Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/spot_news/elixir-weakens-on-n-sea-drilling.shtmlElixir hit by North Sea drilling
Failed North Sea exploration has cost recently merged Aussie outfit Elixir Petroleum, and the company had to admit a year-end loss on Wednesday of A$3.1 million.
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Failed North Sea exploration has cost recently merged Aussie outfit Elixir Petroleum, and the company had to admit a year-end loss on Wednesday of A$3.1 million.
The result was still an improvement over the previous year’s A$7 million loss, but a $1.4 contribution to North Sea exploration dented cash holdings, of which the company still has some A$4.5 million.
Money was also raised in July, when Elixir managers sold $2.7 million in debt via a bond issue to ”a small number of sophisticated investors”.
A merger with compatriot company Gawler Resources in March was intended to produce a “balanced oil and gas exploration and production company”.
