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Elixir Energy Limited ( (AU:EXR) ) has shared an update.
Elixir Energy Limited has reported successful stimulation and completion of the Diona-1 exploration well in the ATP2077 Diona sub-block in Queensland’s Surat-Bowen Basin, where it holds a 49% interest alongside operator Xstate Resources with 51%. The well, completed with sliding sleeve tubing, has begun flow-back and clean-up operations and is already producing gas and condensate to surface at a flowing tubing head pressure of 735 psig on a 20/64th choke.
As fluids are unloaded, gas and condensate are expected to increasingly dominate the production stream, after which the flow will be routed through measurement equipment for multi-rate and pressure testing. Located adjacent to the Waggamba to Silver Springs gas pipeline and close to the Wallumbilla Gas Hub, a successful test at Diona-1 could enable a rapid, low-distance tie-in to existing infrastructure, potentially accelerating Elixir’s path to commercial gas sales in the eastern Australia market.
More about Elixir Energy Limited
Elixir Energy Limited is an Australian upstream energy company focused on gas exploration and development, with a major acreage position in Queensland’s Bowen Basin, including the Taroom Trough. Its projects benefit from proximity to key gas infrastructure such as the Wallumbilla Gas Hub, multiple pipelines, LNG export facilities and operating refineries, positioning the company to serve eastern Australian gas markets.
YTD Price Performance: 73.08%
Average Trading Volume: 8,541,014
Technical Sentiment Signal: Buy
Current Market Cap: A$252.3M
For an in-depth examination of EXR stock, go to TipRanks’ Overview page.