Elixir (ASX:EXR) named tenderer for Grandis-adjacent Taroom territory in Queensland

Elixir Energy has been appointed by the Queensland Government as the preferred tenderer for a licence area both prospective for deep and shallow gas and adjacent to its own Grandis Gas Project in the sunshine state’s Taroom Trough.

The 152 square kilometres PLR2023-1-7 licensed area ups Elixir’s holdings by 14 per cent and comes with the same deep gas prospectivity as Grandis and its contingent resources now standing at 1.297 billion cubic feet.

Elixir’s use of the PLR2023-1-7 area will not be subject to any domestic gas reservation, so the company will serve as operator with a full interest.

The energy explorer will now grab an environmental authority and finish off any needed native title processes, but it has quickly begun technical studies over all areas to check out the potential addition of resources, drill targets, and potential partners.

“Naturally we are pleased to be recognised by the Queensland Government as the preferred tenderer for a new licence area which is highly complementary to our existing Grandis Gas Project position,” Elixir Managing Director Neil Young said.

“That recognition in part at least acknowledges the good work undertaken by our team since we have entered Queensland two years ago.”

Elixir entered the Taroom Trough with its own unconventional idea for trillions of cubic feet of gas, and results so far, including a believed onshore unstimulated flow record east of the Perth Basin, have surpassed its expectations.

While regulations have somewhat hindered an Australian industry that fell from its perch as the world’s leading liquified natural gas exporter last year, the current federal government at least has placed an onus on the commodity to help support a transition to net-zero.

The Future Gas Strategy released in May aims to support decarbonisation, safeguard energy security and affordability, help trade partnerships, and entrench the nation’s reputation as an attractive investment destination.

The Queensland Government is also taking strides to boost local production by fast-tracking the development of new reserves, and Elixir now has some new territory to investigate as the stimulation program restarts over Grandis.

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