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It's been a tough start to the trading day for Elixir Energy (ASX:EXR) after the company reported some stale results from its Cracker-1S well in Mongolia.
Elixir Energy (ASX:EXR) spuds Cracker-1S well
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Elixir Energy (EXR) has spudded its Cracker-1S well, located within the Nomgon project in Mongolia
The well was spudded yesterday and is the first well to be drilled in the sub-basin, which was identified by the company s 2020 2D seismic program
Recently, a second drilling company was sub-contracted by Elixir and is ready to be moved to a new area of the sub-basin as soon as COVID travel restrictions ease
On the market this morning, Elixir is up 1.28 per cent, trading at 39.5 cents per share
Elixir Energy (ASX:EXR) looks to explore hydrogen in Mongolia
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Mongolian gas explorers Elixir Energy (EXR) will now be exploring for hydrogen as well as natural gas as the world transitions to carbon neutrality
After a review, the company believes it is exceptionally well-placed to benefit from many of the various aspects of the energy transition
Last week, China s President Xi announced that the country will strictly limit any increases in coal consumption over the next five years and start to phase out its use from 2026
Elixir believes this will provide a major market opening for gas
Elixir Energy (ASX:EXR) progresses Mongolia's first gas-fired power generation project themarketherald.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themarketherald.com.au Daily Mail and Mail on Sunday newspapers.