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Elixir Energy Limited ( (AU:EXR) ) has issued an announcement.
Xstate Resources has reported an operational update on the Diona-1 well in Queensland’s Surat-Bowen Basin, where post-drilling analysis of cuttings has upgraded reservoir quality across several Permian targets. The joint venture has confirmed good porosity and permeability indications, supported by a strong cement bond log that allows all planned zones to be tested as originally designed.
Over the coming weeks, the partners will secure contractors and equipment to run a comprehensive formation stimulation and testing program from the Bandanna Formation to the Wallabella Wash. Perforation work in the lowermost Wallabella Wash will inform an extended leak-off test and help finalise the full stimulation design, with the main stimulation phase slated to start in late March or early April 2026, subject to service availability.
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
Xstate Resources Limited is an Australian oil and gas exploration company listed on the ASX, with a focus on onshore assets in Queensland’s Surat-Bowen Basin. The company holds a 51% interest in ATP 2077’s Diona Block, where it partners with operator Elixir Energy on appraisal and potential development of conventional and unconventional gas resources.
YTD Price Performance: -2.56%
Average Trading Volume: 4,301,677
Technical Sentiment Signal: Buy
Current Market Cap: A$140.1M
Learn more about EXR stock on TipRanks’ Stock Analysis page.