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Elixir Energy (ASX:EXR) has hit a highly pressurised gas column on-site at its Bowen Basin acreage in Queensland after launching a drill run at the Diona-1 target late last month, pushing the price back above 5cps on Wednesday.
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What this ultimately means for the Australian gas explorer, once focused more heavily on Mongolia under former chief Neil Young but now focused on Queensland operations under the direction of former Strike Energy chief Stuart Nicholls, is that the stock’s ‘comeback story’ remains in swing.
Shares had been suffering in relatively recent history after the company had some misses in gas drilling last year at its so-called Taroom QLD project, but Wednesday’s news ultimately stands as evidence of what has been the company’s focus for a while: Finding viable gas deposits at the project outright.
(In a conversation with former chief Neil Young at a Good Oil conference in Western Australia some years ago, this finance journalist was verbally told QLD would always be a more expensive and longer struggle. Elixir’s shares on issue above 1B in Q4CY25 could be seen as a testament to that.)
YTD performance is heading up to +20%, reversing the damage of otherwise red YoY returns down -23%. The stock was highly popular under Young when the company was more focused on the Gobi Desert (alongside then-peers TMK and Talon), but still remains closely watched by HotCopper users.
The upswing is something of a vindication, too, for Nicholls, who these days is blamed by Strike Energy’s current team – whether thinly veiled or not – for the poor price performance of that stock. The HotCopper reader can come to their own conclusion on whether those comments hold merit.
EXR last traded at 5.2cps today.
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