Elixir Energy (ASX:EXR) reported Lorelle-3 flowed at 10.4 mmscfd with light oil. The stock fell 18.7% to 6.1¢. Next 60-day soak test planned for October 2026.
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Elixir Energy (ASX:EXR) said the Lorelle-3H appraisal well flowed at peak rates of 10.4 million standard cubic feet per day, with 10 barrels per day of light oil. The company called the result proof that Queensland's Taroom Trough is a globally significant development opportunity.
Managing Director Stuart Nicholls said the well was the fifth horizontal hole drilled in the basin but already demonstrated a resource that sits next to three operating LNG plants and the country's wholesale gas trading hub. The gas had only 1% carbon dioxide, included 10% ethane and 4% propane, and carried a high energy conversion factor, the company said.
Elixir plans a 60-day soak period on the well before retesting in October 2026. Nicholls said the soak could be critical for understanding how to maximise productivity and recovery from the Dunk reservoir. The company added that future development wells of 2,000 metres might deliver equivalent peak sales gas rates of 15 terajoules a day, based on the Lorelle-3H test.
Shares fell 18.7% to 6.1¢, giving the company a market capitalisation of A$140 million.
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