Lorelle-3 intersects multiple Permian reservoirs

• Lorelle-3 pilot well drilled to 3,580m MDRT
• Primary, secondary and tertiary Permian reservoirs observed with elevated mudgas
• 18m of high-quality core retrieved from Tinowon 'Dunk' Sandstone

Elixir Energy has successfully drilled the 8-1/2' section of the Lorelle-3 pilot hole to a final depth of 3,580m MDRT (Measured Depth below Rotary Table) in ATP2056 within Queensland's Taroom Trough. The primary target, the Tinowon 'Dunk' Sandstone, was observed at 3,167m MDRT with associated elevated mudgas readings and fluorescence in the cuttings. 18m of whole core was successfully cut and retrieved from the upper Tinowon 'Dunk' Sandstone, with sections of the recovered core observed to be of high quality. In addition to the primary target, the secondary (Overston and Lorelle Sandstones) and tertiary (Kianga Group) targets were also observed on the Logging While Drilling (LWD) with associated elevated mudgas readings. Multiple mudgas shows were also observed in the lower Rewan Formation. Elixir will now acquire a comprehensive series of wireline logs to assess the thickness, quality and hydrocarbon phase/saturation of the intersected reservoirs to confirm the preliminary observations. Upon completion of the evaluation program, Elixir will move 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 for stimulation and production testing.

Elixir intends to execute a multi-stage fracture stimulation and production test at Lorelle-3 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.