• Drilling operations have commenced at the high impact Lorelle-3 appraisal well in Queensland's Taroom Trough
• The well will be drilled in two phases, with a pilot hole and a horizontal sidetrack
• The data and core gathered will support the design and execution of an optimal stimulation

Elixir Energy Limited (ASX: EXR) has safely completed the mobilization of the Helmerich & Payne (H&P) FlexRig 3 Rig648 to the Lorelle-3 well location in ATP2056 within Queensland's Taroom Trough. Elixir has accepted the rig onto contract and has commenced drilling operations. Lorelle-3 (L3) will be drilled in two-phases. Initially, a pilot hole is planned to be drilled to 3,600m total vertical depth, collecting core and logs in an expanded evaluation program across the various Permian sandstone targets within the Basin Centred Gas Play of the Taroom Trough (Bowen Basin). The primary target of L3 is the Dunk member of the Tinowon Sands with the secondary targets including the Overston and Lorelle Sandstones. Upon reaching target depth, Elixir will move immediately into the second phase of the drilling campaign which will include the placement of at least a 1,000m horizontal sidetrack into the primary target which will then be cased and suspended for stimulation and production testing. The data and core gathered from the expanded evaluation campaign will then lead into a series of experiments and laboratory work that will support the design and execution of an optimal stimulation. Elixir then intends to execute a multi-stage fracture stimulation and production test at L3 prior to June 2026. This sidetrack and flow test is designed to demonstrate commercial flow rates of gas and condensate from the Basin Centred Gas Play and then lead into a possible maiden Reserve conversion of the underlying Resource.

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. The Lorelle-3 well will be one of the highest impact wells in the Taroom Trough in 2026 as it will be drilled and tested ~10km from the best penetration of the Taroom Trough's Tinowon 'Dunk' Sands in Shell's Dunk-1 well.