Elixir Energy has secured a second data sharing agreement with QGC to acquire new 3D seismic data over key areas in the Taroom Trough, enhancing its geological understanding ahead of upcoming flow testing at Lorelle-3H.
- Second data sharing agreement signed with QGC
- 3D seismic data acquisition over ATP2056 and Lorelle-3H area
- Static well data exchanged between Elixir and QGC
- QGC completes seismic acquisition over ATP2077-A
- Data supports planned Reserve booking post flow testing
New Seismic Data to Boost Taroom Trough Understanding
Elixir Energy (ASX:EXR) has deepened its collaboration with QGC, a Shell Australia subsidiary, through a second data sharing and ingress agreement. This latest deal grants QGC access to Elixir’s ATP2056 permit's southern border and an area covering the Lorelle-3H well within ATP645. In return, Elixir will receive pre- and post-processed 3D seismic data covering 54 square kilometres that overlaps with historical publicly available seismic volumes, creating a richer geological picture of the region.
Static Well Data Exchange Complements Seismic Collaboration
Alongside seismic data sharing, Elixir and Santos have agreed to swap static well data from their respective appraisal wells; Lorelle-3 for Elixir and Bathurst-5 for QGC. This exchange aims to enhance subsurface modelling and interpretation, which is critical as Elixir prepares for its next phase of resource evaluation.
QGC Completes Seismic Acquisition Over ATP2077-A
Separately, QGC has wrapped up seismic data acquisition over ATP2077-A, an area already covered by an existing data sharing agreement with Elixir. This completion signals progress in the broader regional geophysical campaign that both companies are leveraging to refine their understanding of the Taroom Trough’s gas potential.
Strategic Timing Ahead of Reserve Booking
Elixir’s Managing Director Stuart Nicholls highlighted the strategic importance of this data acquisition and sharing. He noted it will support the company’s planned Reserve booking following the second phase of flow testing at Lorelle-3H, scheduled to commence its soaking period in early October. This timing is crucial as Elixir seeks to convert its ~3.5 TCF of independently certified 2C Contingent Gas Resources into booked Reserves, a key step towards commercialisation.
Positioning in a Basin Centred Gas Play
Elixir remains the largest acreage holder in the Taroom Trough within Queensland’s Bowen Basin, a multi-TCF Basin Centred Gas Play. Its proximity to the Wallumbilla Gas Hub and major LNG export infrastructure gives the company a logistical advantage. The expanded data sharing with Shell-backed QGC further integrates Elixir into the region’s active exploration and appraisal ecosystem.
Bottom Line?
The expanded seismic and well data sharing with QGC sharpens Elixir’s subsurface insights at a critical juncture ahead of flow testing and Reserve booking, setting the stage for clearer valuation metrics in the Taroom Trough.
Questions in the middle?
- How will the new seismic data influence Elixir’s Reserve booking outcomes post-flow testing?
- Could expanded collaboration with QGC lead to joint development opportunities in the Taroom Trough?
- What impact might these data exchanges have on Elixir’s strategic review and potential farm-outs?