Elixir Energy's Queensland Exploration Well Falls Short of Fluid Recovery Target
Elixir Energy (ASX:EXR) said its Diona-1 exploration well in Queensland has recovered about 46% of injected fluid in the Surat-Bowen Basin, falling short of the 50% to 60% range required to demonstrate natural flow stabilization, according to a Tuesday filing with the Australian bourse.Gas production remains nearly impurity-free, indicating strong reservoir quality and connectivity, but unstable recovery persists due to returning stimulation fluids, as confirmed by echo meter data and salinity measurements, per the filing.The joint venture is considering an artificial lift system to resume flow testing and better assess the gas-condensate resource, while also engaging Sproule ERCE to independently certify contingent resources across the 375-square-kilometer Diona sub-block, the filing added.Elixir holds 49% of the ATP2077 Diona sub-block joint venture, while Xstate Resources (ASX:XST) holds a 51% stake.
