• Elixir to resume operatorship of Diona-1 permit and commence multi-stage stimulation and production testing
• Secured terms with Shell and Helmerich & Payne for drilling of high-impact Lorelle-3 appraisal well in January 2026
• Lorelle-3 targeting the same geological formations as Shell's recent success in the Taroom Trough

Elixir Energy Limited (ASX: EXR) has provided an update on its operations in the Taroom Trough and greater Surat-Bowen Basin in Queensland. Diona-1: Elixir will resume operatorship of the Diona sub-block of ATP2077, with plans to undertake multi-stage stimulation and production testing this quarter. The well is positioned near the Waggamba to Silver Springs pipeline, enabling potential rapid tie-in and early production. Lorelle-3: Elixir has secured terms with Shell and Helmerich & Payne (H&P) for the use of the recently imported H&P FlexRig 3 Rig 648 to drill the high-impact Lorelle-3 appraisal well in January 2026. Lorelle-3 will target the same geological formations that have delivered success for Shell in the Taroom Trough, including the Tinowon 'Dunk' Sands. The well will be the first drilled outside of Shell's acreage on the upper Western flank of the Taroom Trough, providing validation of Elixir's high-quality acreage position. Elixir has secured all long lead items and land access required for Lorelle-3, with civils work to commence shortly. The expanded evaluation program for Lorelle-3 is designed to facilitate experiments and tests to prove the Basin Centred Gas Play model, which could have a positive valuation impact across the Taroom Trough.

Elixir is preparing for flow testing at Diona-1 later this quarter, followed by the spudding of the high-impact Lorelle-3 appraisal well in January 2026. Elixir is confident of demonstrating continuous play potential across the permit boundary, leveraging comparable high-quality equipment and subsurface understanding to Shell's recent success in the Taroom Trough.