(MENAFN- ProactiveInvestors)
() has reduced its corporate overheads to preserve cash for exploration of the Petra Project that targets multi-million barrel conventional oil prospects in Colorado.
These include cutting non-executive director fees by 20% and the chairman’s by 25%.
In addition Michael Price has stepped down as a non-executive director. The company’s board now consists of the managing director an independent non-executive chairman and two non-executive directors.
Further permanent and temporary cost savings are also being introduced to reflect the current market conditions.
Elixir has a 50% working interest in 25000 net acres of acreage adjacent to 2000 barrels per day oil fields in Colorado.
It is funding the first US$1.5 million of exploration expenditure with about US$300000 funded to date on seismic data reprocessing and interpretation.
The Petra Project is located in a region with proven repeatable conventional oil discoveries that required low cost (less than $1 million) vertical exploration wells.
It has multiple stacked objectives with wells delivering payback within three months.
The company had $2.3 million in cash as at 30 September 2014.
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