Elixir Energy (ASX:EXR) mobilises for Teelba 2D seismic campaign in the Taroom Trough

Gas explorer Elixir Energy has begun mobilising equipment and personnel for its Teelba 2D seismic program in Queensland’s Taroom Trough, a campaign designed to sharpen the subsurface picture across some of the company’s most prospective acreage in ATP2057.

The work marks the next operational step in assessing the potential of Elixir’s extensive position in the Bowen Basin and aligns with earlier encouraging technical indicators from the Lorelle-3 pilot well.

Highlights

• Mobilisation has commenced for the Teelba 2D seismic campaign in ATP2057 in Queensland’s Taroom Trough.
• The program will acquire 200 km of new 2D seismic across the northern section of the permit.
• Operations are scheduled to begin within the next week and are expected to take approximately 3 weeks to complete.
• The seismic lines target prospective Permian sand packages on the western flank of the Taroom Trough.
• The program will support subsurface definition and may assist future independent resource certification.

The Teelba seismic program will cover an area considered prospective for thick Permian sand packages and sits on trend with both Shell’s key wells in the basin and Elixir’s own results from the Lorelle-3 pilot well.

The company notes that modern seismic data has demonstrated geophysical attributes that strongly correlate with the petrophysical outcomes observed at Lorelle-3.

The campaign will collect 200 km of new 2D seismic data across the northern part of ATP2057.

The area sits on the western flank of the Taroom Trough within Queensland’s broader Bowen Basin gas province, with the seismic program expected to run for approximately 3 weeks once acquisition begins.

From a corporate standpoint, the work also satisfies commitments associated with Elixir’s February 2025 farm in with Santos.

Under that arrangement, Santos will hold a 50% working interest and assume the role of operator following completion of the seismic campaign, with the acquisition and subsequent processing of the data representing a key technical milestone within the partnership framework.

ATP2057 currently does not contain a Contingent Resource, however the company states that continued subsurface definition through new high resolution seismic data may support the independent certification of a gas and condensate resource over time.

More broadly, Elixir holds a significant acreage position across the Taroom Trough.

The company describes the basin as geologically analogous to Canada’s Montney Formation and highlights its proximity to established gas infrastructure, including the Wallumbillia Gas Hub, multiple pipelines, nearby LNG export infrastructure with capacity of 25 mtpa, and an established onshore gas industry in Queensland.

Elixir is also progressing appraisal of approximately 2.8 TCF of independently certified 2C Contingent Gas Resources in the region.

The acreage position borders Shell’s primary investment area within the Basin Centered Gas Play of the Taroom Trough.

Completion of the Teelba 2D seismic program will provide additional geophysical data across a key portion of ATP2057 and is expected to contribute to the technical understanding of the permit area.

Post acquisition and processing, the company expects to provide further updates as the dataset is interpreted and integrated into its ongoing appraisal work across the Taroom Trough.

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