Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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%.
25 July 2007drilling progress report● Neutral
Gawler reported that the High Island A-2 well, in which Gawler holds 30%, spudded on 23 July 2007, with completion expected late August. Pipeline laying is finished. This is Gawler's project, relevant to Elixir through the pending merger.
1 June 2007farm in farm out completion▲ GoodMajor
The Leopard (Block 211/18b) farmout to RWE Dea for 30% was signed, as flagged in February. Elixir drops to 56%, RWE 30%, Sosina 14%, subject to government consent. Another farminee is still being sought to cover most of the well cost.
12 Mar 2007drilling result▼ BadMajor
Guinea reached 2,176m and found no significant hydrocarbons in the Palaeocene objective, so it is being plugged and abandoned. Elixir keeps 13.125% and bore no well cost. This is the third dry well; deeper prospectivity in the block is unaffected.
26 Feb 2007drilling spud▲ GoodMajor
The Guinea well (15/13b-8) spudded on 26 February 2007, targeting Palaeocene Balmoral sandstone to about 2,150m in roughly 20 days. Nexen and Gas Plus fund Elixir's 13.125% share. Ends the long run of delays.
20 Feb 2007farm in farm out agreement▲ GoodMajor
Elixir accepted an offer from RWE Dea to farm into the Leopard block (211/18b) for 30%, funding part of a well. Elixir's interest drops from 80% to 56%. A formal agreement is due by 30 April 2007, and a further farminee is sought.
22 Dec 2006drilling progress report▼ Bad
Nexen now says the rig will not move to the Guinea location until 14 January 2007, because of ongoing operations on its current well. The date could change if bad weather continues. Another slip.
15 Dec 2006drilling progress report▼ Bad
Guinea spud is delayed by North Sea storms, because Nexen's rig is still tied up on a well in Block 20/1. Spud is expected in 7-10 days if the weather allows. A further slip from the November target.
31 May 2006farm in farm out agreement▲ GoodMajor
Elixir farmed out part of Block 15/13b (Guinea) to Nexen (operator, 50%) and Gas Plus, alongside Albion. Elixir keeps 13.125% with its well costs fully funded by partners. The well is planned for the last quarter of 2006, to about 1,600m. This firms up the Albion deal.
15 May 2006farm in farm out agreement▲ GoodMajor
Elixir signed a Heads of Agreement with Albion Petroleum to farm out three to five of its 22nd Round-area licences. Albion would fund at least C$10m (£5m) of exploration wells, with the first well expected on Block 15/13b (Guinea) later in 2006. The deal is subject to approvals and a final agreement.
7 Mar 2006drilling result▼ BadMajor
Jaguar failed to find commercial hydrocarbons at 3,977m; oil shows over 17m in the Middle Jurassic could not be sampled because of low permeability, and the well is being plugged. It resolves the Jaguar thread, though Elixir's 40% licence remains with further evaluation planned.
28 Feb 2006drilling progress report▼ Bad
The Jaguar well drilled through its main Upper Jurassic target without indications of commercial hydrocarbons, though this is not yet confirmed by logging. Drilling continues deeper to total depth before final evaluation.
24 Jan 2006drilling spud● NeutralMajor
The Jaguar well (211/22b-5) spudded on 23 January 2006 using the Bredford Dolphin rig, with about 45 days of drilling planned to roughly 4,000m. Elixir keeps a 40% interest and will not update until the target is reached.
20 Jan 2006drilling scheduled● Neutral
Drilling is expected to start within a week on the Jaguar well in North Sea Block 211/22b, targeting about 4,000m. Elixir holds 40% but pays only 7.5% of costs under the DNO farm-in; the prospect could hold several hundred million barrels if oil-bearing.
