22 Apr 2024investor presentation● Neutral
Invitation to, and slides for, a 23 April investor webinar on Grandis. The slides repeat known market and project points; no new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
9 Apr 2024investor presentation● Neutral
QUPEX presentation repeating the Taroom Trough gas market and Grandis story, with the long-term price floor wording raised from A$10 to A$12. No new results.
5 Apr 2024flow test result▲ GoodMajor
Daydream-2's Lorelle Sandstone (4,200-4,217 m) flowed gas without stimulation, at a stabilised 1.3 MMscf/d (peak 2.3). This confirms the late-2023 gas kick was no one-off. Stimulation follows within weeks; Daydream-3 is in preliminary planning.
26 Mar 2024investor presentation● Neutral
Presentation to the Australian Domestic Gas Outlook Conference on the gas market and the Grandis project's location next to Wallumbilla. It repeats known points; no new results or figures.
26 Mar 2024admin correction● Neutral
Re-release of the 26 March conference presentation to correct a date typo: the Kyoto quote should read 1997, not 2027. No other change.
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.
23 Feb 2024half year report● Neutral
Half-year to 31 December 2023: net loss of $397k, down from $1.16M, helped by $1M Origin data-sharing income. Cash was $11.2M. $4.9M of R&D tax credits is receivable. Restates known Daydream-2 results.
23 Feb 2024other● Neutral
Notice that 6,901,310 shares leave voluntary escrow on 26 February 2024. Administrative; no new business information.
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.
21 Feb 2024admin correction● Neutral
Re-release of the 21 February resource announcement to correct a typo: stimulation commences mid-April 2024, not 2025. No other change.
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.
1 Feb 2024investor presentation● Neutral
February corporate presentation repeating known points: 1,132M shares, A$16M cash including R&D, market cap about A$90M at 8c, and the 395 Bcf 2C resource. Says finding partners is a key 2024 focus. No new results.
30 Jan 2024quarterly activities report▲ Good
December quarter report recapping Daydream-2 results and the December placement. Cash was $11.2M at 31 December, or about $16M including a $4.8M R&D receivable. Origin paid $1.8M. Stimulation and flow testing planned for the first half of 2024; the company aims to find partners for Grandis and Nomgon.
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.
20 Dec 2023contract award▲ Good
Daydream-2 is cased and suspended and the rig released. Elixir signed Halliburton as lead contractor for its stimulation program after a competitive tender. Physical stimulation work is expected to begin in February, with lab results due in January.
19 Dec 2023admin correction● Neutral
Administrative cleansing notice confirming issue of 76,176,470 placement shares at 8.5c on 19 December, announced on 13 December. No new business information.
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.
13 Dec 2023capital raising announcement● NeutralMajor
Elixir raised $6.5M via a placement of about 76M shares at 8.5c, a 15% discount to last close, with one listed option (12c, expiring Oct 2026) per three shares. Funds mainly expand Daydream-2 stimulation and testing. No SPP offered, as one ran under 3 months ago.
What it means for a shareholder
76.0m new shares at A$0.085 to raise about A$6.5m. That's 6.7% dilution: every existing holder's slice gets 6.7% smaller. If you held A$1,000 of shares (11,765 at the issue price), your slice goes from 0.00112% to 0.00104% of the company. To keep it you'd need 848 more shares - about A$72 at the issue price.
Create a free account to see this worked out for your own holding.
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.
17 Nov 2023investor presentation● Neutral
Updated version of the Noosa presentation, changing the slide wording to say Daydream-2 is currently being drilled. Otherwise the same content as the earlier release; no new information.
17 Nov 2023investor presentation● Neutral
Noosa conference presentation repeating known points: 395 Bcf 2C resource, Origin deal, and 1,056M shares with A$11M cash at 30 September. Notes flowing gas from coals could convert prospective to contingent resources. No new results.
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.
6 Nov 2023material agreement▲ GoodMajor
Information Sharing Agreement with Origin Energy: Origin pays all incremental costs plus $1M for data from Daydream-2 for its overlapping carbon storage licence. Origin has options on similar deals for up to five future wells. Further non-dilutive funding.
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.
31 Oct 2023quarterly activities report● Neutral
September quarter report covering known events: Nomgon-10 drilled, new CBM discoveries, Santos data deal, and Daydream-2 funding via R&D rebate, equity and a debt facility. Cash was A$11M at 30 September. Spud described as imminent.
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.