How is Elixir Energy Progressing with the Daydream-2 Well?
Elixir Energy Limited
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How is Elixir Energy Progressing with the Daydream-2 Well?

Elixir Energy Limited (ASX: EXR) has provided an update on the drilling progress of the Daydream-2 appraisal well, located in the Grandis Gas Project (ATP 2044) in the Bowen Basin, Queensland. The company owns 100% of this project and has made significant advancements in the drilling process.

Successful Drilling of the Tophole Section

The tophole section of the Daydream-2 appraisal well has been drilled to a depth of 856 meters and has been properly cased and cemented. This is an essential step in ensuring the structural integrity of the well and protecting the surrounding environment.

Progress in the Intermediate Hole Section

Currently, drilling is underway in the intermediate hole section of the Daydream-2 well. The drilling has progressed past the 2,050-meter mark and is heading towards a target depth of 2,950 meters. During this phase, logs will be obtained to gather important geological data and evaluate the potential of the site.

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Origin Energy will bear the cost of obtaining these logs under the recently announced Data Services Agreement.

Cultural Heritage and Management Agreement

Elixir Energy is committed to maintaining a strong relationship with the local indigenous community. To that end, the company has executed a Cultural Heritage and Management Agreement (CHMA) with representatives of the Mandandanji people. This agreement establishes a long-term framework for managing cultural heritage matters across the entire ATP 2044, including any future development phases of the project.

Implications of the Progress Report

The successful drilling of the tophole section and the continued progress in the intermediate hole section of the Daydream-2 well demonstrate Elixir Energy's commitment to advancing their exploration activities. These developments signify significant progress in the Grandis Gas Project and bring the company closer to its goal of determining the commercial viability of extracting gas in the Bowen Basin.

The establishment of the Cultural Heritage and Management Agreement further highlights Elixir Energy's dedication to responsible and sustainable operations. By engaging with the local indigenous community and addressing cultural heritage matters, the company is demonstrating its commitment to environmental and social stewardship.

Conclusion

Elixir Energy's progress in the drilling of the Daydream-2 appraisal well is a significant step forward in the exploration of the Grandis Gas Project. The successful completion of the tophole section and the ongoing drilling in the intermediate hole section bring the company closer to unlocking the potential of the Bowen Basin's gas reserves. Furthermore, the Cultural Heritage and Management Agreement underscores Elixir Energy's commitment to community engagement and responsible resource development.

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