Elixir Petroleum Limited provides an update on activities at the Pompano Project.

The operator of the Pompano Project, AnaTexas Offshore Inc. (“AnaTexas”) has advised that the Hercules 152 jack-up drilling rig commenced mobilisation to the Pompano field on 9 January 2007. Subject to weather, it is expected the drilling unit will arrive in field over the weekend, with preparation to spud Well SL 103229 #1 (“Well #1”) commencing immediately.

Well #1 is designed to test seven potentially gas bearing sands located between 3,800 feet and 7,900 feet measured depth. Several of these sands have been productive down dip of the Well #1 location, or nearby within the Pompano field.

The Pompano gas field lies offshore in the Gulf of Mexico, in Brazos Block 446-L SE/4, which is approximately 90 miles southwest of Houston Texas. The field is approximately 7 miles offshore in 55 feet of water.

The Pompano gas field was discovered in 1966 and has produced over 120 billion cubic feet of gas prior to being shut-in in 2003. The Pompano Project is essentially a re-development of the Pompano gas field with new well locations based on modern 3D seismic data.

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