Elixir Energy confirms gas flow from Daydream-2; plans next well

Proactive - Interviews for investors

Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) managing director Neil Young joins Proactive’s Tylah Tully to discuss an operational update from the Daydream-2 well at Project Grandis in Queensland’s Taroom Trough. The testing program for the well has concluded, with five out of six stimulated zones producing gas, including for the first time in deep coal zones. The well has now been suspended for future gas production, with Elixir meeting all licence commitments for ATP 2044. The company plans to apply for a retention lease (Potential Commercial Area - PCA), which allows up to 15 years of tenure. Testing recorded a maximum gas flow rate of 2.6 million standard cubic feet per day (MMSCFD) and a stabilised rate of 1.0 million cubic feet per day (MMCFPD). The lower stabilised flow is attributed to condensate or water banking, an issue that can be addressed in future operations. This appraisal well contributes to further de-risking of significant gas resources, with plans underway for the Daydream-3 well. Elixir's results show a 328% increase in contingent resources and a 180% increase in prospective resources. The Daydream-2 well delivered raw gas with low CO2 levels and employed novel extraction techniques, attracting government research and development support. #ProactiveInvestors #ElixirEnergy #ASX #GasProduction, #Daydream2, #TaroomTrough, #ProjectGrandis, #QueenslandGas, #GasFlow, #CondensateIssues, #FutureGasProducer, #ResourceIncrease, #ContingentResources, #ProspectiveResources, #NovelTechniques, #CO2Reduction, #EnergyIndustry, #NaturalGas, #ResourceDevelopment, #GrandisProject, #AppraisalWell, #GovernmentSupport #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews