11 Nov 2024debt financing▲ Good
Received an A$7.9M R&D tax refund for FY2024 Daydream-2 spending, and repaid in full the short-term loan secured against it. Another refund is expected next year for current-year spending.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
21 Oct 2024material agreement▲ GoodMajor
Non-binding MOU with Australian Gas Infrastructure Group to investigate a pipeline to Wallumbilla, processing, compression and storage for possible Grandis gas. Only a framework, with no commitment or funding; an early step toward getting gas to market.
17 Oct 2024investor presentation● Neutral
PESA presentation on the Taroom Trough's advantages: proximity to the Wallumbilla hub, appeal to large capital sources and low emissions. Repeats known themes; the visible text shows no new results.
11 Oct 2024other● Neutral
Invitation to a free investor webinar on 17 October 2024 where the Managing Director and Chief Geoscientist will update shareholders on the concluded Daydream-2 program. No new results.
9 Oct 2024admin correction● Neutral
Re-release of the 8 October Daydream-2 conclusion announcement, adding Appendices 1-3 and a competent person statement. Results are unchanged: five of six zones flowed, stabilised rate 1.0 MMscfd, ATP 2044 retention lease to be sought.
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.
19 Sept 2024other● Neutral
Chairman's AGM address on the east coast gas shortage and Grandis focus. It describes Daydream-2 as still to be spudded and the Nomgon extra well, which appears out of date or erroneous; it was replaced by a corrected version.
19 Sept 2024investor presentation● Neutral
AGM presentation largely repeating the 18 September investor slides on gas market context, the board and capital structure (1,196M shares, A$10M cash). Proxy results are included. No new operational results.
19 Sept 2024admin correction● Neutral
Corrected Chairman's AGM address fixing typos and removing the outdated Nomgon and Daydream-2 spud paragraphs. It says final production testing of Daydream-2 is soon to start and praises the Grandis results. No new facts.
18 Sept 2024investor presentation● Neutral
Investor presentation on the east coast gas shortage and Taroom Trough advantages, repeating the 2.5 MMcfd breakeven rate and the 16 August result. Capital structure now 1,196M shares, A$180M market cap at 15c, A$10M cash. No new results.
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.
23 Aug 2024admin correction● Neutral
Re-release of the 23 August coal flow announcement, adding Listing Rule appendices, a footnote and 'Elixir's understanding' wording on the depth claim. The flow result is unchanged; rates and volumes were not measured.
23 Aug 2024flow test result▲ GoodMajor
Gas flowed to surface from the top coal zone (3,678-3,786 m) in Daydream-2, the first flow from Taroom Trough deep coals. This lets Elixir start converting its 3,603 Bcf prospective coal resource to contingent. The all-zone flow test will likely take some 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%).
16 Aug 2024flow test result▲ GoodMajor
After stimulation, the Lorelle Sandstone flowed at a maximum of 3.5 MMscfd, with stabilised rates of 2.1–2.5 MMscfd, versus 1.3 unstimulated in April. That is near the 2.5 MMscfd economic hurdle. Five upper zones are now being stimulated.
16 Aug 2024other● Neutral
Appendix 4G governance checklist for the year to 30 June 2024, confirming the corporate governance statement is current at 15 August 2024 and board-approved. Administrative; no new operational or financial information.
16 Aug 2024other● Neutral
2024 corporate governance statement, approved by the board on 15 August. Administrative; no new operational or financial information.
16 Aug 2024annual report● Neutral
2024 annual report for the year to 30 June, including the Chairman's letter. It says Daydream-2 stimulation and testing are under way and hopes the Nomgon pilot reaches gas breakthrough by Christmas. Larger partners may take interest after de-risking.
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.
31 July 2024capital raising announcement● Neutral
Section 708A cleaning notice for the 25 July placement: 62.5M shares, 15.6M placement options and 3.1M broker options issued on 31 July. Administrative. The notice also contains an apparent typo of 262.5M shares.
25 July 2024capital raising announcement● NeutralMajor
Elixir raised $6.25M via a placement of 62.5M shares at 10c, a 13% discount to last close, with one EXROB option (12c, expiring Oct 2026) per four shares. Funds cover Daydream-2 contingencies, long-lead items for the next well and farm-out negotiating strength.
What it means for a shareholder
62.5m new shares at A$0.100 to raise about A$6.3m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.000882% to 0.000836% of the company. To keep it you'd need 551 more shares - about A$55 at the issue price.
Create a free account to see this worked out for your own holding.
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.
9 July 2024investor presentation● Neutral
Webinar slides on the east coast gas supply squeeze and Taroom Trough advantages. Capital structure figures repeat earlier ones (1,132M shares, A$12M cash, A$125M market cap). No new results.
8 July 2024investor presentation● Neutral
Invitation to a 9 July investor webinar on the Daydream-2 stimulation and flow testing program. No new results.
2 July 2024production update▲ Good
Nomgon pilot water output is stable at about 280 barrels a day, with reservoir pressure falling about 5 psi a month. Gas breakthrough is expected before end-2024. The two extra pilot wells previously considered are no longer seen as necessary.