15/13b

Block 15/13b is located approximately 20 km from Piper Field (1 billion barrels) and close to the Kildrummy (15/12) and Hood (15/13a) discoveries. The licence contains significant prospects and leads identified within the Tertiary, Jurassic and Permian horizons. The Paleocene Guinea prospect was drilled by farminee, Nexen Petroleum, in February 2007. Unfortunately the well was subsequently plugged and abandoned after failing to find hydrocarbons. Elixir was fully-carried through the well retaining a 13.125% residual interest. However the deepr prospectivity of the block remains untested, particularly an Upper Jurassic prospect named Eagle. A further Zechstein lead has also been identified. Continuing technical work is being undertaken to fully assess this remaining prospectivity.

13/25

Located 25 km north east of the Captain Field (350 million barrels), this licence offers multiple Mesozoic prospectivity within potentially large Upper Jurassic structures. The reservoir target is similar to the reservoir of the giant Buzzard field. Each of the prospects is considered capable of stand-alone development. Identified Lower Cretaceous prospectivity provides further upside to this area.

21/4b

Elixir's second well was drilled on the Muness prospect in Block 21/4b after farming in to the licence. Muness was a stratigraphic prospect in the Kopervik sandstone on-trend with the Brodgar gas condensate field. The reservoir was encountered close to prognosis and, although hydrocarbon shows were encountered, commercial hydrocarbon was not discovered. The partnership is currently evaluating the prospectivity remaining on the block.

21/16b

Elixir and its joint venture partners, DNO and Sosina Exploration, were awarded Block 21/16b in the 24th UKCS Licensing Round in February 2007. The block is located in the north west Central Graben area immediately south of the Durward and Dauntless oil fields. Four prospects in the Upper Jurassic Fulmar sands have been identified in the block. The objective is to further de-risk these prospects before commencing a farmout campaign.