Elixir Petroleum Acquires Unconventional Gas Exploration Acreage in France

Elixir Petroleum Limited has announced that it has agreed to acquire the large Moselle Permit located in the East Paris Basin, onshore North-eastern France. The Moselle Permit is 5,360 km2 in area, making it the largest single exploration block onshore France. The Permit was awarded in January 2009 to East Paris Petroleum Development Limited (“EPPDL”) for an initial five year term. Elixir has agreed to acquire the entire issued share capital of EPPDL, the 100% interest holder and operator of the Moselle Permit.

The Permit is prospective for a number of different play types including conventional gas, unconventional gas (i.e. tight sand and shale gas) and coal bed methane (“CBM”). Shale gas, which is considered the most promising hydrocarbon resource in Europe, is drawing significant investment into the continent. Elixir joins a number of other companies including ExxonMobil, ConocoPhillips, Shell, OMV and BNK Petroleum in acquiring land positions across the EU.

Commenting on the announcement, Elixir’s Managing Director, Andrew Ross said: “This opportunity is particularly attractive given the stable political environment, established and growing gas market, excellent fiscal regime and the fact that the Moselle permit is prospective for a number of different play types, including shale gas.” He commented that shale gas plays are now firmly established as one of the most exciting sectors globally for the oil and gas industry, largely as a result of the continuing success of these types of plays onshore in the USA where members of Elixir’s team and its largest shareholder have relevant experience.

Source: Elixir Petroleum Limited