3 ASX Gas Stocks Under Pressure: What’s Behind the Drop?

Sonal Goyal

27 October 2026 04:27 PM AEDT

3 ASX Gas Stocks Under Pressure: What’s Behind the Drop?

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Key Highlights

Elixir Energy (ASX:EXR) traded at $0.056, down 12.50%. Lorelle-3H clean-up flows peaked at 10.4 mmscfd plus 10 bbl/d of condensate.
TMK Energy (ASX:TMK) traded at $0.10, down 9.09%. Average daily gas production in the September quarter was about 819 m³/day, up 17.5%.
Eastern Gas Corporation (ASX:EGA) traded at $0.13, down 13.33%. Eastern Gas signed an indicative term sheet for an R&D Loan Facility of up to A$10 million.

Shares in Elixir Energy Ltd (ASX:EXR), TMK Energy Ltd (ASX:TMK) and Eastern Gas Corporation Ltd (ASX:EGA) were trading lower during the 27 October 2026 trading session: Elixir Energy at $0.056, down 12.50%; TMK Energy at $0.10, down 9.09%; Eastern Gas Corporation at $0.13, down 13.33%. At the same time, the S&P/ASX 200 index was at 8,852.80, up 0.49% (42.90 points), at 3:40 pm GMT+11. Three gas developers with projects in Queensland, Mongolia and Australia traded lower.

Elixir Energy Ltd (ASX:EXR)

Elixir Energy shares traded at $0.056, down 12.50%, during the session. Elixir reported Lorelle-3H peak flows of 10.4 mmscfd and a farmout to Beach Energy with a total value of $205 million, including $25 million in cash. The announcement is dated 27 October 2026.

TMK Energy Ltd (ASX:TMK)

TMK Energy shares traded at $0.10, down 9.09%, during the session. TMK Energy reported record September quarter gas production of about 819 m³/day, a regulatory Declaration of Gas Discovery and $3.84 million in cash with no debt.

Eastern Gas Corporation Ltd (ASX:EGA)

Eastern Gas Corporation shares traded at $0.13, down 13.33%, during the session. Eastern Gas signed a non-binding term sheet with RiverFort for an R&D loan facility of up to A$10 million at a fixed 9% interest rate, secured over R&D rebate receivables.

Sector Context

The broader market was higher during the session, with the S&P/ASX 200 index was at 8,852.80, up 0.49% (42.90 points), at 3:40 pm GMT+11. Gas developers and explorers report flow tests, appraisal work and funding arrangements, and results are measured against contingent resources before reserves are booked.

Risks

Items noted in the companies’ materials include Clean-up flow rates are an early appraisal measure and not sustained production; the pilot production remains small relative to the contingent resource, and the project has not yet booked reserves or obtained a production licence; the facility is not yet binding, and the R&D tax incentive entitlement is subject to eligibility and assessment.

What Lies Ahead

The documents point to the following next steps: for Elixir Energy, continued Lorelle-3H flow testing, Warkon Pilot concept selection and the appraisal program under the Beach farmout; for TMK Energy, LF-08 drilling, re-completions, planning for a larger appraisal program in 2027 and the reserves booking process; for Eastern Gas Corporation, definitive documentation, review of the R&D tax incentive position and any initial drawdown.

The Bottom Line

EXR, TMK and EGA fell during the session. Each company’s latest update covers flow results, production or financing.

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