NEWS BULLETIN

November 14, 2018 --- Vol. 24, No.31November 2018

Craig sells Nanushuk leases to Elixir Petroleum - Corrected

Paul Craig, veteran oil and gas investor and independent in Alaska, has closed a deal with the small, publicly traded Australian oil company Elixir Petroleum Ltd. for the South Nanushuk prospect.

Elixir, which Craig first hinted at in the July 3 edition of Petroleum News, has purchased 100 percent working interest in the 35,423-acre parcel, which lies about 20 miles south of Armstrong's Nanushuk discovery at Horseshoe, west of the central North Slope.

Elixir renamed the prospect Project Peregrine.

Armstrong and Repsol's Nanushuk leases at Horseshoe and north in the Pikka unit are now operated by Oil Search, another Australian company and Armstrong and Repsol's partner.

According to a Nov. 14 statement by Elixir, the price for the parcel was US$653,859, which has been placed in escrow awaiting confirmation that the lease assignments have been approved by the U.S. Bureau of Land Management. Elixir has posted a US$300,000 cash backed bond with the agency.

"With the acquisition of the Alaskan leases now completed, work has begun on interpretation of all the existing data with significant progress being made on our Alaskan exploration strategy over the last two months," said Elixir's chief executive, Managing Director Dougal Ferguson.

- KAY CASHMAN


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