• Stimulation and completion of the Diona-1 exploration well successfully completed
• Diona-1 currently flowing gas and stimulation/completion fluids at 735 psig on a 20/64th choke
• Fluid production expected to decline as production stream diverted to measurement equipment

Elixir Energy Limited (ASX: EXR), as operator and 49% holder of the ATP2077 Diona sub-block joint venture, has provided an interim update on the flow testing operations of the Diona-1 exploration well in the Surat-Bowen Basin, Queensland. The Diona-1 exploration well has been successfully stimulated across its identified Permian net gas pay and completed with 2-3/8' tubing with sliding sleeve completions. The well was opened late on Sunday afternoon (10 May 2026) and has commenced free flowing its completion and stimulation fluids back to surface. Diona-1 is currently flowing gas and condensate (along with stimulation and completion fluids) with a flowing tubing head pressure (FTHP) of 735 psig through a 20/64th choke. The well is in the flow-back and clean-up phase, with the production stream bypassing the measurement equipment. Diona-1 will continue to unload its stimulation and completion fluid before it is expected that gas and condensate will displace and dominate the overall production stream. At that time, the production stream will be diverted to the measurement equipment and the multi-rate and pressure monitoring phase will commence. Should the well test successfully, there is potential for a rapid path to market given the nearby Waggamba pipeline and Silver Springs Gas Plant.