103230 #4, planned at 25 days to drill plus 22 to complete. Pompano production from the first two wells has restarted after the power outage.
19 Sept 2008investor presentation● Neutral
Oilbarrel Conference presentation repeating known facts: 188.9m shares, cash A$10.6m, Pompano and High Island revenue, Mulle farminee search, Leopard farmout targeted for 2H 2008 and Sierra Leone farmout for 1H 2009. No new information.
16 Sept 2008drilling progress report● Neutral
Buccaneer says Hurricane Ike left Pompano infrastructure undamaged, but production was shut in after a third-party onshore compressor lost power on 13 September. The Hercules 152 rig is undamaged and expected to mobilise within 7 days.
10 Sept 2008joint venture update● Neutral
Gustav caused no damage; High Island was shut in about four days and is back at ~4 MMscf/d. Hurricane Ike may delay the Pompano rig. The Mulle appraisal programme is finalised and a data room opened to find a farminee, as sought since May.
4 Sept 2008drilling progress report● Neutral
Partner Buccaneer reports Hurricane Gustav did not affect its operations or the Hercules 152 rig contracted for the next Pompano well. The rig should reach Pompano in 10-14 days. Elixir holds 25%.
3 Sept 2008other● Neutral
Competent Persons Statement accompanying the Good Oil presentation, naming Operations Manager Ian Lusted as reviewer of the Pompano information. No substantive content.
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation by MD Andrew Ross repeating known facts: 188.9m shares, cash A$10.6m, share price 16.5c, Pompano well 3 to spud in September, Mulle data room open. Nothing new beyond earlier announcements.
1 Sept 2008admin correction● Neutral
Share registry services moved from Advanced Share Registry Services to Computershare Investor Services, Perth, effective 1 September 2008. UK registry unchanged. Administrative notice only.
31 July 2008quarterly activities report● Neutral
June quarter: production receipts A$2.1m, Pompano Well #2 on production, Sierra Leone 3D seismic (1,222 km²) done, A$7.5m raised, cash A$10.6m. High Island output fell 21% (gas) and 37% (oil) versus March quarter; a sleeve-closing attempt on A-1 failed.
8 July 2008capital raising announcement● Neutral
Elixir completed allotment of 5,920,000 shortfall shares at 27c to professional investors, the placement announced on 2 July. Administrative completion of the entitlement shortfall.
2 July 2008capital raising announcement▼ BadMajor
Entitlement issue take-up was only about 9.7% (1.95m shares, A$527k). The underwriter terminated after a market fall, but directors placed ~5.9m shortfall shares at 27c (A$1.6m). Elixir says cash is about A$12m.
24 June 2008drilling scheduled▲ GoodMajor
Buccaneer says the operator has contracted a Hercules rig for third Pompano well SL 103230 #4, expected to spud late July 2008. It targets up to six sands in an adjacent fault block, with an option for a fourth well. Elixir holds 25%.
24 June 2008drilling scheduled▲ GoodMajor
Elixir says a rig is contracted for the third Pompano well, due on site late July 2008, with partners yet to approve the well proposal. Elixir expects May and June US net revenues above US$2.75m, a record.
23 June 2008joint venture update▲ Good
The 1,222 km² 3D seismic survey over Sierra Leone Block SL-4 finished on time and on budget. Processed data is expected before end 2008, with Elixir interpreting it in Q1 2009. Elixir holds 15% as operator plus a 20% option.
