Elixir Energy secures $5M share placement

• Elixir Energy raised $5 million through a new share placement to institutional and sophisticated investors.
• The company's share price traded flat following the funding announcement.
• Proceeds will fund ongoing well testing at the Taroom Trough and a corporate strategic review.

Elixir Energy (ASX:EXR) secured $5 million in firm commitments from institutional and sophisticated investors through a share placement to fund gas well testing and a strategic review.

The capital injection follows heightened industry activity and interest in the Taroom Trough region.

"This placement strengthens our balance sheet at a pivotal time for the Taroom Trough, where industry interest in the play has never been higher and the collective work from ourselves and adjacent operators is advancing quickly towards commercial development," said Elixir Energy Managing Director and CEO Stuart Nicholls.

The funds will support downhole pressure monitoring, technical work, and a 60-day soak period for the Lorelle-3H well, alongside artificial lift and flow testing at Diona-1.

The company stated that the placement proceeds will also enable management to evaluate options to convert its land position into shareholder value.

Following the announcement, the Elixir Energy share price was unchanged at $0.045.

The business operates extensive exploration permits targeting gas plays across Queensland.