ELP Elixir Pet.

 

TIDMELP 
 
RNS Number : 3547O 
Elixir Petroleum Ltd 
05 March 2009 
 

Elixir Petroleum Limited 
(AIM : ELP) 
 
 
5 March 2009 
 
 
BLOCK SL-4 - RECEIPT OF NOTICE OF ARBITRATION 
 
 
Elixir Petroleum Limited announces that its subsidiary, Elixir Petroleum (UK) 
Limited ("EP(UK)"), has received a notice of arbitration issued by TGS-NOPEC 
Invest AS ("TGS"), the seismic contractor who acquired 3D seismic over Block 
SL-4, located offshore Sierra Leone during the course of 2008. 
 
 
The notice of arbitration relates to an alleged dispute concerning payment of 
approximately US$9.3 million for the seismic data acquired by TGS. EP(UK) has 
been named as a co-Respondent in the arbitration together with Prontinal 
Limited, EP(UK)'s former joint venture partner in the Block SL-4 joint venture. 
EP(UK) understands that an existing arbitration in relation to the dispute is 
currently in progress between Prontinal and TGS. 
 
 
It remains the view of EP(UK) that Prontinal Limited, is responsible for the 
payment of any sums that are found to be due to TGS in respect of the 3D seismic 
acquisition and processing, notwithstanding the forfeiture of their interest in 
Block SL-4 to EP(UK). 
 
 
As previously advised, EP(UK) has commenced legal proceedings in the British 
Virgin Islands seeking recovery of monies owed to it by Prontinal Limited and 
the winding up of Prontinal. Prontinal has lodged documentation to set aside the 
proceedings, with a hearing on this matter currently set down for mid-March 
2009. 
 
 
EP(UK) is in the process of obtaining advice from its legal counsel in relation 
to the Notice of Arbitration, but at this stage intends to vigorously defend its 
position with respect to the arbitration. 
 
 
For further information, please visit Elixir's website at 
www.elixirpetroleum.com, or contact: 
 
 
+----------------------------------------+----------------------------------------+ 
| Elixir Petroleum Limited               | Blue Oar Securities Plc                | 
| Alex Neuling, Company Secretary        | Jerry Keen / Olly Cairns               | 
| Tel: (+61) 8 9440 2650                 | Tel: (+44) 207 448 4400 / (+61) 8 6430 | 
|                                        | 1630                                   | 
|                                        |                                        | 
+----------------------------------------+                                        + 
| Conduit PR                             |                                        | 
| Jonathan Charles                       |                                        | 
| Tel: (+44) 207 429 6666                |                                        | 
+----------------------------------------+----------------------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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