Elixir Energy (ASX:EXR) now holds an estimated contingent resource position of 3.5 trillion cubic feet equivalent (Tcfe) of gas in the Taroom Trough acreage following a 24% increase in discovered resources, giving it the largest net acreage position in the Queensland oil and gas basin, Euroz Hartleys said in an April 24 note.

That compares with a basin position of 1.7 Tcfe for peer Omega Oil & Gas (ASX:OMA), the equity research firm said.

Elixir Energy's Lorelle-3H well is arguably "the best drilled in the basin to date," with a horizontal length of 1,157 meters and average porosity of over 11%, which materially de-risks the company's upcoming hydraulic fracturing and flow test from the middle of June, Euroz Hartleys said.

The company also has a 50% stake in the Diona well, a side project on the fringes of the Taroom Trough that recently returned "encouraging" drilling results to prove potential opportunity for near-term cashflow, the equity research firm said.

Euroz Hartleys reiterated its speculative buy recommendation on Elixir Energy with an under-review price target of AU$0.28.

Elixir Energy and Omega Oil & Gas' shares each fell past 3% in recent Monday trade.