Winners and Losers: Elixir Energy rises on gas project update

Elixir Energy will progress to the next stage of its Queensland gas project, with the news spurring a flurry of trade at the end of last week.

Apr 22, 2024, updated Apr 22, 2024
Elixir Energy announced on Friday that its Queensland gas project was advancing. Photo: Elixir Energy.

Elixir Energy announced on Friday that its Queensland gas project was advancing. Photo: Elixir Energy.

Elixir Energy saw its shares rise by 30 per cent over the last five trading days, including a major spike last Friday after the company announced it would progress its gas project in Queensland.

The firm said the next phase of its Daydream-2 appraisal project at its 100 per cent owned Grandis project near the Wallumbilla gas hub in Queensland was now underway, following a successful test which flowed gas without stimulation from a depth of 4200 metres.

Stimulation services company Halliburton on Thursday last week commenced the multi-stage stimulation program at Daydream-2, the company said, with a total of 16,000 hydraulic horse power of equipment now in use.

“We are pleased to announce that the next phase of our Daydream-2 work program has now commenced following the mobilisation of extensive Halliburton kit to the site,” Elixir managing director Neil Young said.

“Flow testing of our six separate target zones will follow shortly thereafter.

“The multiple objectives of this so far very successful appraisal program will now come to fruition in only a few weeks – we await this with bated breath.”

The surge in trades for Elixir landed it in the top five of the Winners list last week, following urea firm NeuRizer in the top spot, video game developer Mighty Kingdom in second and Resolution Minerals in third.

NeuRizer saw its share price double over the past five days of trading but remains 92.31 per cent down on a year-on-year basis.

Mighty Kingdom received a sugar rush after major shareholder Gamestar+ – run by Adelaide entrepreneur Shane Yeend – sold nearly all of its shares in the video games company.

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Vintage Energy rounded out the top five Winners with a 20 per cent share price increase over the five days, but it also remains weaker on a year-on-year basis.

1414 Degrees was the top Loser this week, with its shares falling 22.58 per cent. This comes after the clean energy company topped last Monday’s Winners list, indicating the company’s share price is coming back to normal levels. Overall, 1414 Degrees is up 29.51 per cent on a year-on-year basis.

Micro-X was another Loser, after exiting a trading halt on Wednesday following a share placement that gives the company a 12-month runway of nearly $7 million in cash.

Papyrus Australia, Havilah Resources and Prophecy International rounded out the Losers list.

The full list of Winners and Losers for the week ending 19 April:

Data compiled by Baker Young Limited analysts. 

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