Winners and Losers: Elixir slides as Daydream testing finishes
Shareholders in gas producer Elixir Energy were less than impressed last week with the results of a Queensland project.
Shares in Elixir Energy fell nearly 60 per cent over the last trading week after the company announced the results of a gas well trial in Queensland.
The company’s Daydream-2 well test saw five out of six stimulated zones flow gas, but the company announced the project would be suspended.
It will retain the well for future production of gas though, but the stabilised flow rate was less than previously measured.
This is “remediable in future wells” according to the company, however.
Nevertheless, shares dived by 56.97 per cent, wiping millions of dollars off the company’s market capitalisation.
On the other end of the spectrum, Clean Seas rallied heavily, with gains of 46.67 per cent.
Most of the gains came in on Friday, with Baker Young Limited analysts noting it may have been a beneficiary of interest in the aquaculture space following the news that China would remove an import ban on Australian lobster.
However, neither Murray Cod Australia MCA nor Seafarms Group rallied at all, so the rise could have been investors picking up the stock for cheap.
Other winners included Papyrus which rose 44.44 per cent, and Archer Materials which also spiked by 25.58 per cent.
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The full list of Winners and Losers for the week ending 11 October:
Data provided by Baker Young Limited analysts.
