heads up, aud$14.12 rocket potential here

"Therefore if DNO's likely scenario (if they strike oil) happens Elixir's share can rise to £6 (AUD$14.1270). "

Translated excerpts from an article in the Norwegian financial paper "Finansavisen" 17 Janaury 2006:

.......DNO [www.dno.no] is busy preparing for the drilling the exciting Jaguar project. According to DNO the field could contain between 54 and 280 million barrels of oil with the most probable estimate at 138m barrels. This would mean 83m barrels for DNO, or a reserve increase of 80%.

- Jaguar is our next big project and it starts in the very near future, the CEO of DNO Mr. Helge Eide says to "Finansavisen"........
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Now take a look at this:

If 83 million barrels is an 80% increase in DNO's reserves, their current reserves must be approximately 100m barrels. The market cap. of DNO is today £1billon, or £10 per barrel of oil reserves. However, as well as OWNING reserves DNO is also pumping and selling oil. Therefore lets allow for this and value their oil reserves in isolation to £7 per barrel.

DNO (and Rocksource ASA) own 60% of Jaguar and Eilixir owns 40%. If they find 138m barrels of oil Elixir's 40% will equate to 55m barrels of oil reserves.

Multiplied by £7(AUD$16.4815) per barrel this gives a total value of £385m (AUD$906.483m) to Elixir. Eilxir's market value today is £26m (AUD$61.217m). Therefore if DNO's likely scenario (if they strike oil) happens Elixir's share can rise to £6 (AUD$14.1270).