In a drilling report today, the junior company said the SL 103229 well (Well-1) reached a total depth of 7821 feet on the weekend, with gas returns seen in the primary targets.
“Several zones were logged while drilling and were found to be gas-bearing in the 6700 sands,” Elixir said.
“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 are due to start immediately, together with platform and flow line refurbishment.
The Pompano Project is essentially a re-development of the Pompano gas field with new well locations based on modern 3D seismic data,
Elixir Petroleum has a 25% working interest in this well, which will be reduced by 5% under a 'back-in' arrangement with AnaTexas once Elixir has recouped its total investment in the well, plus 20%.
The project operator is Buccaneer Resources.
