Elixir Energy
Elixir Energy Limited (ASX: EXR) is a pre-revenue Australian gas exploration and development company targeting coal-bed methane and deep tight sandstone gas in Queensland's Taroom Trough, holding 3.0 TCFE of certified 2C contingent resources across the Grandis, Santos Farmin, and Diona projects, with intended offtake into east coast domestic and LNG markets.
- Company typePublic
- Founded2004
- HeadquartersAdelaide, Australia
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Elixir Energy does
Elixir Energy Limited (ASX: EXR) is a pre-revenue ASX-listed gas exploration and development company headquartered in Adelaide, Australia. Its core focus is coal-bed methane (CBM/CSG) and deep tight unconventional sandstone gas targeting Permian-aged reservoirs at depths of 3,000–4,300 metres in the Taroom Trough, Bowen Basin, Queensland. The portfolio comprises the 100%-owned Grandis Gas Project (ATP 2044, ATP 2077 A&B) with 1.7 TCFE of 2C contingent resources, a 50% working interest in ATP 2056 and ATP 2057 earned via February 2025 farmout agreements with Santos (1.2 TCFE 2C), the 100%-owned Diona Gas Project (ATP 2077C, conventionally targeted and partly farmed to Xstate Resources), plus legacy assets in Mongolia (Nomgon CBM, Gobi H2 green hydrogen with SB Energy). Independently certified total 2C contingent resources stand at 3.0 TCFE, audited by ERCE, though classified as 'Development Unclarified' with no commercial production commenced.
The business model is asset-development rather than product-sales: Elixir acquires exploration permits, conducts appraisal drilling and fracture stimulation to prove up reserves, and uses farmout agreements with larger operators (notably Santos) to share technical risk and fund work programs. Capital is sourced through equity raises (~$9M for Santos farmin work programs), R&D-backed debt (a $10M facility from Endpoints Capital secured against FY26 AusIndustry R&D refunds at 15.75% capitalised interest), and government R&D tax incentives (43.5% rebate on qualifying Daydream-2 costs). Once commercial flow rates are demonstrated, the intended revenue model is usage-based gas sales to the East Coast Australian domestic market and LNG exporters via the Wallumbilla gas hub, supported by 200km seismic campaigns and ongoing multi-well appraisal programs including the recently completed 12-stage Lorelle-3H fracture stimulation.
The company operates with a lean team (1–10 employees per firmographics, though the management and technical bench is deep — ex-QGC, Santos CSG, Strike Energy, Shell executives), and has 1.87 billion fully paid ordinary shares outstanding with Omega Oil & Gas as the largest shareholder at 19.07%. Leadership was refreshed in 2025–2026 with a new CEO, CFO, and two nominee directors from Omega. Market capitalisation was approximately A$137M at end-2022 with A$14M cash; the company has since raised additional debt and equity to fund expanded appraisal activity.
Elixir Energy firmographics
Firmographics- Name
- Elixir Energy
- Legal name
- Elixir Energy Limited
- Website
- https://elixirenergy.com.au
- Company type
- Public
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Elixir Energy Limited (ASX: EXR) is a pre-revenue Australian gas exploration and development company targeting coal-bed methane and deep tight sandstone gas in Queensland's Taroom Trough, holding 3.0 TCFE of certified 2C contingent resources across the Grandis, Santos Farmin, and Diona projects, with intended offtake into east coast domestic and LNG markets.
- Ownership category
- akta.pro rank
Elixir Energy industry classification
Industry- Product category
- Upstream gas exploration & development
- NAICS
- Natural Gas Extraction (21113)
- SIC
- Oil & Gas Field Exploration Services (1382)
- akta.pro primary industry
- Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)
- akta.pro secondary industry
- Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)
Keywords
Where Elixir Energy is headquartered
LocationHeadquarters
- HQ city
- Adelaide
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Elixir Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales
Revenue model
- Gas Production & Sales: As an early-stage exploration and development company, Elixir Energy has not yet commenced commercial gas production. It holds contingent resources (2C) of 3 TCFE across its Taroom Trough permits and is in the appraisal phase to demonstrate commercial flow rates. Revenue will ultimately be generated from the sale of natural gas (coal-bed methane / tight gas) to domestic buyers and LNG export markets via the Wallumbilla gas hub.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Elixir Energy product offering
Product offeringCore offering
Elixir Energy Limited is a pre-revenue, ASX-listed gas exploration and development company that acquires and develops petroleum exploration permits in Queensland's Taroom Trough (Bowen Basin), Australia, targeting coal-bed methane (CBM/CSG) and deep tight unconventional sandstone gas in Permian-aged reservoirs. The company controls the Grandis Gas Project (ATP 2044, ATP 2077 A&B) at 100% working interest, a 50% interest in ATP 2056 and ATP 2057 via Santos farmout, and the Diona Gas Project (ATP 2077 C). It also holds legacy CBM acreage in Mongolia (Nomgon) and a green hydrogen partnership (Gobi H2). Total independently certified 2C contingent resources across the Taroom Trough stand at 3.0 TCFE.
Product overview
Elixir Energy is a gas exploration and development company focused on coal-bed methane (CBM/CSG) and conventional gas projects. The portfolio consists of the Grandis Gas Project (100% owned, targeting tight sandstones and fractured coals in Taroom Trough with 1.7 TCFE 2C resource), Santos Farmin (50% WI in ATP 2056/2057 with 1.2 TCFE 2C resource), and Diona Gas Project (100% owned conventional prospect). The company also holds legacy CBM assets in Mongolia (Nomgon) and green hydrogen ambitions (Gobi H2). Total 2C contingent resource across Taroom Trough stands at 3 TCFE.
Differentiator
Problem solved
Functional benefit
Brands
- Grandis Gas Project: 100% owned gas project covering exploration permits ATP 2044 and ATP 2077 A&B in the Taroom Trough, Queensland.
- Santos Farmin
- Diona Gas Project
Products and services
- Grandis Gas Project 100%-owned gas exploration and appraisal project covering Queensland exploration permits ATP 2044 and ATP 2077 sub-blocks A and B in the Taroom Trough, targeting tight unconventional sandstones and fractured thermally mature coals in Permian-aged reservoirs at depths exceeding 3,000–4,300 metres. Has independently certified 2C contingent resources of 1.7 TCFE and includes the Daydream-2 gas discovery and the Lorelle-3H 12-stage fracture stimulation appraisal well.
- Santos Farmin (ATP 2056 and ATP 2057) 50% working interest in Queensland exploration permits ATP 2056 and ATP 2057 held under farmout agreements with Santos Ltd (wholly owned subsidiary), containing an extension of the basin centred gas play proven in ATP 2044 with independently certified 2C contingent resource of 1.2 TCFE from ATP 2056. Operatorship reverts to Santos after the initial work programs.
- Diona Gas Project 100%-owned exploration permit ATP 2077 sub-block C located outside the Taroom Trough, adjacent to the Silver Springs gas storage asset; targeting a conventional gas well on a 4-way dip closure mapped beneath the Waggamba to Wallumbilla gas pipeline, with 51% interest assigned to Xstate Resources Ltd under a farmout.
- Nomgon CBM Project Coal-bed methane pilot project in Mongolia, where Elixir Energy has achieved a production milestone and desorbed gas production targets as part of its legacy overseas CBM acreage.
- Gobi H2 Project Green hydrogen project in the Gobi Desert in Mongolia, partnered with SB Energy, with the company advancing a green hydrogen dataset and production plans.
Quantifiable outcome
- Daydream-2 appraisal well reached TD 4,300m and intersected gas-bearing permeable sandstone zone at ~4,200m, resulting in a surface flare with ~50,000 cubic feet of gas estimated at wellsite.
- +2 more outcomes
Companies that use Elixir Energy
Customer profileSegments3 records
Ideal customer profiles3 records
Elixir Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Elixir Energy partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Terrex SeismiccoreElixir Energy partnered with Terrex Seismic for a 200km seismic survey campaign in Queensland's Taroom Trough. The campaign aims to improve understanding of subsurface structures and support future resource certification and development planning.
- Santos Ltd (wholly owned subsidiary)coreElixir Energy executed two Farmout Agreements with a wholly owned subsidiary of Santos Ltd covering ATP 2056 and ATP 2057 in the Taroom Trough in February 2025. Elixir earns a 50% working interest in both permits by funding and operating the farmin programs (drilling a vertical well to 3,100m in ATP 2056 and acquiring 200km of 2D seismic in ATP 2057). Operatorship reverts to Santos thereafter. The acreage contains an extension of the basin centred gas (BCG) play proven in ATP 2044, with independently certified contingent resources (2C) of 1.2 TCFE from ATP 2056.
- Xstate Resources Ltd (ASX: XST)coreElixir Energy entered into a farmout agreement with Xstate Resources Ltd covering the Diona sub-block. 51% interest in the Diona project has been assigned to Xstate Resources. Xstate will participate in a conventional well planned for mid-2025 in ATP 2077 sub-block C.
- ERCE Australia Pty Ltd (ERC Equipoise)coreERCE (ERC Equipoise Pty Ltd) is an independent petroleum reserves and resources auditor that has certified Elixir Energy's contingent resources across the Grandis Gas Project and Santos Farmin acreage. Resources certified include 1.7 TCFE from ATP 2044/2077 A, 1.2 TCFE from ATP 2056, and total Taroom Trough 2C resources of 3.0 TCFE. ERCE is one of the largest petroleum reserves and resources auditors globally with offices in UK, Singapore, Kuala Lumpur, Malaysia and Perth.
- SB EnergyminorElixir Energy has a partnership with SB Energy at the Gobi H2 green hydrogen project in Mongolia. This is a separate project from the Queensland gas assets, involving development of a green hydrogen dataset in the Gobi Desert region.
Scale indicators7 records
Recent moves7 records
Expansion highlights6 records
Elixir Energy competitors and assessment
Company assessmentBroad incumbents
- Santos: ASX-listed major independent oil and gas company and Elixir's farmout partner on ATP 2056/2057. Operates one of Australia's largest CSG businesses and is the dominant incumbent in Queensland unconventional gas; overlaps directly with Elixir's development pathway and basin-centred gas thesis.
- Origin Energy: ASX-listed major integrated energy company with significant upstream natural gas operations including Australia Pacific LNG. Comparable as a broad incumbent in the same east coast Australian gas market Elixir targets, though at vastly larger scale and with producing assets.
Direct peers
- Xstate Resources: ASX-listed junior oil and gas explorer with a farmout interest in Elixir's Diona sub-block and conventional gas targets in Queensland. Comparable small-cap partner with similar appraisal-stage business model and Queensland acreage focus.
- Strike Energy: ASX-listed unconventional gas explorer (Perth Basin, Western Australia) previously led by Elixir's current CEO Stuart Nicholls and CFO Justin Ferravant. Closely comparable business model — small-cap appraisal-stage unconventional gas developer using horizontal wells and fracture stimulation to convert contingent resources to reserves.
- Omega Oil & Gas: ASX-listed oil and gas exploration company and Elixir's largest shareholder (19.07%) with two nominee directors on Elixir's board. Comparable as a Queensland-focused upstream operator with overlapping acreage and capital markets positioning, and the relationship itself signals strategic alignment with Elixir's Taroom Trough thesis.
- Galilee Energy: ASX-listed CBM and conventional gas explorer with the Glenaras Gas Project in the Galilee Basin, Queensland. Comparable as a Queensland-focused gas appraisal-stage company with contingent resources pursuing similar commercialisation pathways, and shares a non-executive director (Stephen Kelemen) with Elixir.
- Comet Ridge: ASX-listed gas exploration and development company with acreage in the Mahalo Gas Hub and other Queensland permits. Directly comparable as a small/mid-cap Queensland-focused unconventional gas developer targeting the same east coast gas market via Wallumbilla-style hub access.
Emerging players
- State Gas: ASX-listed early-stage CBM developer with the Reid's Dome project in the Bowen Basin, Queensland. Comparable as a junior CBM explorer in Queensland pursuing the same unconventional gas thesis, though with materially smaller resource base and earlier stage development.
- Blue Energy: ASX-listed emerging CBM-focused explorer with acreage in Queensland's Bowen and Surat basins. Comparable as a small/mid-cap CBM developer pursuing similar east coast Australian gas market opportunities, though at a less advanced appraisal stage.
- Empire Energy: ASX-listed emerging player focused on unconventional gas (primarily CBM and shale) in the Beetaloo Sub-basin, Northern Territory. Comparable as a small-cap unconventional gas appraisal company using modern drilling and fracture stimulation techniques to validate a frontier play.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Elixir Energy social profiles
Digital presenceElixir Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Elixir Energy leadership team
Management profileNumber of profiles
Profiles9 records
Elixir Energy funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Elixir Energy M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Elixir Energy
What does Elixir Energy do?
Elixir Energy Limited is a pre-revenue, ASX-listed gas exploration and development company that acquires and develops petroleum exploration permits in Queensland's Taroom Trough (Bowen Basin), Australia, targeting coal-bed methane (CBM/CSG) and deep tight unconventional sandstone gas in Permian-aged reservoirs. The company controls the Grandis Gas Project (ATP 2044, ATP 2077 A&B) at 100% working interest, a 50% interest in ATP 2056 and ATP 2057 via Santos farmout, and the Diona Gas Project (ATP 2077 C). It also holds legacy CBM acreage in Mongolia (Nomgon) and a green hydrogen partnership (Gobi H2). Total independently certified 2C contingent resources across the Taroom Trough stand at 3.0 TCFE.
Is Elixir Energy a public or private company?
Elixir Energy is a public company. It is classified as public and is currently operating.
When was Elixir Energy founded?
Elixir Energy was founded in 2004. It employs 1 to 10 people.
Where is Elixir Energy based?
Elixir Energy is headquartered in Adelaide, Australia, in the Oceania region.
How does Elixir Energy make money?
One revenue line is on record: gas Production & Sales.
Who are Elixir Energy's main competitors?
Broad incumbents on record are Santos and Origin Energy. Direct peers are Xstate Resources, Strike Energy, Omega Oil & Gas, Galilee Energy and Comet Ridge. Emerging players are State Gas, Blue Energy and Empire Energy.
Does Elixir Energy have an API?
No public API is recorded for Elixir Energy.
What industry is Elixir Energy in?
Elixir Energy's product category is Upstream gas exploration & development. Its primary akta.pro industry code is EUALAAAH, Unconventional Resources Development (Shale/Tight, CBM), with a secondary code of EUAAAAAM, Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management). Its NAICS code is 21113 and its SIC code is 1382.