Elixir Energy Limited ( (AU:EXR) ) has shared an update.
Elixir Energy Limited has entered into an agreement with Xstate Resources Ltd to farm out a 51% interest in the Diona sub-block of ATP 2077. Xstate will fully fund the cost of drilling an exploration well, expected in the third quarter of this year. This strategic move allows Elixir to retain full interest in the Taroom Trough sub-blocks A & B, while potentially accelerating cash flow due to the proximity of the Diona-1 well to an underutilized gas gathering line. The agreement helps Elixir meet its work commitments for the ATP 2077 license, enhancing its operational efficiency and positioning in the energy market.
More about Elixir Energy Limited
Elixir Energy Limited operates in the energy industry, focusing on exploration and development of gas resources. The company is involved in projects that target conventional gas accumulations and aims to leverage its assets to generate positive cash flows.
Average Trading Volume: 20,000
Technical Sentiment Signal: Strong Buy
Current Market Cap: $17.72M
See more data about EXR stock on TipRanks’ Stock Analysis page.