Drilling Success at Daydream-2: How Has Elixir Energy Surpassed Expectations in Gas Exploration?

DAYDREAM-2 PROGRESS REPORT: Elixir Energy Limited Advances in Gas Exploration, Surpassing Expectations

Elixir Energy Limited, a company focused on gas exploration, has recently unveiled significant strides in its Grandis Gas Project (ATP 2044) situated in the Taroom Trough of the Bowen Basin, Queensland. The company shared a progress report on its 100% owned project, particularly highlighting the accomplishments of the Daydream-2 drilling operations.

Ahead of Schedule, Elevated Gas Shows, and Impressive Performance

Daydream-2, a pivotal facet of the Grandis Gas Project, has achieved a major milestone by intersecting the primary target Kianga Formation at 3,694 meters, aligning closely with the initial prognosis. This remarkable feat was accompanied by the immediate recording of elevated gas shows by the mud logging team. What's even more striking is that the well reached the primary objective after only 19 days of drilling operations, showcasing a significant lead time compared to the planned schedule.

The recorded gas shows experienced a substantial surge, escalating from 20 units to an astonishing peak of 777 units. This monumental spike represents a staggering 38 times increase above the background levels, indicating the potential richness of the gas reservoirs.

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Meeting Expectations and Looking Ahead

Detailed descriptions of the encountered sands and coal substantiate Elixir's initial expectations. The sands were classified as very fine to medium-grained and friable, while the coal was described as vitreous to sub-vitreous and sub-blocky, aligning closely with the characteristics observed in the Daydream-1 gas discovery well.

As the well proceeds, the plan is to drill the remaining reservoir section to a Total Depth (TD) of about 4,200 meters. Following this phase, wireline logs will be conducted, and a petrophysical evaluation will ensue. Subsequently, the well is slated to be cased and suspended for future stimulation and testing operations, projected to commence in the New Year.

A Forward-Looking Vision and Optimistic Outlook

Expressing satisfaction and enthusiasm, Mr. Neil Young, the Managing Director of Elixir, lauded the exceptional performance showcased by Daydream-2. He expressed, "The drilling performance at Daydream-2 continues to impress. So far, the well has been drilled ahead of schedule and under budget. "

Young further added, "The excellent gas shows encountered align with our appraisal objectives. We eagerly anticipate reaching total depth and determining the overall extent of the gas-bearing formations shortly. "

Elixir Energy Limited appears poised to chart new heights in its gas exploration endeavors, with Daydream-2 setting a promising precedent for the company's future ventures.

As the project unfolds, stakeholders and industry enthusiasts remain poised to witness further developments and breakthroughs in the company's pursuit of unlocking the untapped potential in Queensland's gas resources.

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