Elixir updates Pompano project

Elixir Petroleum Limited provides an update on drilling activities at the Pompano Project.

Well No. SL 103229 (“Well #1″) reached total depth on Saturday 26 January 2008 at 7,821 feet Measured Depth. Gas returns in the mud were encountered whilst drilling the primary targets. Several zones were logged while drilling and were found to be gas bearing in the 6,700 sands, the A sands and the B sands.

Following measurement of formation pressures the logged pay encountered is considered commercial and the joint venture has elected to complete Well #1 as a producer. Completion activities will commence immediately together with platform and flow line refurbishment. It is expected that the completion of Well #1 will take 15 days.