 Elixir Petroleum acquired an interest in and was appointed as the operator
of Block SL-4 offshore the Republic of Sierra Leone. Block SL-4 is one of six
awarded offshore exploration blocks in Sierra Leone. The block comprises
4,429 square kilometers (1,710 square miles) located near exploration blocks
that are held by some of the larger international oil and gas companies.
Elixir is acquiring up to 35 percent interest on ground floor terms, broken
down as 15 percent working interest in exchange for repaying 15 percent of the
costs of a proposed 1,000-square-kilometer (386-square-mile) 3-D seismic
programme, and an option to acquire an additional 20 percent interest on similar
terms.
Although the area offshore Sierra Leone is essentially unexplored, Elixir
said recent major discoveries have resulted in the West African
continental margin garnering considerable renewed interest from the
international exploration and production industry.
Elixir's Managing Director Andrew Ross said, "Block SL-4 represents
a relatively low-risk, low-cost entry for Elixir into what we hope will emerge
as a new petroleum province. The acquisition of 3-D seismic data is a key
requirement in evaluating and refining drilling targets identified from
the existing 2-D seismic data set."
The planned 3-D programme is expected to commence no later than the third
quarter of this year.
Offshore Oil
& Gas News: Elixir swoops on Sierra Leone block
Related Items:
|
