• Diona-1 well drilled with 23m of net gas pay across 3 Permian formations
• Secured rig for high-impact Lorelle-3 appraisal well in Jan 2026
• Finished quarter with $9.2 million in cash and receivables, funded for Phase 1 of strategic plan

Elixir Energy Limited reported highlights from its Q1-FY26 quarterly activities, including the successful drilling and logging of the Diona-1 well which encountered a total of 23m of net gas pay across three Permian formations. The company has resumed operatorship of Diona-1 and plans to proceed with completion and production testing. Elixir also made substantial progress on the drilling of the high-impact Lorelle-3 appraisal well, securing terms for the use of the H&P FlexRig 648 rig which was recently imported by Shell for their Taroom Trough appraisal campaign. Lorelle-3 is planned to be drilled to 3,600m depth in January 2026 to collect core and logs across various Permian sandstone targets, with the aim of proving the presence of a Basin Centred Gas Play. Elixir finished the quarter with $9.2 million in cash and net receivables, which it says will fund the delivery of Phase 1 of its new Strategic Plan.

Elixir is poised for a highly active period with flow testing at Diona-1 scheduled this coming quarter and the high impact Lorelle-3 appraisal well to follow shortly after. The company's collaboration with Shell for the use of the H&P FlexRig3 Rig 648 brings premium drilling capability to its program, with Lorelle-3 targeting the same proven formations that have delivered strong results nearby.