Elixir Energy provides update on Daydream-2 program

Elixir Energy Limited (ASX: $EXR) has resumed on-site operations at the Daydream-2 well in its 100%-owned Grandis Project in Queensland's Taroom Trough. The company's contracting staff has returned to the well-site to prepare for the arrival of the coil tubing unit (CTU) recently imported from New Zealand. The wellhead pressure was measured at 3,410 psi, despite having a full column of saline water in the hole, prompting the company to clarify the issue through a flow test of the Lorelle sandstone and stimulation of other zones higher in the hole.

Elixir's Managing Director, Mr Neil Young, on the Daydream-2 update

The unexpected high pressure at the Daydream-2 wellhead is yet another example of the great potential of the Taroom Trough to contribute gas from an enormously thick gross section containing multiple sedimentary forms. The next month or so will be an exciting time for Elixir as we continue to learn more and more from what has been an incredibly valuable appraisal well to date.

Summary of Elixir Energy's Daydream-2 update

Elixir Energy Limited (ASX: $EXR) has recommenced on-site operations at the Daydream-2 well in its Grandis Project. The unexpected high pressure at the wellhead has prompted the company to prepare for the arrival of the coil tubing unit and to clarify the issue through a flow test of the Lorelle sandstone and stimulation of other zones higher in the hole. Elixir's Managing Director, Mr Neil Young, expressed excitement about the potential of the Taroom Trough and the valuable insights gained from the appraisal well.