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Elixir Energy (ASX:EXR) has achieved an “exceptional” outcome in the final drilling results of the Lorelle-3H appraisal well within Queensland’s Taroom Trough. The well hit 1,033 metres of high-quality net gas-condensate pay within the targeted Tinowon ‘Dunk’ sandstone in what has been described as one of the highest impact wells to be drilled in the Taroom Trough this year.
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Elixir’s MD and CEO, Stuart Nicholls, said the reservoir quality and hydrocarbon saturations in the well have far exceeded those measured in the initial pilot hole.
“The Lorelle-3 appraisal campaign has delivered an exceptional result for the company. Initially, the pilot hole confirmed the northern extension of the key Permian reservoirs proven within Shell’s acreage and identified significant upside within the Lorelle Sandstone, which had not been seen elsewhere,” he said.
“The company then also drilled the longest lateral section to date, all within some of the highest-quality Tinowon Dunk sandstone reservoir seen in the basin, completing a combined 5,691 metres of drilling and appraisal operations across the pilot hole and lateral well in just 46 days, a major operational achievement for a company of Elixir’s size.”
Elixir has elected to suspend the well for further testing in Q2-26, which Mr Nicholls told shareholders will be a defining moment for the Taroom Trough.
“A multi-stage fracture stimulation and 30-day production test is now planned for the Lorelle-3H well in the second quarter, delivering results that may underpin Elixir’s move towards its maiden reserves booking in the Taroom Trough and the next phase of basin development,” he explained today.
Data from the well’s expanded logging and coring program will be used for information for the design and implementation of an optimised fracture stimulation and testing program to maximise productivity and resource recovery.
Further evaluation and studies will also be conducted on the Lorelle sandstone and the Kianga Group, Elixir said today, where core plugs and logs were also recovered for potential near-term appraisal, given the quality and thickness measured of those hydrocarbon-bearing reservoirs.
EXR will open at 8.4c today.
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