23m of Net Gas Pay Confirmed at Diona-1

• Three zones of net gas pay identified within the Permian section of the Diona-1 exploration well
• A total of 23m of net gas pay with average porosities of 10% measured within the Bandanna, Black Alley, Tinowon and Wallabella Formations
• Potential upside of additional net gas pay in the lower Wallabella Sandstone to be confirmed via flow testing

Elixir Energy Limited (ASX: EXR) has provided the results of the Diona-1 exploration well within ATP2077 (Diona sub-block) in the Surat-Bowen Basin in Queensland, where Diona-1 has measured three zones of net gas pay within the Permian section of the well. The Diona-1 well declared total depth at 2,479m measured depth due to extended well control operations and resulting challenging hole conditions. Logging results have identified three key zones of net gas pay, with a total of 23m of net gas pay measured within the Bandanna, Black Alley, Tinowon and Wallabella Formations, with average porosities of 10%. Additional upside in net gas pay was identified by the Logging While Drilling tools in the lower Wallabella Sandstone, which may be able to be confirmed by flow testing and potentially by cased hole logging. The joint venture will now formalise and agree the completion and testing strategy, which is likely to include the individual perforation, stimulation and production testing of each of the three key zones to collect pressures, fluid samples and assess permeabilities, followed by a co-mingled test. Should the follow-on testing go well, Diona-1 presents as a candidate to take Elixir into gas production and cashflow generation via the nearby tie-in point.

Should the follow-on testing go well, Diona-1 presents as a candidate to take Elixir into gas production and cashflow generation via the nearby tie-in point, placing Elixir in a unique position.