Elixir Energy Ltd (ASX:EXR) MD Neil Young discusses with JustStocks Video an operational update on the Daydream-2 well in its 100% owned Project Grandis in Queensland’s Taroom Trough.

Elixir has now concluded its testing program of the Daydream-2 well and the well is being retained through a process of suspension as a future gas producer.

Young says the successes of the Daydream-2 appraisal program are multiple and material.

Highlights:

Achieving what Elixir considers to be a commercial flow rate.
Increasing 2C contingent resources by 328% to 1.47 trillion cubic feet
Increasing 2U prospective resources by 180% to 3.6 trillion cubic feet
Flowing gas from two separate deep coal zones, hence allowing the commencement of the conversion of these prospective into contingent resources
Flowing gas from five out of six stimulated zones – some for the first time in the Taroom Trough. 
Confirming the raw gas contains low amounts of CO2 – within pipeline specification.
Meeting all licence commitments (hence facilitating the PCA process – which provides tenure for up to 15 years), in line with all HSE and community standards.
Applying novel extraction techniques, some for the first time in Australia, attracting Commonwealth Government research and development fiscal support.

Planning of the Daydream-3 appraisal well in the Grandis Project is in progress, which will focus on further de-risking of the very significant gas resources now established.

The well delivered gas flow rates from five out of the six stimulated zones – including for the first time in two separate deep coal zones.

Achieving flows from these deep coals should allow the commencement of the conversion to contingent resources of the current prospective resources booked in the coals in ATP 2044.

During the final phase of testing, gas was flowed at various rates and various choke sizes.

A maximum flow rate of 2.6 MMSCFD was recorded and the stabilized rate was 1.0 MMCFPD prior to shut-in.

This reduction in stabilised rate has been attributed to condensate or water banking immediately around the wellbore.

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