Daydream-2 Well Spudded

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an update on the its 100% owned Grandis Gas Project (ATP 2044) located in the Taroom Trough of the Bowen Basin, Queensland.

HIGHLIGHTS

• Daydream-2 appraisal well spudded
• Rig and BOP formally accepted
• Third party services contracted and mobilised

SLR 185 Rig

The Daydream-2 appraisal well has now spudded and is expected to take around a month to reach its planned total depth of 4,200 metres.

SLB’s (previously called Schlumberger) SLR 185 rig and a new 10,000 psi blow-out preventer (BOP) were duly accepted/certified prior to the spud.

BOP and Sub-base of SLR 185 Rig

The third party services required for the drilling of the well have been contracted and mobilized as required at this stage.

Daydream-2 is an appraisal well located around five kilometres from the Daydream-1 discovery well drilled by BG Group (now Shell) in 2011, which encountered a thick gas bearing column in the Permian section and flowed gas to surface. After the well has reached its target depth at the base of this section, it will be extensively logged. It will then be cased and suspended pending a major stimulation and flow testing program due to commence early in the New Year.

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