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Elixir Energy Completes Initial Clean-Up at Queensland Appraisal Well; Shares Fall 17%

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Elixir Energy (ASX:EXR) completed an initial clean-up phase at its Lorelle-3H appraisal well in Queensland, recovering around 32% of its stimulation fluid with dual phase rates of up to 1,700 barrels per day of fluid and gas rates of up to around 3 million standard cubic feet per day, according to a Wednesday filing with the Australian bourse.

"This degree of productivity during this phase of the flow-back bodes well for the potential of the Lorelle-3H well," the company said.

Meanwhile, field measurements of the gas production confirmed low impurity gas with 1% or less of carbon dioxide and zero percent hydrogen sulfide, it added.

Shares of Elixir Energy fell 17% in recent Wednesday trade.

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