Elixir Energy Raises $5M for Taroom Testing, Strategic Review

Elixir Energy has raised A$5 million through a placement and launched a strategic review of its Queensland gas acreage, with proceeds funding further Taroom Trough testing. The company placed 125 million new shares at A$0.04 each, a 20% discount to the A$0.05 close on Aug. 7. Settlement is due Aug. 19 and allotment on Aug. 20. Broker fees come to 6% plus GST.

Proceeds go toward a 60-day soak period and second-phase flow testing at Lorelle-3H, covering downhole pressure monitoring and observation before flow resumes. The funding also supports subsequent data analysis and engagement of independent reserve certifiers. At Diona-1, Elixir plans artificial lift and renewed flow testing, subject to joint venture approval, plus completion of the potential resource certification process. Working capital will cover the strategic review.

First-phase testing at Lorelle-3H supports modelling of a potentially commercial development, Elixir said. Earlier work confirmed Shell's primary plays extend into its permits. Elixir is the largest Taroom Trough acreage holder, with a stake in every known and tested play there, and carries roughly 3.5 trillion cubic feet of certified 2C contingent gas resources.