• Significant gas and condensate resource discovered within ATP 2056 in Queensland's Taroom Trough
• Multiple hydrocarbon-bearing intervals with up to 148m of total net pay
• Tinowon 'Dunk' Sandstone reservoir confirmed as the target for horizontal drilling

Elixir Energy Limited (ASX: EXR) has reported the initial results from the wireline and expanded evaluation campaign at the Lorelle-3 pilot well in ATP2056 within Queensland's Taroom Trough. The drilling of Lorelle-3 has measured a significant gas and condensate resource within the permit, with multiple hydrocarbon-bearing intervals delivering above expectations. Wireline logging of the Lorelle-3 pilot has confirmed four material Permian hydrocarbon bearing reservoirs making up 148m of total net pay, including 28m of net pay in the Tinowon 'Dunk' Sandstone, 60m of net pay in the Lorelle Sandstone, 59m of net pay across 6 separate zones in the Kianga Group of Sandstone Reservoirs, and 1m of net pay in the Overston Sandstone. The Tinowon 'Dunk' Sandstone reservoir, which hosts an identified gas-condensate resource, has been confirmed as the target for horizontal drilling, with operations to commence immediately following the plug-back of the 8-1/2' hole section. The strong upside delivered across the secondary targets represents an outstanding result for the Company, with the Lorelle Sandstone coming in materially above expectations. Elixir's focus remains on executing the Dunk horizontal section, completing its R&D program to optimise multistage fracture stimulation design, and progressing the well through completion and flow testing over the coming months.

Elixir Energy expects the Lorelle-3 horizontal sidetrack and flow test to demonstrate commercial flow rates of gas and condensate from the Basin Centred Gas Play, which could lead to a possible maiden Reserve conversion of the underlying 2C Contingent Resource of ~2.8 TCF.

Elixir Energy 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 company intends to execute a multi-stage fracture stimulation and production test at Lorelle-3 prior to June 2026.