Elixir Energy secures key farm-ins at Grandis Gas Project
Published: 20:05 10 Feb 2025 EST
Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) managing director Neil Young talked with Proactive’s Tylah Tully about the latest developments at the Grandis Gas Project in Queensland.
Young discussed two new farm-in agreements with energy major Santos, in which Elixir Energy will have a 50% interest in two permits in the Taroom Trough.
He explained that one permit would be earned by funding a well later this year, while the other required seismic work in the following year.
"This deal, we think, is, to be honest, a fantastic one," Young stated, highlighting the benefits of working with a major industry player like Santos.
He also provided insights into the company's independently certified contingent resource upgrade, which now stands at 3.0 trillion cubic feet of gas.
Additionally, Young outlined Elixir Energy’s $9 million capital raise, which will fully fund drilling operations in Q3 2024.
Looking ahead, the company is closely monitoring neighbouring projects, with results from nearby wells potentially adding value.
Young also noted ongoing farm-out discussions and broader market trends impacting gas supply.
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