Daydream-2 Operations Update

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an operational update on the Daydream-2 well in its 100% owned Project Grandis in Queensland’s Taroom Trough.

HIGHLIGHTS

• Coil Tubing Unit (CTU) deployed to Daydream-2 wellsite
• Final phase of flow testing to begin later in the week

The Coil Tubing Unit (CTU) to be used on the final phase of flow testing the Daydream-2 well has been released from the neighbouring Operator and has been deployed to Elixir’s location. The CTU will be used to clean out fluid and proppant which has dropped to the bottom of the hole.

CTU at Daydream-2

The CTU has been rigged up on the wellbore and the operations will focus on removing the proppant and fluid from the bottom of the wellbore, so that an optimal stabilised flowrate can be achieved. Testing is anticipated later in the week.

Elixir’s Managing Director, Mr Neil Young, said: “We are very pleased to continue the close operational working relationship with our neighbouring Operator over such matters as coordinating the utilization of the key CTU. And of course we are very excited by the now imminent final stage of the to-date very successful Daydream-2 work program.”

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