Elixir Energy Records Gas Breakthrough, Sustained Gas Flows at Queensland Appraisal Well; Shares Surge 13%
MT Newswires Live
Jul 06
Elixir Energy (ASX:EXR) said official gas breakthrough and sustained gas flow at the Lorelle-3H appraisal well in Queensland occurred on July 4 at a bottom hole pressure of 6,300 pounds per square inch (psi), a minor underbalance, and drawdown on the reservoir pressure of 6,350 psi, according to a Monday filing with the Australian bourse.
The company plans to start production testing when it observes the critical dominant phase change from fluid to gas.
The test will continue throughout July, where peak gas-condensate rates will be observed and along with any initial decline of the well with its exit rates.
The company's shares surged 13% in recent Monday trade.
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