Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2017drilling scheduled▲ Good
Operator has contracted a rig and approved the budget for Rodwell 14-31, which should spud within weeks. Elixir's share is about US$125,000 dry hole, US$225,000 if tested and completed. Deepest target is about 7,500 feet.
8 June 2017farm in farm out agreement● NeutralMajor
Elixir signed a joint operating agreement to take a 25% interest in the Rodwell 14-31 well, with drilling due early August 2017. It chose not to pay for the extra 25%, cutting its dry-hole share to about US$125,000 and net acreage to about 7,500. It keeps a royalty of up to 7.5%. Changes the earlier plan to earn 50%.
11 Oct 2016farm in farm out agreement▲ GoodMajor
Elixir and partner Apollo extended the Petra farm-in to 30 June 2017, with the Rodwell well scheduled for May 2017. Dry-hole cost is expected under US$500,000 and Elixir says it is now funded to earn its full 50% of 30,000 net acres. Moves the 31 December 2016 deadline.
8 Sept 2015farm in farm out agreement● NeutralMajor
Elixir and Apollo extended the Petra farm-in by six months to 31 December 2016 and deferred further exploration spending commitments until after 31 March 2016. Directors will take 50% of fees in shares, subject to approval. Drilling is pushed back from the late Q3 2015 target.
13 Aug 2015resource reserve update▲ GoodMajor
Independent assessment of the Rodwell Prospect at Petra gives mean prospective resources of 2.5 million barrels net to Elixir, with an un-risked value of US$41.8m at US$50 oil. These are undiscovered estimates, with geological success chances of 24% and 19% for the two zones. Resolves the pending estimate.
3 June 2015drilling progress report● Neutral
The 26 km Simpson 2D infill seismic at Petra is complete after a two-week weather delay. A prospective resource estimate is expected within about two weeks; first well now said to be on track for late Q3 2015.
13 Apr 2015drilling scheduled▲ GoodMajor
Processed 2D seismic confirms at least two drillable prospects at Petra, one described as significant. Another 26 km of infill seismic will follow. Well costs fell about 30% to under US$700,000 dry-hole, with the first well on track for Q3 2015.
17 Feb 2015drilling progress report● Neutral
The roughly 35 km 2D seismic shoot at Petra finished on time and within budget, with data quality good to very good. Processing is underway, with integration due mid to late March 2015. Completes the survey announced on 9 February.
9 Feb 2015drilling progress report● Neutral
Field work began on about 35 km of new 2D seismic at Petra, to be finished and interpreted by 31 March 2015. Next steps could be a small 3D survey or going straight to drilling.
4 Sept 2014farm in farm out completion▲ GoodMajor
Petra acquisition completed with over 10,000 net acres, and the SPP closed fully subscribed, raising over $3m with the placement. Dougal Ferguson, CEO since 1 May 2014, becomes Managing Director. This resolves the pending Petra conditions and funding.
17 Oct 2013farm in farm out completion● Neutral
The amended Sunset (P1921) farmout with Adriatic received UK regulatory approval and completed, effective 2 September 2013. Adriatic now holds 80%; Elixir keeps 20%, free-carried to the drill-or-drop decision before February 2014. Confirms the 3 September deal.
3 Sept 2013farm in farm out agreement● NeutralMajor
Elixir amends the Adriatic farmout of Inner Moray Firth licence P1921 (Sunset): Adriatic takes a further 55% for 80% total and becomes operator, funding seismic reprocessing and farmout costs. Elixir keeps 20%, free-carried to the drill-or-drop decision. Cuts Elixir's stake from 75% as it refocuses on Moselle.
7 June 2013resource reserve update▲ GoodMajor
RPS's independent report on three Moselle prospects gives mean unrisked recoverable resources of 861 Bcf gas, or 805 Bcf gas plus 76 million barrels of oil if the Triassic is oil-filled. This verifies Elixir's own work, though it covers only three prospects.
24 May 2013resource reserve update● Neutral
Elixir outlines three play types at Moselle, including a new Stephanian play, and focuses on three prospects (Nancy East, Bullseye, West Chaumont) under RPS review. Restates the 2,130 Bcf company estimate; farmout of conventional prospects is still ongoing.
19 Apr 2013resource reserve update● Neutral
RPS Energy Services appointed to independently review several conventional Moselle prospects, to verify Elixir's internal estimates. It complements the 2011 NSAI unconventional report. No results yet.
16 Jan 2013resource reserve update▲ GoodMajor
Elixir's own estimate for Moselle's nine conventional prospects: 3,748 Bcf gas in place and 2,130 Bcf unrisked mean recoverable. This supersedes the earlier risked 559 Bcf figure and underpins the farmout, with parties now in the dataroom.
10 Dec 2012farm in farm out agreement▲ GoodMajor
Adriatic Oil takes 25% of the Inner Moray Firth licence P1921 (Sunset prospect) by funding 3D seismic interpretation and contributing to Elixir's past costs. Options for a further 25% exist. Elixir stays operator. Completed 7 December 2012. Resolves the farmout search for this licence.
12 July 2012farm in farm out agreement▼ BadMajor
Over 30 companies reviewed Moselle, but France's fraccing ban made farminees struggle to value the unconventional play. Elixir has refocused the farmout on conventional prospects and reserved the unconventional resource for later. The Q2 2012 farmout expectation has not been met.
20 Oct 2011farm in farm out agreement▼ Bad
The extended window lapsed without DECC consent, so Elixir may now terminate the Tiger farmout. It will keep working with the farminee, who is confident of consent soon, but has restarted talks with other possible farminees as a back-up.
10 Oct 2011farm in farm out agreement● Neutral
Elixir extended the Tiger farmout's three-month exclusivity window to 14 October 2011 (from 7 October) at the farminee's request, giving it more time to get UK regulator (DECC) consent. The farmout stays conditional; this continues the pending approval thread.
16 Sept 2011resource reserve update▲ GoodMajor
NSAI's independent Moselle estimate: unconventional best-case in-place 164.7 billion bbl oil and 649.7 Tcf gas, plus conventional mean 2.1 billion bbl oil or 2.2 Tcf gas across 19 prospects. These are in-place volumes, not reserves; Elixir plans up to three wells in 2012. Resolves the long-pending estimate.
11 July 2011farm in farm out agreement▲ GoodMajor
Elixir conditionally farmed out Tiger (Block 211/12b, 90 MMbbl most likely) to a private explorer taking 85% and operatorship, carrying Elixir's 15% through a firm well and a contingent appraisal well (~£30m total). Needs DECC approval; spud targeted first half 2012. This advances the long-running Tiger farmout thread.
29 Sept 2009drilling progress report● Neutral
Sand has been cleaned out of both Well #1 strings, the 6700 sand was treated with a chemical gravel pack, and water isolation on the B sands was done. Fluid removal is under way, then B sand re-perforation. About a week remains.
21 Sept 2009drilling progress report● Neutral
The Pompano Well #1 workover began on 20 September, with the liftboat on location and sand bridges confirmed. Coiled tubing is being rigged up, with cement isolation of the water zone to follow. About two more weeks are expected.
1 Sept 2009drilling scheduled● Neutral
Preparations are advanced for the Pompano Well #1 workover, expected to start mid-September and take about 14 days. It will clear sand bridges and try to isolate water in the B sand. This progresses the long-pending repair of the well.
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.
