Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2025resource reserve update▲ GoodMajor
ERCE certified a maiden deep dry coal contingent resource of 245 Bcf (2C) in ATP 2044 and 2077 Sub-block A, lifting total Grandis 2C to 1,715 Bcf (+17%). This follows the Daydream-2 coal flows and converts part of the earlier prospective coal estimate.
4 Nov 2024resource reserve update▲ GoodMajor
Elixir booked 712 Bcf (2U, unrisked) of prospective gas in ATP 2077 Sub-Block B, 100% owned. Farmout talks are under way for Sub-Block C (Diona) to fund an exploration well, and updated ATP 2044 contingent resources are expected before year end.
8 Oct 2024drilling result● NeutralMajor
Daydream-2 testing concluded: five of six zones flowed, including two deep coals. Peak rate was 2.6 MMscfd but stabilised rate fell to 1.0 MMscfd, versus 2.1-2.5 in August, which Elixir attributes to condensate or water banking (its explanation). Well retained; ATP 2044 retention lease sought; Daydream-3 planning continues.
30 Sept 2024drilling progress report● Neutral
The coil tubing unit is back at Daydream-2 to clear fluid and proppant from the bottom of the hole. Final-phase flow testing is expected later in the week, resuming the delay flagged on 4 September.
4 Sept 2024drilling progress report● Neutral
A production logging tool confirmed the upper zones contribute flow, but the lower zone dominates. Fluid and proppant at the bottom of the hole are hampering flow rate. The coil tubing unit will return for clean-out, expected before end of September.
29 Aug 2024drilling progress report● Neutral
All temporary plugs between Daydream-2's six zones were removed and the well flowed gas and fluid unassisted. Only 41% of stimulation fluid has been recovered (4,300 of 10,392 barrels). A production logging tool run is next, and clean-up may take several weeks.
21 Aug 2024drilling progress report▲ Good
Stimulation of all six Daydream-2 zones (Lorelle, three sandstones, two coals) is complete, some methods reportedly first used in Australia. Flow testing starts next, first confirming separate coal flow, then flowing all zones together. This follows the 16 August Lorelle result.
19 Aug 2024resource reserve update▲ GoodMajor
ATP 2077 was formally awarded, 100% to Elixir, 6-year term, no domestic gas reservation, resolving the June preferred-tenderer status. ERCE certified 2C contingent gas of 173 Bcf in sub-block A, lifting Grandis 2C to 1,470 Bcf (+13%).
9 Aug 2024drilling progress report● Neutral
Equipment, proppant and a camp are in place at Daydream-2. The plug above the Lorelle is due to be milled over the weekend, with flow testing straight after. Results are expected the following week.
1 Aug 2024drilling progress report● Neutral
On-site work at Daydream-2 restarted, but wellhead pressure was an unexpected 3,410 psi despite a full water column. Possible causes are a leaking temporary plug or perforations above the Lorelle contributing gas. It is safely contained; the coming program should clarify it.
18 July 2024drilling progress report● Neutral
Daydream-2 work restarts in about two weeks with Condor's coil tubing unit: first mill the plug and flow the stimulated Lorelle, then stimulate and test five more zones. The aim is to exceed 2.5 MMscfd combined, and the coal zone is to be tested separately first.
17 June 2024drilling progress report▲ Good
Condor Energy has been engaged to finish the remaining Daydream-2 stimulation stages, restarting late July or early August. Debris from the stuck bridge plug tool is cleared. This resolves the May equipment problem; flow testing of all zones is aimed for August.
27 May 2024resource reserve update▲ GoodMajor
ERCE certified Grandis 2C contingent resources at 1,297 Bcf, up 328% from 395 Bcf in 2022 (1C 405, 3C 4,290 Bcf). Sandstones only; coals excluded. The key contingency remains flow rate, with the upper zones untested.
29 Apr 2024drilling progress report● NeutralMajor
The Lorelle Sandstone was stimulated and cleaned up; modelling suggests it alone could flow commercially, with breakeven estimated at 2.5 MMscf/d. A stuck bridge-plug setting tool and equipment commitments forced demobilisation; the other five stages resume in about a month.
19 Apr 2024drilling progress report▲ Good
Halliburton began the six-stage stimulation at Daydream-2 on 18 April, targeting two coal zones, three tight gas zones and the Lorelle Sandstone. Flow testing follows and will feed a revised resource assessment.
15 Mar 2024drilling progress report▲ Good
A coiled tubing unit is cleaning out Daydream-2 ahead of diagnostic tests, with stimulation of 6 zones by Halliburton in April-June, then flow tests. Net sandstone pay revised up from 154 m to 180 m after external review. Nomgon-10 got a bigger pump.
21 Feb 2024resource reserve update▲ GoodMajor
Prospective resources in the Grandis coals rose to 3.6 Tcf (2U) after adding adsorbed gas, up 2,316 Bcf on the earlier 1,287 Bcf. Coals averaged 23 m3/t, with CO2 about 1%. Stimulation starts mid-April, aiming to convert these to contingent resources.
6 Feb 2024drilling result▲ Good
Lab work on Daydream-2 cuttings found clay rims that preserved porosity above 12% in the deep permeable sands, similar to the Perth Basin. Reservoir pressure is 9,400 psia, 80% above Waitsia. Explains the unexpected free-flowing zone; extent of the zone is still unknown.
18 Jan 2024drilling result▲ Good
Log analysis shows three gas-saturated sandstones (gross about 12 m) in the 4,200 m permeable zone, with porosity above 10% and similarity to Shell's Dunk-1 26 km away. Elixir says the play could be extensive. Diagnostic injection tests in 5 zones start around end of January.
14 Dec 2023drilling result▲ GoodMajor
Daydream-2 logs show an interpreted 154 m of net gas pay in sandstones (Kianga 78 m, Back Creek 76 m), plus 65 m of gassy coals to be stimulated. Over-pressure is estimated at about 0.69 psi/ft. Well costs are coming in under budget.
7 Dec 2023drilling result▲ GoodMajor
Daydream-2 reached total depth of 4,300 m, about 100 m deeper than planned, and an unexpected permeable gas zone flowed gas to surface without stimulation (about 50,000 cubic feet flared). Gross gas-bearing interval is 607 m; drilled ahead of schedule and under budget. Origin has paid in full.
30 Nov 2023drilling progress report▲ GoodMajor
Daydream-2 reached the primary Kianga Formation at 3,694 m, ahead of schedule, with gas shows peaking at 777 units, 38 times background. Total depth of about 4,200 m and logging expected within a week. Shows only, not a test result.
23 Nov 2023drilling progress report▲ Good
Daydream-2 intermediate section reached 2,915 m and is being cased. Logs were acquired for Origin, which is now due to pay Elixir $1M under the agreement. Drilling is on track for about one month to total depth.
16 Nov 2023drilling progress report▲ Good
Daydream-2 has cased the 856 m tophole and is drilling the intermediate section to 2,950 m, on track for about a month to total depth. A Cultural Heritage Management Agreement was signed with the Mandandanji people across virtually all of ATP 2044.
10 Nov 2023drilling spud▲ GoodMajor
Daydream-2 appraisal well has spudded, about five kilometres from the 2011 Daydream-1 gas discovery. It is expected to reach 4,200 m in about a month, then be logged, with major stimulation and flow testing early in the New Year.
2 Nov 2023drilling scheduled● Neutral
SLB's rig SLR 185 has been released and is mobilising to Daydream-2, with spud due early the following week. Shell is drilling in the tenement immediately west of ATP 2044.
24 Oct 2023drilling scheduled● Neutral
Daydream-2 pad, road and water well are complete, and the high-pressure blowout preventer has arrived and been pressure tested. Spud has slipped to the first few weeks of November, after the SLB rig is released in the first week.
27 Sept 2023drilling result▲ GoodMajor
Nomgon-10 pilot well was drilled and brought online in 19 days, with water flowing first and gas to follow. A second CBM discovery was declared at Yangir after Yangir West-2 tested 2 mD. Elixir says its main 2023 drilling goals are met.
21 Sept 2023drilling progress report▲ Good
Daydream-2 preparations advance: well pad and road works underway, water well drilling, long-lead items bought and Tier 1 contracts awarded. Spud is still expected a few weeks after the SLB rig is released in October. Elixir sees possible extra gas adsorbed in the coal, which could raise gas-in-place.
7 Sept 2023drilling result▲ GoodMajor
Elixir declares a formal CBM gas discovery at Big Slope under PRMS rules, after Big Slope Shallow-1 measured 0.8 mD permeability and gas content up to 9 m3/t. Nomgon-10 pilot well spudded and four rigs now run. No resource volume is stated.
