The Elixir Energy (ASX:EXR) share price is down 15% in 2 weeks. What's happening?

Unearthing Elixir Energy's latest moves…

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The Elixir Energy Ltd (ASX: EXR) share price has been struggling recently. While shares in the exploration and development company are still leaps and bounds above their value at the start of the year, the wheels have fallen off in the last fortnight.

Unfortunately for shareholders, the Elixir Energy share price has shaved off 15.62% in the last 2 weeks of trade. As a result, the current price is pinned at 27 cents per share, at the time of writing.

What's weighing on the Elixir Energy share price?

Prior to the descending share price, Elixir was enjoying a run of positive sentiment from the market. The last announcement to hit the market before the beginning of the sell-off related to its hydrogen project in Mongolia.

According to the update, the project was progressing as Elixir entered into a memorandum of understanding with Mongolia's Ministry of Energy to investigate the hydrogen project's potential future. Since then, the company has released 2 more price-sensitive announcements, which have been met with selling pressure.

On 27 October, Elixir Energy updated the market with data from its assessment of the Nomgon 6 well in Mongolia. The testing indicated the presence of methane. Among other results, this data will be fed into construction of Elixir's first long-term pilot production program.

From there, Elixir Energy released its annual general meeting presentation the following day. Other than outlining the company's achievements to date, the presentation highlighted a forward trajectory. Namely, the oil and gas explorer is expecting its 2022 to involve drilling, pilot programs, infilling seismic grid, developing plans, and hydrogen.

Quarterly numbers

Finally, the last announcement released was Elixir's quarterly report for the period ending 30 September 2021. In the report, the explorer highlights the ongoing energy shortage as a positive sign for the company's prospects. However, investors might have taken notice of the cash burn.

Due to its operations still being in the exploratory stage, Elixir Energy reported zero revenue for the period. As a result, the company's net cash from operating activities was an outflow of $331,000 during the quarter. Although, Elixir still holds $30.9 million in cash and cash equivalents.

While the Elixir share price has weakened recently, it is still up 116% year to date.

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