Elixir is entering into an exciting phase in its growth with the recent announcement of the signing of an agreement to acquire a 57.5% Working Interest in the producing Cliff Head oil field located inthe Perth Basin, Western Australia (Acquisition).

The Acquisition will transform Elixir from a junior explorer to a significant domestic oil and gas producer. The Acquisition is subject to a number of conditions precedent including Elixir completing its technical and legal due diligence which is currently well underway.

At this stage, there are no unexpected technical issues that have been identified but there remain a number of key commercial and legal matters that need to be addressed to the satisfaction of all the parties involved

Tags: Elixir Petroleum Limited