Xstate’s flagship tenement is located in Queensland, Australia. The Diona Prospect is approximately 12 km west of Waggamba Gas Field and 11 km east of the Taylor Gas and Oil Field and lies directly beneath the Waggamba to Silver Springs gas export pipeline. The prospect targets three stacked reservoir objectives at Showgrounds, Upper Tinowon and Wallabella Sandstone levels, all of which will be tested via a single vertical exploration well. The net total mean unrisked prospective resource (at 51% WI) is 6.4 Billion standard cubic feet equivalent (BSCFE) for the scenario where all three reservoirs discover hydrocarbons. The Diona Prospect is covered by a 2D seismic grid that confirms the presence of a four-way dip closed anticline at all three reservoir objectives. A further technical work program will be undertaken by Elixir to identify and mature further prospects within the Diona Block.
