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Elixir Energy Limited ( (AU:EXR) ) just unveiled an update.
Elixir Energy has strengthened its balance sheet and strategic position in the Taroom Trough after Omega Oil and Gas acquired a 19.43% stake as part of a $16.6 million capital raising, alongside additional investment from Nero Resource Fund, enabling the company to advance to Phase 2 of its strategic plan targeting maiden gas reserves. During the quarter, Elixir expanded the Lorelle-3 appraisal program to include a horizontal sidetrack and multi-stage fracture stimulation, secured AusIndustry R&D tax incentive qualification for the well, increased its 2C contingent resources in the Taroom Trough to about 2.8 trillion cubic feet equivalent, entered a data sharing and ingress agreement with Shell-owned QGC for 3D seismic acquisition, and obtained a 15-year retention licence over ATP2044, finishing the period with about $21 million in cash and further inflows pending, positioning it for potentially company-defining drilling and testing outcomes in the coming quarter.
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 energy company focused on gas exploration and appraisal, with a significant acreage position in Queensland’s Taroom Trough. The company is progressing a strategic plan aimed at maturing its contingent gas resources into reserves, supported by institutional investors and partnerships with other operators in the basin.
Average Trading Volume: 4,106,313
Technical Sentiment Signal: Hold
Current Market Cap: A$154.9M
See more insights into EXR stock on TipRanks’ Stock Analysis page.