ASX energy share Elixir Energy Ltd (ASX: EXR) is off to the races today.
Elixir Energy shares closed on Friday trading for 8.4 cents. In morning trade on Monday, shares are changing hands for 9.8 cents apiece, up 16.7%.
For some context, the S&P/ASX Small Ordinaries Index (ASX: XSO) is down 1.5% at this same time.
And this outperformance is par for the course for Elixir shares this past year.
With today's intraday gains factored, the ASX energy shares is up an eye watering 263% over 12 months. That's enough to turn a $5,000 investment into $18,148. In one year.
Now, here's what's piquing investor interest again today.
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ASX energy share surges on gas prospects
The Elixir Energy share price is surging today following the release of the final drilling results from the company's Lorelle-3H appraisal well, located in Queensland's Taroom Trough.
The ASX energy share has now completed the drilling, casing, and cementing of the Lorelle-3H well, achieving a total depth of 4,477 metres. That includes a 1,157-metre lateral section within the primary objective of the Tinowon 'Dunk' Sandstone.
Management noted this makes Lorelle-3H the longest lateral drilled well in the Taroom Trough.
And Elixir looks to be catching investor interest, with the company reporting it has measured 1,033 metres of high-quality net gas-condensate pay within the Tinowon 'Dunk' Sandstone. That net gas-condensate bearing section has an average porosity of 11.2% and a maximum porosity of 18%. This was said to "far exceed" measurements from the initial pilot hole.
The Lorelle-3H well has been suspended for a multi-stage stimulation and production test in the second quarter of 2026.
What did management say?
Commenting on the results sending the ASX energy share surging today, Elixir Energy CEO Stuart Nicholls said, "The Lorelle-3 appraisal campaign has delivered an exceptional result for the company."
Nicholls added:
Initially, the pilot hole confirmed the northern extension of the key Permian reservoirs proven within Shell's acreage and identified significant upside within the Lorelle Sandstone yet seen elsewhere in the basin.
The company then also drilled the longest lateral section to date, all within some of the highest-quality Tinowon Dunk Sandstone reservoir seen in the basin, completing a combined 5,691 metres of drilling and appraisal operations across the pilot hole and lateral well in just 46 days, a major operational achievement for a company of Elixir's size.
Nicholls said the upcoming production test for the Lorelle 3H well could deliver results that "may underpin Elixir's move towards its maiden Reserves booking in the Taroom Trough and the next phase of basin development".
