(From AFX Europe (Focus))
LONDON (AFX) - Elixir Petroleum Ltd said it has agreed to farm out its northern North Sea Block 211/18b to RWE unit RWE Dea UK SNS Ltd.
The company said that following the farmout its stake in the block will decrease to 56 pct from its current 80 pct and its joint venture partner Sosina Exploration Ltd's stake will fall to 14 pct from 20 pct.
Elixir said RWE will secure a 30 pct interest in Block 211/18b by contributing on a promoted basis to the cost of drilling an exploration well on the Leopard prospect.
The company said it will be actively seeking to attract another partner to …