Elixir Energy Ltd has appointed Stuart Nicholls as managing director and CEO, following the retirement of Neil Young.
The leadership change comes as the company advances its transition from exploration to development at the Grandis gas project in Queensland’s Taroom Trough.
Read more: Elixir Energy expands in gas-rich Taroom Trough through Santos farm-ins
Young departs after more than a decade with Elixir, having overseen its early work in Mongolia and, more recently, building a dominant position in one of Australia’s most prospective onshore gas regions.
He will remain with the company as an advisor for at least three months to support the transition.
Elixir chairman Richard Cottee praised Young’s contribution, noting that “the significant asset base in Queensland that Neil has put together is now primed for the next stage of its growth.” He added, “With Stuart Nicholls we believe we have secured an exceptional leader to take the Company forward through these next phases.”
Notable experience
Nicholls is well regarded in Australia’s energy sector, having transformed Strike Energy Ltd into an ASX200 company. He also brings senior leadership experience from Shell and the Australian military.
“I intend to build value with urgency and prioritise the securing of long-term tenure of the company’s assets,” Nicholls said.
He plans to focus on collaboration, cost efficiencies, and progressing Elixir’s 100%-owned acreage towards maiden reserves.
With major gas discoveries already made at the Daydream-2 well, Elixir is positioning itself to meet long-term domestic and export demand from its strategic location near the Gladstone LNG hub.
Queensland expansion
In February, Elixir Energy expanded its position at the Grandis Project in the gas-rich Taroom Trough of Queensland by executing two farm-in agreements with a subsidiary of energy major Santos.
The farm-in with Santos secures Elixir a 50% Working Interest in two additional permits, ATP 2056 and ATP 2057, and adds a Contingent Resource (2C) of 1.1 trillion cubic feet equivalent (TCFE) of gas net to Elixir.
This has been certified by independent resource/reserve auditor ERCE Australia Pty Ltd and takes the company’s total 2C contingent resource in the Taroom Trough to 3.0 TCFE.
Supporting this farm-in and planned work is a capital raising of up to $9 million, which makes the deal highly accretive on a contingent resource per share basis.
