• Diona-1 well reached 2,479m depth and encountered significant Permian-to-Basement overpressured gas column
• Drilling operations to complete, followed by additional logging
• Preliminary data indicates presence of several Permian-aged hydrocarbon bearing reservoirs

Elixir Energy Limited (ASX: EXR) has provided an update on the drilling operations at the Diona-1 exploration well within ATP2077 (Diona sub-block) in the Surat-Bowen Basin, Queensland. The Diona-1 well has reached a depth of 2,479m (measured depth) and encountered a significant Permian to Basement overpressured gas column. The primary Triassic target in the Showgrounds Sandstone was found to be well developed but non-hydrocarbon bearing. However, upon entering the Permian formations, the Diona-1 well encountered a 181m hydrocarbon prone Permian-to-Basement sequence, including a significant overpressured gas column and a kick that required increases to drilling mud weights and circulation of gas out of the hole. Preliminary Logging While Drilling data indicates that several Permian-aged hydrocarbon bearing reservoirs are present within the Diona-1 well, which warrant additional logging and testing. Drilling operations will complete, followed by a wireline logging campaign to acquire the additional data before the release of the final interpreted results. Elixir Energy's Managing Director & Chief Executive Officer Stuart Nicholls stated that the presence of overpressured gas throughout the Permian sequence, including through the secondary targets, is positive for the Diona-1 well, and the acquisition of additional information from Diona-1 is critical for the declaration of a discovery, which could have material regional impacts across the known plays in the area.

The acquisition of additional information from the Diona-1 well is critical for the declaration of a discovery, which could have material regional impacts across the known plays in the area.