Here's why the Elixir Energy (ASX:EXR) share price is climbing today

The Elixir Energy Ltd (ASX: EXR) share price is climbing today following the release of an operations update. We take a closer look at the announcement.

| More on:
Hands grabbing for high rung on a ladder pointing to the sky

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Elixir Energy Ltd (ASX: EXR) share price is climbing today following the release of an operations update.

During late afternoon trade, the energy producer's shares are fetching for 40.2 cents, up 3%.

What did Elixir announce?

Investors appear upbeat with the company's latest progress, pushing Elixir shares within reach of its multi-year high of 51 cents.

In a statement to the ASX, Elixir provided an update on the current exploration program at the Nomgon IX Coal Bed Methane (CBM) Production Sharing Contract (PSC).

Located within the Nomgon project in Mongolia, Elixir advised it has spudded its Cracker-1S exploration well yesterday. The drilling is the first in the sub-basin which was identified by the company's 2020 2D seismic program.

A little over a month ago, a second drilling company was sub-contracted by Elixir. It noted that as soon as COVID-19 restrictions lift, it will move to a new area in the sub-basin. This is expected to occur within the next two weeks.

Elixir highlighted that its 2021 2D seismic program has acquired 51 kilometres of new seismic. This is being processed quickly for the expanded drilling program.

Elixir managing director, Neil Young commented:

The Cracker-1S well is an exciting one for the Company, given its significant distance from our prior discoveries. Its geological potential to open up a new sub-basin is supplemented by its favourable location for access to such infrastructure as larger capacity electricity lines and the regional capital.

Elixir Energy share price summary

It's been an impressive 12 months for shareholders who invested in the Elixir share price, recording gains of 1,200%. Looking at year-to-date performance, late investors would also be seeing green, up 220%. Interestingly, the company's shares have been on a strong growth trajectory since the start of the year.

Based on valuation metrics, Elixir commands a market capitalisation of around $337 million, with roughly 842 million shares on issue.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

Coal miner holding a giant coal rock in his hand making a circle with his hand, symbolising a rising share price.
Energy Shares

2 ASX 200 coal stocks to buy now despite tariff impact: Expert

Investors are nervous about the impact of US tariffs on global coal consumption.

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Share Market News

US-China tariff deal sparks strong week for ASX 200

Energy shares ripped 5.77% higher while the ASX 200 lifted 1.37% over the five days.

Read more »

Coal miner standing in a coal mine.
Dividend Investing

Down 22% this year, does this ASX dividend share still offer investors a 10% yield?

There's a difference in trailing and forward dividend yields.

Read more »

Worker inspecting oil and gas pipeline.
Energy Shares

What's moving the Woodside share price on Friday?

Here's the latest news from the ASX 200 oil and gas giant.

Read more »

Miner looking at a tablet.
Share Gainers

Up 93% since April should I still buy Boss Energy shares now?

Boss Energy shares, the most shorted on the ASX, have almost doubled in value in one month. Now what?

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

ASX 200 energy shares plunge on shock OPEC move

ASX 200 energy shares like Woodside and Santos are tumbling on Monday. Let’s find out why.

Read more »

Female oil worker in front of a pumpjack.
Energy Shares

Should you buy Woodside shares in May?

Is this energy giant a good investment right now?

Read more »