Elixir Energy Says US-Based Drilling Firm Starts Mobilization of Rig to Queensland Well; Shares Fall 5%

MT Newswires Live

01/12

Elixir Energy (ASX:EXR) said Helmerich & Payne started the mobilization of the Shell-imported FlexRig 3 Rig648 to the Lorelle-3 well in Queensland, according to a Monday filing with the Australian bourse.

The mobilization is expected to take about two weeks, and spud to occur once the rig has been accepted, the filing said.

The well will be drilled in two phases, set to take 55 days to complete from the start of mobilization, and its appraisal costs will be eligible for up to a 48.5% refund, the filing added.

The company expects to start a multi-stage fracture stimulation and production test at the well before June.

Shares of the company fell 5% in recent Monday trade.

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