Elixir Energy (ASX:EXR) has secured a significant milestone with the renewal of its ATP2044 permit and the concurrent granting of potential commercial area 356, covering 100% of the permit area.
PCA 356 spans 1,058km2 within Queensland's Taroom Trough and contains 1,362 BCFe of independently certified 2C Contingent Gas Resources, confirmed by the Daydream-2 exploration well in 2024.
The retention license provides Elixir with a 15-year term to develop and commercialise its Taroom Trough assets.
Managing Director and CEO Stuart Nicholls said, "The granting of PCA 356 over the complete ATP2044 tenure was a key strategic goal for this year. With the recent drilling of Lorelle-3 and the acquisition of the Teelba 2D seismic data, Elixir’s entire Taroom Trough acreage—spanning over 2,000km2—is positioned to be retained under similar licenses, providing up to 15 years to participate in the de-risking and commercialisation of this promising play alongside Shell, Santos, and Omega."
Elixir Energy is the largest acreage holder in the Taroom Trough, part of Queensland’s Bowen Basin. Geologically analogous to Canada's Montney Formation, the Taroom Trough is advantaged by proximity to the Wallumbillia Gas Hub, multiple gas pipelines, nearby LNG export infrastructure, refineries, and a mature onshore gas industry.
Elixir plans to appraise its ~2.8 TCF of independently certified 2C Contingent Gas Resources, adjacent to Shell's primary area of investment in the Basin Centered Gas Play.