Elixir Energy operational update on Daydream-2 well

Elixir Energy Limited (ASX:EXR) has successfully concluded the testing program of the Daydream-2 well in Project Grandis, located in Queensland's Taroom Trough. The well has shown positive results with five out of six stimulated zones flowing gas, including deep coal flow, which is expected to increase contingent resources. Elixir has met all licence commitments for ATP 2044 and is now proceeding with the application for the licence to be deemed a retention lease.

Executive Commentary on Daydream-2 Appraisal Program

The Daydream-2 appraisal program has massively exceeded our expectations of more than 2 years ago when we acquired Project Grandis. Our work - combined with that of our various neighbours - is opening up vitally needed and very material gas resources for Gladstone, Queensland and Australia. The extensive data gathered to date will inform possible pathways to production. We expect our discussions with potential partners will now likely be accelerated as the global oil and gas industry turns its eye to the enormous opportunities in the Taroom Trough.

Summary of Daydream-2 Operations Conclusion

Elixir Energy (ASX:EXR) has successfully completed the testing program of the Daydream-2 well, achieving positive results including flowing gas from five out of six stimulated zones and deep coal flow. The company is now planning to retain the well as a future gas producer and proceed with the application for the licence to be deemed a retention lease. The appraisal program has significantly increased contingent and prospective resources, and the company is now planning the Daydream-3 appraisal well to further de-risk the established gas resources. Elixir's Managing Director, Mr Neil Young, expressed optimism about the potential pathways to production and the accelerated discussions with potential partners in light of the significant opportunities in the Taroom Trough.