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Elixir Energy Ltd (EXR)

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A Deep Dive profile provides ASX listed companies with an opportunity to tell their story in plain English.

Company Deep Dive

Elixir Energy is a gas exploration and development company. It is currently primarily focused on an exploration and appraisal program in Mongolia targeting natural gas in the form of coal-bed methane (CBM – known as coal seam gas -CSG -in Australia).

EXR holds 100% of a CBM production sharing contract (PSC), located just to the North of the Mongolian/Chinese border. The Nomgon Project licence area covers ~30,000 km2 (~7 million acres).

The Company’s strong foundation of multiple level Government and other energy stakeholder relationships is now being used as a platform to grow cleaner energy options involving renewables and hydrogen.

Highlights

Prospective Resource of 14.6 Tcf of gas, up 92% over the 2018 estimate.

Team comprises CBM industry experts with a wealth of experience and knowledge.

Delivered Mongolia's first CSG discovery and upcoming exploration is fully funded.

First mover in a potentially world class region for hydrogen.

Showcase your ASX company to 500k+ investors

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People

Board of Directors

Richard Cottee

Non-Executive Chairman
Apr 2019 - Present

Mr Cottee was appointed as the Non-Executive Chairman of the Company on 29 April 2019.

Mr Cottee was the Managing Director of coal seam gas (CSG) focused Queensland Gas Company (QGC) during its growth from a $20 million market capitalization junior explorer through to its acquisition by BG Group for $5.7 billion. QGC’s CSG assets are now operated by Shell and produce gas that is sold to China and other LNG markets.

Profile

Richard Cottee

Non-Executive Chairman

Apr 2019 - Present

Mr Cottee was appointed as the Non-Executive Chairman of the Company on 29 April 2019.

Mr Cottee was the Managing Director of coal seam gas (CSG) focused Queensland Gas Company (QGC) during its growth from a $20 million market capitalization junior explorer through to its acquisition by BG Group for $5.7 billion. QGC’s CSG assets are now operated by Shell and produce gas that is sold to China and other LNG markets.

Originally a lawyer, Mr Cottee has spent the vast majority of his career in senior executive roles in the energy industry, including acting as CEO at CS Energy, NRG Europe, Central Petroleum and Nexus Energy.

A 32-year veteran of the industry, Mr Cottee is a strong business development professional and a graduate from The University of Queensland.

Neil Young

Managing Director and Chief Executive Officer
Dec 2018 - Present

Mr Young was appointed to the Board of Elixir on 14 December 2018 as its Chief Executive Officer.

Mr Young has more than twenty years experience in senior management positions in the upstream and downstream parts of the energy sector, focusing on business development, new ventures, gas marketing and general commercial functions.

Profile

Neil Young

Managing Director and Chief Executive Officer

Dec 2018 - Present

Mr Young was appointed to the Board of Elixir on 14 December 2018 as its Chief Executive Officer.

Mr Young has more than twenty years experience in senior management positions in the upstream and downstream parts of the energy sector, focusing on business development, new ventures, gas marketing and general commercial functions.

He has worked for a range of companies in the UK and Australian including EY, Tarong Energy and Santos. Mr Young founded Golden Horde Ltd in 2011 with a view to exploring for gas on the Chinese border in Mongolia. He has also developed various new ventures in other countries including Kazakhstan, Japan and the USA.

Mr Young has a M.A. (Hons) joint degree in Economics/Politics from the University of Edinburgh.

Stephen Kelemen

Non-Executive Director
May 2021 - Present

Mr Kelemen was appointed as the Non-Executive Director of the Company on 6 May 2019.

Stephen led Santos’ coal seam gas (CSG) team from its inception in 2004 and drove the growth in this area that allowed Santos to become one of Australia’s leading CSG companies. An engineering graduate from Adelaide University, Stephen served Santos for 38 years in multiple technical and leadership roles.

Profile

Stephen Kelemen

Non-Executive Director

May 2021 - Present

Mr Kelemen was appointed as the Non-Executive Director of the Company on 6 May 2019.

Stephen led Santos’ coal seam gas (CSG) team from its inception in 2004 and drove the growth in this area that allowed Santos to become one of Australia’s leading CSG companies. An engineering graduate from Adelaide University, Stephen served Santos for 38 years in multiple technical and leadership roles.

Stephen is currently an Adjunct Professor at University of Queensland’s Centre for Coal Seam Gas and also acts as a non-executive Director on the Boards of Galilee Energy Ltd (ASX: GLL) and Advent Energy Ltd.

Anna Sloboda

Non-Executive Director
Sep 2020 - Present

Ms Anna Sloboda was appointed as the Non-Executive Director of the Company on 1 October 2020.

Anna is a joint Belarusian/Australian citizen and has over 20 years experience in corporate finance, and in developing junior resource companies operating around the world.

Profile

Anna Sloboda

Non-Executive Director

Sep 2020 - Present

Ms Anna Sloboda was appointed as the Non-Executive Director of the Company on 1 October 2020.

Anna is a joint Belarusian/Australian citizen and has over 20 years experience in corporate finance, and in developing junior resource companies operating around the world.

Anna is currently an Executive Director of Red Citadel Resources Pty Ltd, a private owned mineral resources exploration company with a range of projects in Africa and South America. She also serves as an Advisory Committee Member, Maritime Archeaology, at the Western Australian Museum.

Previously she was a co-founder of Trans-Tasman Resources Ltd, and in that capacity had substantial experience in dealing with Chinese off-takers and partners. Other prior employers include Lehman Brothers, Clough and Curtin University.

Anna has a Master of Economics from Belarusian University and an Executive MBA from Melbourne Business School.

Projects

Map of Nomgon project
Project

Nomgon IX CBM PSC

​​Elixir Energy is primarily focused on it’s 100% owned Nomgon IX Coal Bed Methane (CBM) Production Sharing Contract (PSC) project in the South Gobi region of Mongolia.

The Nomgon project is located on the Mongolian Chinese border, around 400 km North of China’s main gas transmission grid.

The Nomgon Project licence area covers ~30,000 km2 (~7 million acres). This very large area has been independently certified to contain a giant CBM risked recoverable prospective resource of 14.6 Tcf (best case).

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Project

Hydrogen

Elixir’s Mongolian subsidiary, GOH Clean Energy LLC has been developing various initiatives to pursue hydrogen (H2) opportunities in Mongolia. Elixir considers Mongolia as one of the best locations in the world to produce green hydrogen with close proximity to Chinese markets, low delivery costs and world class renewables.

Elixir’s current natural gas related skills and assets in Mongolia are highly complementary to this new clean energy venture. Elixir is progressively engaging with relevant stakeholders to build competitive foundations to participate in an emerging massive new energy industry in a strongly advantaged location.

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Hydrogen production types

Key Milestones

Historical Milestones

Delivered on strategy with first CSG discovery made in Mongolia in 2020
Expanded 2021 appraisal and exploration program as ”rinse & repeat” program rolls out
Deployed SODAR to measure green H2 feedstock: renewable energy resources

Future Milestones

Undertake a two stage pilot production test on the Nomgon sub-basin coal seams over the next 12 months.
Expanding program of seismic acquisition to 500km of 2D in 2021.
Accelerate drilling program to drill ~20 wells in 2021 and even more in 2022.

Investment

Investors

BNP Paribas Nominees Pty Ltd

BACKGROUND

European-based provider of financial services on a worldwide scale

Neil Young

BACKGROUND

Elixir Energy Managing Director and Chief Executive Officer

Citicorp Nominees Pty Limited

BACKGROUND

Subsidiary of Citi Australia

Capital Raises

Successful Placement And SPP
|May 2021

Accepted commitments to raise $26.6 million (before costs) through a placement of $10 million to qualified investors at a price of 36c per share and a share purchase plan to existing shareholders for an additional $16.6 million.

Raised $26.6m
Offer Price $0.36
Notes
Share placement to raise $1.75 million
|May 2020

​​Commitments to raise $1.75 million (before costs) through a placement of new shares to qualified investors at a price of 2c per share. Applications were cut back to this figure to facilitate offering the Share Purchase Plan.

Raised $1.75m
Offer Price $0.02
Notes
Oversubscribed Placement Raises ~$3.6m & Licence Issued
|May 2019

Commitments to raise ~$3.6 million (before costs) through a placement of new shares that, after scaling back for oversubscriptions, fully utilises its placement capacity under Listing Rules 7.1 and 7.1A. The total number of shares to be issued under the placement is 99,440,807.

Raised $3.6m
Offer Price $0.036
Notes

Documents

QUPEX Presentation

14 Jun 2022 | Presentation
PDF (5027.2 KB)

March Quarterly Activities Report

29 Apr 2022 | Report
PDF (688 KB)

December Quarterly Activities Report

31 Jan 2022 | Report
PDF (641.9 KB)

Annual Report

30 Jun 2021 | Annual Report
PDF (6779.6 KB)

Complementary Hydrogen Project

29 Sep 2021 | Presentation
PDF (4441.7 KB)

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