EXR appoints ex-Strike Energy CEO to Managing Director
Our east coast gas Investment Elixir Energy (ASX: EXR) just announced a change to its management team.
EXR just announced that current Managing Director Neil Young would be retiring from the role, being replaced by Stuart Nichols, ex-Strike Energy CEO.
The incoming Managing Director is Stuart Nicholls.
Stuart was previously the CEO and MD of Strike Energy taking it from a tiny micro cap explorer to becoming an ASX 200 listed company.
Strike is today capped at over $450M.
Interestingly, Stuart has also held management roles with Shell (who are active next to EXR’s assets).
(Source)
Here is where Shell is active relative to EXR:
(Green and light blue blocks are EXR, Yellow blocks are Shell - Source)
We will try and meet Stuart to get his take on where he wants to take EXR’s assets at some point in the coming weeks.
Neil had been the managing director of EXR since we first Initiated Coverage in 2019.
EXR was one of our very first Portfolio companies and we have seen Neil grow the company both in Mongolia and Queensland, so it is sad to see him retire from the role.
During Neil’s time, EXR was at one point up 1,100%+ from our Initial Entry Price.
As shareholders we thank Neil for all of this time with EXR and for leaving the company in a position where it has projects that (with a bit of luck) could be company makers.
We also think EXR has managed to bring onboard someone with the right set of expertise to take the company’s QLD gas assets forward.
What’s next for EXR?
🔄 Update on Diona well - Due to be drilled before 30 September 2025
We are watching out for an update on the next well being drilled on EXR’s acreage.
A few weeks back EXR farmed out a 51% interest to ASX listed Xstate.
EXR get a free carry on that well which is expected to be drilled “no later than 30 September 2025”.
We are watching out for updates from either Xtate or EXR on the status of this well.
Check out our detailed Quick Take on the farm out here: EXR now free carried for a well in Q3-2025
🔄 More news from EXR’s neighbour Omega
We expect to see Omega put out more detailed results in the coming weeks and to outline its forward plan.
We will be looking out for that news over the coming weeks.
Objective #3: Regional progress
This objective is less specific to things EXR can control, but we think it is important for the EXR story overall. We want to see EXR’s regional peers progress their projects and prove up commercially viable flow rates across the region.
Milestones:
🔄 News from EXR’s peer Omega Oil and Gas
🔄 News from Shell
🔲 News from Santos
🔲 BONUS - New entrants into the region
Source: “What do we expect EXR to deliver?” - EXR Investment Memo 24 Feb 2025
🔄 Share Purchase Plan to raise up to $2M
EXR is currently running a Share Purchase Plan (SPP) to raise up to $2M at 3.5c.
The SPP also comes with 1:2 free listed option exercisable at 12c, with a 17 October 2026 expiry.
The offer is expected to close tomorrow (15th April 2025).
