Elixir Petroleum Limited says that operational progress continues to be made towards drilling of Elixir's first exploration well at its Petra Project in the Colorado's DJ Basin, with two initial well locations staked and permits lodged with the Colorado Oil and Gas Conservation Commission.
The drilling permits are expected to take 30 to 45 days to be approved. The surface owners of the relevant lease have not objected to the drilling applications and are eager to see activity on their land, where they are also the principal mineral rights owners who will benefit from any successful production operations.
The Prospective Resource calculation for the Petra Project is expected to be completed within the next three weeks. The number of potential locations and the overall size of the exploration play will be determined based on the outcomes of the Prospective Resource assessment currently being undertaken.