Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2026drilling progress report▲ Good
The 12-stage frac of Lorelle-3H was completed as designed, with 100% of proppant placed in the target Dunk Sandstone. Stage plugs are being milled out, then flowback and the 30-day production test follow. Flow rates are not yet known.
15 June 2026drilling progress report▲ Good
The Lorelle-3H diagnostic test measured reservoir pressure of about 6,350 psi and a closure pressure of 8,759 psi, which management says is better than expected for keeping fractures in the Dunk Sandstone. Stimulation stages rise to 12, with frac starting around the end of the week.
4 June 2026drilling progress report● Neutral
Lorelle-3H testing starts with a diagnostic injection test on 4 June. Elixir has designed a 6 million pound, 11-stage frac for mid-June, then a 30-day production test from late June, with an IP30 curve due end July 2026. This slightly delays the earlier 'early June' stimulation timing.
18 May 2026drilling result▲ GoodMajor
Elixir declares Diona-1 a discovery, saying it proved recoverable, overpressured, low-impurity gas and condensate. This adds a net 184 km² (45k acres), taking Taroom Trough acreage to 548k net acres. The well has recovered only 45% of injected fluid and may need artificial lift; a Contingent Resource booking will be pursued.
4 May 2026drilling progress report▲ Good
All target zones at Diona-1 have been stimulated, and gas was seen in the returning fluids during flowback, which management calls a good sign. Milling and completion work is under way, with flow testing to follow.
28 Apr 2026drilling progress report● Neutral
Stimulation equipment has arrived at Diona-1 and rigging up has begun for the three-zone fracture stimulation, then completion and flow testing, expected to start in about a week. This continues the earlier March plan; Elixir holds 49% and operates.
24 Apr 2026resource reserve update▲ GoodMajor
Sproule ERCE certified 662 BCFe of new net 2C contingent resource in ATP 2057 (50% Elixir), lifting total 2C resources 24% to 3,455 BCFe (~3.5 TCFe). This follows the Teelba seismic. Santos, as operator, is to lodge a retention (PCA) application next.
30 Mar 2026drilling result▲ Good
The Teelba 2D seismic survey finished on time and on budget, acquiring 225 km in ATP 2057. Data is being used with Sproule ERCE to define a possible first 2C resource there. Processing takes about 6 weeks, after which Santos farm-in commitments will be met.
16 Mar 2026drilling result▲ GoodMajor
Lorelle-3H reached 4,477 m with a 1,157 m lateral, the longest in the Taroom Trough, and measured 1,033 m of net gas-condensate pay at 11.2% average porosity. Management says this far exceeds the pilot hole. The well is suspended for a 30-day production test in Q2 2026.
6 Mar 2026drilling progress report● Neutral
Mobilisation has begun for the 200 km Teelba 2D seismic survey in ATP 2057, expected to take about 3 weeks. After processing, Elixir will have met its work commitments under the February 2025 Santos farm-in. ATP 2057 has no booked resource yet.
2 Mar 2026drilling progress report▲ Good
Lorelle-3H has been drilled and cased at the heel in the Dunk Sandstone at 3,319 m, after passing through the overlying coal. The horizontal section, planned at 1,000 m or more, is about to start. Fracture stimulation and flow test remain planned before end-June 2026.
19 Feb 2026drilling result▲ GoodMajor
Wireline logs confirm 148 m of net gas and condensate pay at Lorelle-3, including 28 m in the Dunk and 60 m of dry gas in the Lorelle sandstone, which management says beat expectations. The Dunk horizontal sidetrack starts next, aimed at a first reserve.
16 Feb 2026drilling result▲ Good
Lorelle-3 pilot reached 3,580 m. Gas shows were seen in all three target groups, and the Dunk sandstone is interpreted at about 60 m thick, with 18 m of core cut. These are preliminary readings, pending wireline logs.
6 Feb 2026drilling progress report● Neutral
Lorelle-3 has drilled to 2,320 m, with the 13-3/8-inch casing set at 682 m and 9-5/8-inch casing now being run. Reservoir drilling and coring come next. A routine progress update with no new result.
27 Jan 2026drilling spud▲ GoodMajor
Drilling has started at Lorelle-3 after the rig was accepted on contract. The pilot hole targets 3,600 m, followed by a horizontal sidetrack of at least 1,000 m, together expected to take about 45 days. This is the well flagged as a key near-term catalyst.
12 Jan 2026drilling scheduled● Neutral
Rig mobilisation to Lorelle-3 has begun, with spud expected within about two weeks. Drilling and the horizontal sidetrack are expected to take 55 days, with fracture stimulation and a flow test planned before June 2026. This confirms the January start.
21 Nov 2025drilling scheduled▲ Good
Elixir signed the rig contract with Helmerich & Payne for the Shell-imported FlexRig 648 for Lorelle-3. Mobilisation starts 12 January 2026, with spud shortly after. Well pad construction is 30% complete. This firms up the previously planned January timing.
6 Nov 2025resource reserve update▲ GoodMajor
Sproule ERCE certified 189 BCFe of new 2C contingent gas resource (100% Elixir) in ATP 2077 Block-B. Elixir's Taroom Trough 2C total rises 8% to about 2.8 TCFe, excluding ATP 2057. Next steps are a retention application and an Inglestone-2 well.
29 Oct 2025farm in farm out completion▲ GoodMajor
Xstate has completed its Diona carry and the joint venture is formed, with Elixir (49%) resuming operatorship. Stimulation and flow testing is targeted this quarter. Lorelle-3 is confirmed for January 2026 using Shell-approved H&P FlexRig, to 3,600 m.
14 Oct 2025drilling result▲ GoodMajor
Diona-1 logged 23 m of net gas pay (average porosity 10%) across the Permian formations, and will be completed for flow testing. Elixir's CEO calls it an indicated discovery, still to be confirmed by production testing. Lower Wallabella upside is unconfirmed.
8 Oct 2025drilling result● NeutralMajor
Diona-1 reached 2,479 m. The main Showgrounds target was well developed but held no hydrocarbons, though the Permian section showed a 181 m gas-prone sequence, with a kick. Wireline logging is still to come before final results.
2 Oct 2025drilling progress report● Neutral
Xstate reports Diona-1 at about 1,130 m and on schedule, with its 51% of ATP 2077 now registered on title (29 September). Showgrounds expected around 3 October. Well cost estimated at $2.7M; chance of success 55%.
29 Sept 2025drilling spud▲ GoodMajor
Diona-1 has spud and is casing the top hole at 549 m. Elixir (49%) is fully carried by Xstate (51%). Success would help move its 100%-owned Taroom sub-blocks A and B into retention, a Phase 1 goal.
25 Sept 2025drilling progress report● Neutral
Xstate says the Diona-1 rig arrived 22 September and spud is set for 17:00 on 26 September. Target is the Showgrounds at 2,300 m, with total depth planned at 2,600 m. Pre-spud timetable only.
16 Sept 2025drilling progress report● Neutral
Xstate reports the Diona-1 well pad, cellar and conductor are finished, with the rig due around 22 September. Preparatory progress on the well Xstate funds; no result yet.
15 Sept 2025drilling scheduled▲ Good
Xstate, operator and 51% holder, signed a rig contract with Easternwell (Ventia) for Diona-1, with rig mobilising 21 September and spud expected around 26 September. This is the Diona farmout well that Elixir (49%) is carried through.
7 Apr 2025farm in farm out agreement● Neutral
Xstate's side of the Diona deal: it pays Elixir a $250,000 non-refundable deposit, operates, and funds Diona-1 for 51%. The deal is subject to conditions precedent. It also targets ASX re-admission, per its announcement.
7 Apr 2025farm in farm out agreement▲ GoodMajor
Xstate Resources earns 51% of the Diona sub-block of ATP 2077 by fully funding the Diona-1 conventional gas well, expected in the third quarter of 2025. Elixir keeps 49% of Diona and 100% of sub-blocks A and B. This resolves the Diona farmout talks.
21 Feb 2025farm in farm out agreement▲ GoodMajor
Elixir farmed out its Mongolian gas (Nomgon) and solar/wind assets to Gobi Terra (UK), which earns 51% and fully carries Elixir to final investment decisions. Put/call exit options are capped at US$30M for gas; management cites possible payments of A$56M in total. This resolves the Mongolian farm-out talks.
11 Feb 2025farm in farm out agreement▲ GoodMajor
Elixir signed farmin deals with Santos to earn 50% of ATP 2056 and ATP 2057 in the Taroom Trough, booking 1.2 TCFE of contingent gas (total Grandis 2C now 3.0 TCFE). It raises up to $9M: $7M placement at 3.5c plus up to $2M shareholder offer, to fund the Lorelle-3 well.
