Australia-listed Elixir Petroleum agreed in December last year to assign a 25% stake to Adriatic in exchange for funding the cost of interpreting newly purchased 3D seismic data, as well as paying back costs.
Under varied terms to the farm-in agreement, Adriatic will now become the operator and acquire up to 80% in the licence covering Blocks 12/18 and 12/19c, in consideration for fully funded re-processing and interpretation of the acquired 3D seismic data.
Elixir
