Elixir Energy Limited (ASX:EXR) Achieves Maiden Deep Coal Resource Booking
Resource Certification
Elixir Energy Limited has announced a maiden contingent resource booking for deep dry coals at its Grandis Gas Project, covering ATP 2044 and ATP 2077. Independent auditor ERCE Australia Pty Ltd certified a 2C recoverable resource of 245 billion cubic feet (BCF), raising the total 2C recoverable resources for the project by 17%, now totalling 1,715 BCF.
Significant Increases
The inclusion of deep dry coals has significantly boosted the total 2C gas in place, which has increased 120% to 58,137 BCF. The update highlights a recovery factor of less than 1% applied to the gas in place in the coals, measuring 31,710 BCF. This initial booking underscores the potential of the deep coals identified during the Daydream-2 well tests conducted in 2023 and 2024.
Management’s View
Elixir Energy’s Managing Director, Mr Neil Young, expressed enthusiasm regarding the certification. He stated, “Investigating the potential of the deep dry coals in the Taroom Trough was one of the key objectives for our Daydream-2 vertical well, and to make a very material contingent resource booking from the first well that sought to do so is a great outcome for Elixir – and the broader play.” Young emphasized the vast potential of this discovery, measuring more than 30 trillion cubic feet of gas in place.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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