NEWS BULLETIN

February 18, 2019 --- Vol. 25, No.6February 2019

Elixir to lend Entek funds to pay BLM

Elixir Petroleum, parent of its Alaska operating entity Emerald House, has decided to lend the recent buyer of its Alaska assets, Entek Energy, the $500,000 Entek has to pay the U.S. Bureau of Land Management for 10 federal leases Elixir was high bidder on in the Dec. 12 National Petroleum Reserve-Alaska lease sale.

Entek is expected to close in March on the three leases it is buying from Elixir that were originally acquired from oil and gas investor and independent Paul Craig in mid-November. The prospect was called South Nanushuk by Craig but has been renamed Project Peregrine.

The 13 leases are connected in a block south of Armstrong's Nanushuk discoveries at Pikka and Horseshoe and south of ConocoPhillips' Willow oil find, all west of the central North Slope.

On Feb. 11, Elixir received formal lease documentation from BLM for the 10 leases that it is transferring to Entek, requiring payment of the balance of the lease bid price by Feb. 26.

Both Elixir and Entek are Australia-based independents.

- KAY CASHMAN

Winx 1 exploration well spuds

On Feb. 18, London-based Pantheon Resources plc said the Winx 1 well was spud on Feb. 15, and as of Feb. 17 drilling had reached a depth of 880 feet.

Located a little less than 4 miles east of the Armstrong Horseshoe 1/1A discovery well that significantly extended the successful Nanushuk play fairway to the south, the Winx 1 will target the Nanushuk as the primary objective. It will also pass through the Seabee turbidite and Torok fan secondary targets, Pantheon said.

The well, which will be drilled to a total vertical depth of 6,500 feet, is operated by Captivate Energy Alaska Inc., an 88 Energy Ltd. company, and the majority interest owner of the four independents invested in the well.

- KAY CASHMAN

See stories in Feb. 24 issue of Petroleum News, available online Friday, Feb. 22, at www.petroleumnews.com

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