Both companies, through local partnerships, secured several licenses in what Elixir described as 'a prolific oil & gas province, which, in terms of prospectivity, economics and political risk, it is one of the best places in the world for emerging exploration and production companies.'

After placing a trading halt on Wednesday Elixir opened again following the licensing success and immediately jumped 20 cents, from 41 cents to 60 cents, with close to three million shares changing hands. The company listed in July with 16.5 million shares at 20 cents each.

After dipping down as low as 1.2 cents in January Nido has staged a mini revival on the back of its UK move soaring up to 3.7 cents on a turn over of around 215,975,065 shares.

From a low of 0.5 cents early in the week positive geochemical survey results over the Parrot Hill Prospect pushed Empire Oil & Gas up to a peak of 1.9 cents. Existing seismic mapping of Parrot Hill East has already estimated potential recoverable oil reserves of 4.7 million barrels.

After a bad few months following the Chinese Beibu Gulf results Petsec could be about to turn things around with it’s stable US cash generating assets. Apart from its key Vermillion 258 project the company will contribute to the cost of three onshore Louisiana wells for a 25% interest, keeping them stable above the $1 mark at $1.07.