• Elixir executes rig contract with Helmerich & Payne for Lorelle-3 drilling
• Rig mobilization to commence on January 12, 2026
• Civils and well pad construction 30% complete

Elixir Energy Limited (ASX: EXR) has provided an update on the preparation and procurement for the high-impact Lorelle-3 appraisal well to be drilled in ATP2056 within Queensland's Taroom Trough. The company has executed a rig contract with Helmerich & Payne (H&P) for the use of the recently imported H&P FlexRig 3 MM 648, which has been specifically imported by Shell for their upcoming Taroom Trough drilling campaign. Mobilization of the rig will commence on January 12, 2026, and the spud of the well is expected to occur shortly after. Civils, site preparation, and well pad construction are currently underway and are 30% complete. All other long lead items have been secured. Lorelle-3 is planned to be drilled to a total depth of 3,600m, collecting core and logs in an expanded evaluation program across the various Permian sandstone targets within the Basin Centred Gas Play. The well costs associated with its qualifying activities will be eligible for up to a 48.5% refund on eligible costs via the Federal Government's Research and Development Tax Incentive and regular tax return processes. Lorelle-3 will be one of the highest impact wells in the Taroom Trough in 2026, as it will be drilled and tested approximately 10km from the best penetration of the Taroom Trough's Tinowon 'Dunk' Sands in Shell's Dunk-1 well. It will be the first well outside of the Shell acreage drilled on the upper western flank of the Taroom Trough, and on successful logging and testing, it will validate the Shell-like quality acreage that Elixir owns.

Elixir is aiming to appraise its ~2.8 TCF of independently certified 2C Contingent Gas Resources which borders Shell's primary area of investment across the Basin Centered Gas Play.