Key Highlights

  • Elixir Energy (ASX:EXR) has entered a second data-sharing and ingress agreement with QGC covering parts of ATP2056 and ATP645.
  • The arrangement will provide Elixir with pre- and post-processed 3D seismic data covering a total area of 54 square kilometres.
  • Elixir and Santos will exchange static well information from the Lorelle-3 appraisal well for corresponding data from QGC’s Bathurst-5 appraisal well.
  • QGC has also completed its 3D seismic Acquisition over ATP2077-A under an existing data-sharing agreement with Elixir.

Elixir Energy (ASX:EXR) has expanded its data-sharing relationship with QGC Pty Limited through a second agreement covering seismic and well information across parts of the Taroom Trough in Queensland’s Bowen Basin.

The new arrangement is designed to give Elixir access to additional high-resolution geological and geophysical information around its ATP2056 permit and the Lorelle-3/3H wells. QGC, a Wholly Owned Subsidiary of Shell Australia, will undertake the relevant seismic acquisition as part of a larger campaign.

The agreement also involves Santos QNT Pty Ltd and provides for the exchange of static well information, extending the amount of technical data available to Elixir as it continues appraisal work in the region.

3D Seismic Data to Cover 54 Square Kilometres

Under the new arrangement, QGC is due to acquire 3D seismic data across the southern border of ATP2056, in which Elixir holds a 50% interest, together with an area surrounding the Lorelle-3/3H well.

Elixir will receive both pre-processed and post-processed seismic data acquired within ATP2056, as well as data from a corresponding Polygon extending into ATP645. The combined area covered by the incoming data totals approximately 54 square kilometres.

An additional feature of the arrangement is the ability to connect the new seismic volumes with historical Overston 3D seismic data, which is publicly available. This creates an opportunity to integrate separate seismic datasets and improve the geological interpretation of the relevant area.

Well Data Exchange Adds Appraisal Information

The agreement also includes an exchange of static well information involving the Lorelle-3 appraisal well and QGC’s Bathurst-5 appraisal well.

Elixir and Santos have agreed to provide static information from Lorelle-3 in exchange for corresponding information from Bathurst-5. The additional well data provides another source of subsurface information alongside the seismic datasets being acquired.

For Elixir, the combination of well information and higher-resolution seismic data is relevant to its ongoing assessment of the Taroom Trough and, specifically, its appraisal activities around the Lorelle wells.

Existing QGC Agreement Reaches Acquisition Milestone

The latest arrangement follows an existing agreement between Elixir and QGC covering 3D seismic acquisition over ATP2077-A, with reciprocal data extending into ATP645.

Elixir has now been notified that QGC has successfully completed the seismic acquisition under that earlier agreement. This means the company is progressing from an arrangement focused on data access to receiving additional technical information from completed acquisition activities.

The two agreements together broaden Elixir’s access to seismic information across areas adjoining its acreage and QGC’s permit position within the Taroom Trough.

Relevance to Lorelle-3H Appraisal

Elixir said the second high-resolution dataset over the Lorelle-3/3H wells is expected to assist its understanding and mapping of results from the western flank of the Taroom Trough.

The company has also linked the additional data to its planned reserve-booking work following the second phase of flow testing at Lorelle-3H. According to the announcement, the well is expected to enter its soaking period at the beginning of October before the next stage of testing.

These activities remain subject to operational outcomes and the company's stated plans. The announcement does not report a change in revenue, NPAT or dividends, so there is no increase or decline in those financial measures associated with the latest data-sharing arrangements.

Taroom Trough Remains the Core Focus

Elixir describes itself as the largest acreage holder in the Taroom Trough and is targeting a basin-centred gas opportunity within Queensland’s Bowen Basin. The company reports approximately 3.5 trillion cubic feet of independently certified 2C Contingent Gas Resources.

The project area has access to existing energy infrastructure, including the Wallumbilla Gas Hub, gas pipelines and LNG export infrastructure. Elixir’s stated strategy is to continue appraising its contingent resources in an area that borders Shell’s primary Investment area within the Taroom Trough.

The latest data agreements therefore add technical information to a broader appraisal program rather than representing a reported production or financial Earnings event.

Conclusion

Elixir Energy’s expanded data-sharing arrangements with QGC provide access to additional 3D seismic and well information across parts of the Taroom Trough, including areas surrounding the Lorelle-3/3H wells. The new dataset will cover approximately 54 square kilometres and can be connected with historical Overston 3D seismic, while the exchange of Lorelle-3 and Bathurst-5 well information adds another layer of subsurface data. With QGC also completing seismic acquisition under the earlier ATP2077-A agreement, Elixir is increasing its technical data coverage as it progresses its Taroom Trough appraisal activities and prepares for the next phase of Lorelle-3H flow testing.