Elixir (ASX:EXR) log Daydream pay

Elixir (ASX:EXR) log Daydream pay

December 14, 2023 Off By Rueben Hale

Elixir Energy has recorded an interpreted 154 metres of net gas pay within the primary objective Permian sandstones of the Daydream-2 well, part of its fully owned Grandis Gas Project in the Taroom Trough, the main synclinal depression and southern extent of Queensland’s continuously productive Bowen Basin.

Preliminary interpretation indicated 78 metres of pay from the Kianga Formation and 76 from the Back Creek Group, with cumulative targeted coal zones totalling 65 metres standing as a key target to stimulate, flow, and add hefty net pay and production potential to Daydream-2.

It comes in the wake of an unexpected, naturally permeable gas bearing zone flowing to surface without stimulation, and Elixir Managing Director Neil Young said it was another great result which exceeded pre-drill expectations.

“And in due course our fully funded plans aim to add the coal zones to this net pay category. Encountering a permeable ‘conventional’ sandstone reservoir at depths of 4,200 metres has been a very exciting recent and unexpected development and this zone will be a key focus for next year’s stimulation and flow testing operations,” Mr Young said.

Analysis of drill cuttings are underway, with results slated to inform, optimise and de-risk planning for the next stages.

Running of the Daydream-2 logging program is now finalised, and the production liner is being run to case it off to total depth with the rig expected to be moved on this weekend with costs continuing to come in well under budget.

EXR Map

Project location map

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