ELP Elixir Pet.

    RNS Number : 3631X
  Elixir Petroleum Ltd
  24 June 2008
   
    Elixir Petroleum Limited
    (AIM : ELP)

    24 June 2008

    POMPANO PROJECT - RIG SECURED FOR THIRD DEVELOPMENT WELL

    Elixir Petroleum Limited ("Elixir"), the international oil and gas exploration and production company (ASX:EXR, AIM:ELP), is pleased to
announce that the operator of the Pompano Project has contracted a drilling rig to drill the third development well at Pompano.

    It is expected the rig will be mobilised to site by late July 2008. The operator is in the process of finalising the well programme and
the procurement of drilling materials, after which a complete well proposal will be forwarded to partners for consideration and approval. 

    The Pompano Project is located in shallow waters offshore Texas in the Gulf of Mexico and is currently producing approximately 15 MMscf
of gas per day and 50 barrels of condensate from two development wells which are tied back to a production platform.

    Commenting on the announcement, Elixir's Managing Director, Andrew Ross said:

    "We are looking forward to receiving the well proposal from the operator and to the commencement of the second phase of drilling
activities at Pompano in July. 

    "Based on our current production rates from our US operations, and recent gas prices in the US, we anticipate our net revenues for May
and June will exceed US$2.75 million in total, setting a new record for Elixir. Continued high gas prices and growing production would see
Elixir generate strong cashflow from the US over the next twelve months."


 For further information, please visit the Company's website at www.elixirpetroleum.com, or contact:
                                                                                                                
 Elixir Petroleum Limited                                                                Blue Oar Securities Plc
 Alex Neuling                                                                           Jerry Keen / Olly Cairns
 Tel: (+61) 8 9440 2650                                                   Tel: (+44) 207 448 4400 / (+61) 8 6430
                                                                                                            1631
                                                                                                                
  
 Conduit PR
 Jonathan Charles / Sarah Alexander
 Tel: (+44) 207 429 6666


This information is provided by RNS
The company news service from the London Stock Exchange
 
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