Elixir Energy Ltd. has announced an upgrade to its gas inventory in Queensland’s Taroom Trough, with independent certification confirming an increase in contingent resources.
The company has booked 662 billion cubic feet equivalent (BCFe) of new net 2C contingent gas resources within its ATP2057 permit. This addition has propelled Elixir’s total certified resources in the region’s Basin Centred Gas (BCG) play to approximately 3.5 trillion cubic feet equivalent (TCFe), a 24 per cent increase.
The resource upgrade, certified by independent experts Sproule ERCE, follows the completion of the 225km Teelba 2D seismic acquisition.
Fast-tracked processing of the seismic data identified Permian reservoirs on the western flank of the trough that are consistent with successful production tests to the north, including Elixir’s own Lorelle-3/3H well.
ATP2057, in which Elixir holds a 50 per cent stake, is located immediately south of Shell’s primary area of operations. The new booking includes approximately five million barrels of condensate, further enhancing the value of the portfolio.
Elixir CEO Stuart Nicholls, described the certification as a significant step forward in maturing the company’s acreage.
“The results from the Teelba 2D seismic, combined with regional well control and our own successful drilling, give us increasing confidence in the continuity and quality of the Permian reservoirs,” Nicholls said.
“Importantly, this resource booking is currently limited to a portion of the permit, leaving substantial upside as we progress further drilling and appraisal activity in the region.”
The current resource booking is constrained to just the northern portion of the permit due to the distance from existing wells. This leaves more than 50 per cent of the permit as potential upside, where further resources or reserves could be certified with future drilling.
The company is now turning its focus to ATP2077-D, where it is preparing to stimulate and test the Diona-1 well.
Success at Diona-1 could pave the way for additional resource certifications and potentially the company’s first reserve booking.
