Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an update on the recommencement of the Daydream-2 program in the 100%-owned Grandis Project in Queensland’s Taroom Trough.
HIGHLIGHTS
Elixir’s prime contractor for this next phase of the Daydream-2 program, Condor Energy, has recently advised the Company that it has now imported from New Zealand a coil tubing unit (CTU) capable of operating at the high pressure and depths of the Taroom Trough for Elixir - and its fellow Operators in the region.
The CTU will first be deployed at Daydream-2 to mill out the plug inserted above the Lorelle Sandstone (which flowed gas at a stabilized rate of 1.3 million standard cubic feet per day (MMscfd) prior to it being stimulated earlier in the year). This will occur in approximately two weeks. The Lorelle Sandstone will then be cleaned up and flow tested to provide a rate post the stimulation of this section which was undertaken a few months ago.
Elixir is working closely with Condor and the neighbouring Operator to coordinate the optimal utilization of the CTU and other key equipment and personnel over the coming months, which may give rise to some changes in the timing of certain elements of the planned program that may be affected by unexpected geological and operational factors.
*Timelines are indicative only and are subject to factors such as equipment being released by other Operators in line with current expectations.
This next stage will be the perforation and stimulation of three sandstone and two coal zones in the Permian section. These will then be progressively cleaned up and flow tested for a period estimated to be a couple of weeks.
The upper most zone – a coal section – will firstly be independently flow tested - with the aim of proving up contingent resources in the coals of the Taroom Trough for the first time.
Thereafter all six zones will be flow tested on a combined basis with the intent of exceeding a flow rate of 2.5 MMscfd (as announced to the ASX on 29 April 2024).
This flow test will be from only 19% of the total gas-bearing zones of the Permian section and a higher flow rate could be extrapolated to arise from future more extensive perforations and stimulations.
Elixir’s Managing Director, Mr Neil Young, said: “We are naturally very pleased that the Daydream-2 program is scheduled to resume in a couple of weeks and come to its conclusion within a month or so after that. The current multi-operator program in the Taroom Trough gives rise to a degree of complexity on the operational management front – but is otherwise an enormously encouraging sign of the large investments being made into the vast potential of this very well-located area that can cheaply deliver to East Coast and International gas market shortfalls.”
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Elixir Energy (ASX:EXR) is a gas exploration and development company currently focused on its portfolio of natural gas assets in Queensland, Australia and Mongolia. As an early mover in both areas, Elixir Energy has been the first company ever to free-flow gas from the deep Taroom Trough in Queensland and flow gas of any description in Mongolia.
Elixir Energy’s Grandis Gas project in Queensland is located in the Taroom Trough in the Southern Bowen Basin, where Australia’s premier physical and commercial gas hub – Wallumbilla – is immediately adjacent. Market factors are now driving new rounds of drilling in the Taroom Trough contributing to its reputation as an emerging energy super basin with major electricity as well as gas infrastructure.
A successful free-flowing test was conducted on the Lorelle Sandstone and has indicated it could produce a commercial flow rate of gas, with the breakeven commercial initial flow rate estimated at 2.5 million cubic feet per day.
Gas flow from Stage 1 Lorelle Sandstone post stimulation
Elixir Energy’s Nomgon coal-bed methane (CBM) project is located in Mongolia.
The Nomgon CBM project is in the South Gobi region of Mongolia and on the Chinese/Mongolian border. The ideal location of the asset provides access to excellent infrastructure, including planned pipelines and local mines as customers. The Nomgon project includes a CBM pilot production plant, which flowed gas in its early stages and is now moving to progressively de-water with a view to building up a sustained gas flow rate.
The company is led by a highly experienced team with direct histories in Queensland, Australia and Mongolia and expertise in the natural resources industry, community engagement and working with government stakeholders.
The company’s asset in Queensland, Australia, covers approximately 1,000 square kilometers in an established oil and gas province. The project is well-suited for cost-effective transportation to domestic and international gas markets.
Daydream-2 Lorelle Sandstone Flow Testing*
Elixir Energy’s 100-percent-owned coal-bed methane (CBM) project is ideally located in the South Gobi region of Mongolia. This location gives the asset access to robust local infrastructure and close access to Chinese energy markets – the world’s largest.
Richard Cottee was appointed as the non-executive chairman of the company on April 29, 2019. Cottee was the managing director of coal-seam-gas(CSG)-focused Queensland Gas Company (QGC) during its growth from a $20-million market capitalization junior explorer through to its acquisition by BG Group for $5.7 billion. QGC’s CSG assets are now operated by Shell and produce gas that is sold to China and other LNG markets.
Originally a lawyer, Cottee has spent the vast majority of his career in senior executive roles in the energy industry, including as CEO at CS Energy, NRG Europe, Central Petroleum and Nexus Energy. A 32-year veteran of the industry, Cottee is a strong business development professional and a graduate of The University of Queensland.
Neil Young was appointed to the board of Elixir on December 14, 2018, as its chief executive officer. Young has more than 20 years of experience in senior management positions in the upstream and downstream parts of the energy sector, focusing on business development, new ventures, gas marketing and general commercial functions. He has worked for a range of companies in the UK and Australia, including EY, Tarong Energy and Santos. Young founded Golden Horde Ltd in 2011 to explore gas on the Chinese border in Mongolia. He has also developed various new ventures in other countries including Kazakhstan, Japan and the USA. Young has an M.A. (Hons) joint degree in economics/politics from the University of Edinburgh.
Stephen Kelemen was appointed as the non-executive director of the company on May 6, 2019. Kelemen led Santos’ coal seam gas (CSG) team from its inception in 2004 and drove the growth in this area that allowed Santos to become one of Australia’s leading CSG companies.
An engineering graduate from Adelaide University, Kelemen served Santos for 38 years in multiple technical and leadership roles.
Kelemen is currently an adjunct professor at the University of Queensland’s Centre for Coal Seam Gas and also acts as a non-executive director on the boards of Galilee Energy (ASX:GLL) and Advent Energy.
Anna Sloboda was appointed as the non-executive director of the company on October 1, 2020. Sloboda is a joint Belarusian/Australian citizen and has more than 20 years of experience in corporate finance, and in developing junior resource companies operating around the world.
Sloboda is currently an executive director of Red Citadel Resources Pty Ltd, a privately owned mineral resources exploration company with a range of projects in Africa and South America.
She also serves as an advisory committee member, maritime archaeology, at the Western Australian Museum.
Previously she was a co-founder of Trans-Tasman Resources and in that capacity had substantial experience in dealing with Chinese off-takers and partners. Other prior employers include Lehman Brothers, Clough and Curtin University.
Sloboda has a Master of Economics from Belarusian University and an executive MBA from Melbourne Business School.
Victoria Allinson is a fellow of The Association of Certified Chartered Accountants, a fellow of the Governance Institute of Australia and an NSX-nominated advisor. She has more than 30 years of accounting and auditing experience, including senior accounting positions in a number of listed companies and was an audit manager for Deloitte Touche Tohmatsu. Allinson has gained professional experience while living and working in both Australia and the United Kingdom.
Her previous experience has included being company secretary and CFO for a number of listed companies, including ASX-listed: Kiland, Safety Medical Products, Marmota Limited, Centrex Metals, Adelaide Energy, Enterprise Energy NL, and Island Sky Australia as well as several unlisted companies.
(TheNewswire)
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Brossard, Quebec, July 16, 2024 TheNewswire Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to announce its participation in the upcoming World Electrolysis North America free webinar: Scaling Up Electrolytic Hydrogen in North America on July 17, 2024 at 1:00 PM EDT.
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Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on August 15, 2024 to shareholders of record on July 31, 2024 .
This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
GRANTS OF INCENTIVE SECURITIES
Source Rock further announces that effective July 15, 2024 (the "Grant Date"), pursuant to its Stock Option Plan and Restricted Share Unit and Deferred Share Unit Compensation Plan, respectively, it has granted (i) 260,000 stock options (each an "Option"); (ii) 455,000 restricted share units (each a "RSU"); and (iii) 312,500 deferred share units (each a "DSU") to officers and directors.
Each Option has a term of 3 years and may be exercised at a price of $0.93 per Option. The Options shall vest one-third on the Grant Date, and one-third on each of the first and second anniversaries of the Grant Date.
Each RSU entitles the holder to receive one common share of Source Rock, or a cash payment equal to the equivalent value of one common share of Source Rock at the time of vesting, or a combination of both. The RSU's granted shall vest one-third on each of the first, second and third anniversaries of the Grant Date. Each DSU represents the right to receive one common share of Source Rock, or a cash payment equal to the equivalent value of one common share of Source Rock, upon the holder of such DSU ceasing to be an officer or director of Source Rock.
About Source Rock Royalties Ltd.
Source Rock is a pure-play oil and gas royalty company with an existing portfolio of oil royalties in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
SOURCE Source Rock Royalties Ltd.
View original content: http://www.newswire.ca/en/releases/archive/July2024/15/c4094.html
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