Elixir Energy (ASX:EXR) received independent certification of a contingent resource within the deep dry coals at its Grandis gas project in Queensland, increasing project 2C recoverable gas resources by 17% to 1,715 billion cubic feet (BCF), according to a Wednesday Australian bourse filing.
The certification by ERCE Australia estimates a maiden resource booking of 245 BCF from the deep dry coals at the project.
The total 2C gas in place increased 120% to 58,137 BCF, given the first-time recognition of contingent resources in the deep coals.
The firm noted that there is no certainty that it will be economically viable to produce any portion of the contingent resources.
Elixir Energy's shares rose almost 2% in recent trading Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.