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Elixir Energy Limited ( (AU:EXR) ) just unveiled an update.
Elixir Energy has reported steady progress on its Lorelle‑3 appraisal well in Queensland’s Taroom Trough, having drilled the top hole and intermediate section to 2,320 metres and commenced running casing before moving on to the key reservoir section. The two‑phase program will see Lorelle‑3 drilled to 3,600 metres with coring and extensive logging across multiple Permian sandstone targets, followed by a 1,000‑metre horizontal sidetrack into the primary Dunk member of the Tinowon Sandstone for stimulation and production testing, with costs eligible for a significant refund under Australia’s R&D tax incentive. Positioned near Shell’s Dunk‑1 discovery and as the first well on the upper western flank of the Taroom Trough outside Shell’s acreage, Lorelle‑3 is flagged as one of the highest‑impact wells in the area this year and is intended to demonstrate commercial gas and condensate flows that could underpin a maiden reserve conversion and materially de‑risk Elixir’s substantial Taroom Trough position.
The most recent analyst rating on (AU:EXR) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Elixir Energy Limited stock, see the AU:EXR Stock Forecast page.
More about Elixir Energy Limited
Elixir Energy Limited is an Australian oil and gas company and the largest acreage holder in the Taroom Trough in Queensland’s Bowen Basin, a basin-centred gas play viewed as geologically analogous to Canada’s Montney Formation. The company is focused on appraising approximately 2.8 TCF of independently certified 2C contingent gas resources near the Wallumbilla Gas Hub and extensive LNG, pipeline and refining infrastructure, with its acreage bordering Shell’s primary investment area in the region.
Average Trading Volume: 4,180,087
Technical Sentiment Signal: Hold
Current Market Cap: A$154.9M
See more data about EXR stock on TipRanks’ Stock Analysis page.