Elixir Energy (ASX:EXR) completed its testing program at the Daydream-2 well in its Project Grandis in Queensland, according to a Tuesday filing with the Australian Securities Exchange.

The well is being retained as a future gas producer through suspension, the filing said. The company will now apply for a retention lease with a maximum term of 15 years.

Shares fell more than 4% in morning trade Wednesday.

Price (AUD): $0.07, Change: $-0.003, Percent Change: -4.41%