Well 21/6b-6 on the Marquis prospect found water and has been plugged and abandoned .

The well was the first of up to eight exploration wells planned over the next 24 months, according to Elixir managing director Russell Langusch.

"Drilling a dry hole on its first exploration well is naturally a disappointment for Elixir," Langusch said.

"But the company has assembled a portfolio containing many excellent prospects which should be drilled over the next two years. The activity will provide investors with exposure to more high-potential exploration wells in this major oil and gas province."

The forward exploration program is based around the Jaguar prospect in Block 211/22b (Elixir 40%, post-farmout) and three to four prospects on awarded 22nd round licences. Elixir has also applied for other blocks in the current 23rd licensing round.

21/6b-6 was drilled from the rig Bredford Dolphin operated by Century Exploration and was targeting a Palaeocene Forties-Balmoral sandstone reservoir off north-east Scotland.

Elixir has a 15% interest in Block 21/6b and is contributing 10% of the well costs.