Elixir Energy (ASX: EXR) has successfully completed the Teelba 2D seismic survey in Queensland’s Taroom Trough, achieving this exploration milestone on schedule and on budget. The survey collected 225 km of high-resolution seismic data across some of the Company’s most prospective acreage, supporting the potential definition of a new 2C Contingent gas-condensate Resource.
High-Resolution Seismic Across Prospective Acreage
The survey collected 205.4 km of seismic data within the permit area and an additional 19.3 km outside the permit to improve subsurface imaging and facilitate tie-ins with existing wells and regional seismic datasets. The area targeted was the western Taroom Trough, immediately south of Shell’s permit and primary area of investment. The seismic program was designed to provide detailed imaging of the subsurface, targeting the same hydrocarbon-bearing Permian reservoirs intersected by Elixir’s Lorelle-3/3H appraisal well, where 2D seismic interpretations previously guided horizontal well geo-steering.
Supporting a Potential New Resource
The Teelba seismic data will play a critical role in defining a potential new gas-condensate Resource. Combined with the results from Lorelle-3/3H and other regional wells, the data will inform Resource estimation and de-risk prospective targets. Processing of the seismic volumes is underway, with priority lines being completed to support the Resource booking process. Completion of the survey also satisfies the work requirements for Elixir’s February 2025 50% farm-in with Santos, representing a key Phase-1 objective of the Company’s Strategic Plan.
Strategic Location and Industry Opportunity
The Taroom Trough is part of a Basin Centred Gas Play within Queensland’s Bowen Basin. The region is advantaged by its proximity to the Wallumbilla Gas Hub, multiple pipelines, LNG export infrastructure, and mature onshore gas operations. Elixir is advancing the appraisal of its independently certified 2C Contingent Gas Resources, strategically located adjacent to Shell’s primary investment area, enhancing the potential for development partnerships.
Building for the Future
The completion of the Teelba seismic survey positions Elixir to efficiently continue its appraisal program and engage potential partners to develop its contingent gas resources. The milestone represents a significant step in executing the Company’s Strategic Plan and prepares Elixir for subsequent phases of exploration, development, and Resource certification.
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