Diona-1 Update

• Stimulation of the Diona-1 exploration well is complete with positive indications observed
• Milling and completion operations are underway with flow testing to follow
• Potential for rapid path to market given proximity to existing gas infrastructure

Elixir Energy Limited, as operator and 49% holder of the ATP2077 Diona sub-block joint venture, has provided an update on the stimulation, completion, and flow testing operations of the Diona-1 exploration well in the Surat-Bowen Basin, Queensland. The stimulation of all target zones within the Diona-1 well has been successfully completed, with the presence of gas observed during the flowback period post-stimulation. This observation bodes well for the upcoming flow testing phase of the operations. The coiled tubing unit is now finalizing the milling operations before the workover rig commences rigging up and running the production completion. Once the completion is installed, the flow testing and pressure monitoring operation will commence. Diona-1 is located in close proximity to the Waggamba gas field and the Waggamba to Silver Springs gas pipeline, providing potential for a rapid path to market should the well test successfully.