Elixir Petroleum Announces Relinquishment of Sunset Project - UK North Sea

Source Press Release
Company Elixir Energy LimitedAdriatic Oil PLC 
Tags Field/Block Abandonments & Relinquishments, Upstream Activities
Date February 21, 2014

ASX-listed Elixir Petroleum has advised that it has been notified by ISDX-listed  Adriatic Oil, as 80% Working Interest holder and operator of the Sunset Project (Seaward production licence P1921, Blocks 12/18 and 12/19c), that it has concluded the technical evaluation of the project pursuant to the terms of the farm-out agreement entered into with Elixir on 3 September, 2013. The evaluation, which was fully funded by Adriatic, included re-processing and reinterpretation of existing 3D seismic data but failed to identify sufficient prospectivity to warrant entering into the second exploration period for which there were substantial additional spending commitments. Elixir (20% Working Interest) concurs with Adriatic’s interpretation and both parties have proceeded with relinquishment of the blocks. The Company continues to focus its efforts on the Moselle Project in France in addition to reviewing new venture opportunities.

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