Elixir has duster in North Sea

ELIXIR Petroleum has failed to find commercial hydrocarbons at its latest UK North Sea exploration well on the Muness prospect.

The Sedco 712 rig spudded well 21/4b-6 on November 30 and drilled to a total depth of 3650 metres.

While the Lower Cretaceous Kopervik sands were intersected close to prognosis, they produced only minor gas shows. The well is being plugged and abandoned then the rig will be released.

Elixir earned a 7% stake in Block 21/4b by contributing to the costs of drilling the Muness well.

The company put a brave face on the dry hole with managing director Russell Langusch saying Elixir had assembled a portfolio of many excellent prospects that would be evaluated over the next two years.

"Elixir's next exploration venture will be our high-potential Jaguar well, which is due to commence drilling in Block 211/22b around mid-to-late January 2006."

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