WA float targets North Sea

Perth-based Elixir Petroleum has released a prospectus to raise $3,000,000 through the issue of 15 million shares at 20 cents per share in order to explore the prospective and proven North Sea.

The float is the first with prominent oilfield advisor, Russell Langusch, who takes the helm as managing director. Langusch has advised many listed Australian companies on exploration strategies and mergers and acquisitions.

The UK Department of Trade and Industry recently established a series of reforms to the North Sea licensing system allowing improved access for smaller explorers.

To that end, Elixir has entered into an alliance with UK-based Granby Enterprises Ltd, the principals of which are Richard Moreton and Martin Whitehead, former senior executives with successful North Sea explorer Enterprise Oil plc until its takeover by Shell in 2002 for approximately $10 billion.

Elixir's aim is to build a portfolio of prospective oil and gas permits in the North Sea, with Elixir funding Granby to apply for acreage under the upcoming Licensing Rounds. Granby's philosophy is to pursue licences over Blocks on which it has already identified prospects and leads.

The directors of Elixir are also willing to accept oversubscriptions of up to a further $300,000. Former DJ Carmichael Stockbroking executive chairman Don Maloney has been appointed chairman while the rest of the board comprises Kent Hunter and Michael Pedley.

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