Elixir Energy (EXR) Study result summary

Interim results and well performance

• Lorelle-3H (Lorelle-3) achieved peak gas rates of 10.5 MMscf/d (~13 TJd) and stabilized at 6.2 MMscf/d, with 800 bbl of stimulation fluid produced during peak and 34% of injected fluid recovered, indicating effective fracture stimulation and positive future productivity.

• Gas and condensate produced are of excellent quality, with high calorific value, low impurities (1% CO2), and a volume-to-energy conversion of 1.21, requiring minimal or no processing.

• Condensate-to-gas ratio is about 10 bbl/MMscf, expected to rise as cleanup progresses, with produced condensate being a hybrid condensate/light oil (47.8° API) that typically commands a premium.

• The well is still in the flowback cleanup phase, with significant stimulation fluid present, and is considered production-ready post-tubing installation.

• Total 30-day cleanup produced 9.4 MMscf gas and 53 bbls condensate, with most production currently from the heel due to toe-down geometry.

Commerciality and development modeling

• Lorelle-3H serves as a proof of concept for commercial field development in the Dunk Sandstone, with modeling suggesting a 2,000-m lateral well could achieve peak rates of 15 TJd and stabilized rates of 6 TJd, being NPV positive at AUD 9/GJ gas price.

• Neighboring wells and analogs (Beetaloo, Montney) show productivity improvements over time, supporting optimism for future well performance.

• The well is production-ready and eligible for significant R&D tax incentives, positioning for early-stage development opportunities.

• Future wells are expected to have different geometries and completion strategies based on learnings from Lorelle-3H.

• Critical data collected supports modeling for commercial recoveries and development planning.

Reservoir characteristics and water management

• Core analysis confirms desiccated sands and dehydrated clays in the Dunk Reservoir, indicating almost no free or movable water, with all fluid recovered being stimulation fluid.

• Clay stabilizers such as KCL and choline chloride were used to mitigate formation damage.

• Post-cleanup production is likely to be water-free, supporting the basin-centered gas play model.

• Reservoir analysis and technical work are ongoing to optimize well performance and inform reserve bookings.

• Gas and condensate ratios and compositions were gathered to aid preparatory development work.