Good morning or afternoon, depending upon where you are in this country of five different time zones. Thank you very much for joining Elixir Energy's webinar today. I'm Stuart Nicholls, the Chief Executive Officer and Managing Director. Today, we're going to provide some updates around this significant and strategic transaction the company entered into, which was announced yesterday with Omega Oil and Gas, as well as what does that transaction mean for the company, its current activities, and its path towards down its strategic plan. As we move on, please bear with me as I'm running the show in the background as well.
Just to give you a quick overview of the transaction itself, yesterday the company announced that it would issue 19.43% of the company's shares on issue to Omega Oil and Gas, and that would be in concert in a two-tranche placement that would raise up to AUD 16.6 million across those two tranches. Omega will take a 19.43% stake as part of that process, and in tranche two, Nero Resource Fund will also invest AUD 2 million alongside Omega to take a bit over a 2% position in the company. These shares were issued at AUD 0.041, so 4.1 cents per share, which is a fantastic price. That was the price of the day of the receipt of the first non-binding term sheet from Omega Oil and Gas. Effectively, a negligible or no discount for a substantial capital raise, which is a fantastic result for shareholders.
The company will proceed through the timeline, which will have an EGM in early January, which that EGM will be there to approve that second tranche of the placement. As I said, that will finalize the AUD 16.6 million of capital. AUD 13.936 million of that will settle on Tuesday of next week. As we move into what does this end up resulting for the company, you can see that we will issue approximately 339 million new shares in tranche one, as well as 65 million shares in tranche two, leaving a pro forma shares on issue of 1.8 billion at AUD 0.041. Noting that the stock is sort of trading in that AUD 0.045-AUD 0.046 range this morning, that would result in the company having a market capitalization of AUD 75 million.
When you start to look at the pro forma cash, we'll sit at around 25, which is slightly over AUD 25 million, as well as an expected refund of AUD 9.7 million across the drilling campaign of the Larelle 3 appraisal well. That means that the access to capital or the capital budget that the company can work with over the coming period of time is up to AUD 35.3 million. Almost 50% of the company's market capitalization is underwritten by its existing cash on hand, as well as its forward refunds due to the advanced finding that has been secured at Larelle 3. The rationale for this transaction is pretty straightforward. The company has been looking for validation, given its very high-quality suite of Taroom Trough assets that sit around the dominant player of the Taroom Trough being Shell.
Omega's investment into Elixir is recognition of the importance, scale, and quality of those assets that sit on the western flank, a very well-defined part of the Taroom Trough to date, due to the scale and amount of money and wells that Shell has invested along that side. The AUD 0.041 per share is a great way of bringing capital into the business at a low level of dilution for the pricing. Traditional capital raises for small resources companies can attract discounts of up to 20%. To be able to do that at approximately the price of the day of receiving that term sheet is an absolute boon for the company. Bringing in an investor like Omega as well, it also creates a foundation of value in the company.
They obviously are there to influence the business and to make sure that they have got a seat at the table, a position as well, to help influence how maybe potentially infrastructure is rolled out on that western side of the Taroom Trough, and also to understand the information as it's generated from the drilling campaigns at Elixir and how that may influence some of their activities as well. By virtue of a lot of the rights that Omega has been issued as attaching to their shareholding, they're going to be a sticky shareholder. I think that's a really important part to understand why this has been a great transaction for Elixir shareholders. That means that Elixir will be looking to maintain their position as that major shareholder in order to be able to maintain those rights. Those rights are the fundamental reason why Omega are here.
Being able to bring in a very solid amount of capital, up to AUD 16.6 million, and not have those shares flushed back into the market, as what can be symptomatic of traditional capital raises, is a really good boon for the maintenance of momentum of the Elixir story as we head towards drilling in early January. Omega has also secured participation rights in any future capital raises, which means that we now have a near on 20% shareholder looking to maintain their position. If there are any future capital raises that the company is required to make, we believe that Omega will be there as a supportive shareholder to ensure the company is well capitalized, they maintain their position, and those attaching rights that I just spoke about.
It wouldn't also surprise you that we, as Elixir is being the largest acreage holder in the Taroom Trough with a substantial resource position, 2.8 TCF and counting at the moment, that the company with a AUD 60 million market capitalization going into what will be one of the most highest impact wells in the Taroom Trough drilled to date in early next year, that the vulnerability of the company is incredibly acute to a low-priced potential takeover. Having a significant shareholder as Omega sitting in our registers strengthens our position with industry players and provides a strong degree of market resilience as we move through 2026, which I believe will be a huge year for oil and gas and for the Taroom Trough, but could be a challenging time in global economies.
Really the piece that we are here to talk about today is what does that new capital do for the company? That helps us unlock phase two of Elixir's strategic plan. That means that we are not only just achieving our phase one retention objectives that I laid out in May of this year as part of our strategic plan, but we now have a path to reserves. We can demonstrate with the capital that we have and the activities in front of us that we may be able to convert a good portion of those 2.8 TCF of resources to reserves, which is what will fundamentally re-rate the value of this company. Talking about some of those additional attaching rights, those have been two-way in the negotiations with Omega and Elixir.
Some of the rights we have been managed to be able to, I would say, are in the benefit of Elixir. We've walked through some of those rights attaching to Omega. There's a couple of board seats, a right to sit in a technical committee, potentially second staff in if they're by agreement. There are rights that I think are there to also protect Elixir shareholders and the growth of their share price and the ultimate value of the ownership of the company. Those include a couple of key ones, and I'll just walk through two of those. First of all is a standstill. Omega is an incredibly well-funded early stage Taroom Trough operator. They've had a lot of success in their Canyon project to date. They do have growth aspirations as outlined in some of their releases in the last 24 hours.
The standstill that we have with Omega will give Elixir a period of time to deploy a decent portion of the capital that we have just brought in, which will ultimately de-risk our assets, potentially prove a path to reserves, and then that would ultimately look to re-rate the price of the trading of our securities and increase the value of the company. That standstill is quite important for allowing us to deliver against the things that we have raised this capital for. There is what is classically called a put-up or shut-up clause in there as well, which covers for a period of 12 months.
If there is a proposed change of control transaction to the Elixir board, there's a series of processes that need to be gone through, but Omega will ultimately be given the opportunity to either put up an equivalent or superior proposal to Elixir shareholders or ultimately end up in a situation where they will need to agree with the Elixir board recommendation either to proceed or not to proceed towards that change of control transaction. The opportunity or the optionality of maintaining a potential change of control transaction to an alternate third party in the future has been secured by that specific clause. That has all been detailed in the release yesterday towards the back in the appendix. I would encourage shareholders to read that in detail.
Moving on to the new form of the business, as you can see here, the management team, which I have just recently finally put in place, which includes myself, my Chief Operating Officer, the previous head of drilling from Strike, Kingsley Rutherford, as well as the previous CFO recently announced as our new company secretary and CFO, Justin Faravanis. In our boardroom, we're going to be joined by two new Omega nominees. Those nominees will be very supportive of the company's existing strategy. That's exactly why Omega is there to be an investor. We will benefit from a lot of the shared experiences that the Omega board will bring from their governance and their management of Omega to Elixir, and it will help us grow in the sophistication of our governance frameworks in a quicker timeframe.
As you can see from the chart, since the day that I started at Elixir, the stock was trading at 1.8 cents prior to the day of my arrival. We've done a transaction very close to the top of the trading window since that sort of six to seven months or so since we started. That's a really important thing to point out. It's very rare for a company to raise a substantial amount of capital and therefore the stock to trade upwards. That can be a reflection of the quality of the transaction that we have done with Omega. Looking at the potential ownership structure post the tranche two placement, you can see Omega sitting there at 19.43%, Nero at around 3%, and then board and management at 2%. The key thing to recognize here is that existing shareholders continue to own this company.
They are the majority of the owners here. Myself and the existing Elixir board are here to represent you and your interests, and we'll make sure that we continue to prosecute those in cooperation with our new major shareholder, Omega. We welcome that. Getting on to the activities that we're doing, the bringing in of this additional capital allows us to be funded for not only phase one, but phase two. A reminder, phase one is about securing 100% of our acreage, making sure that all of our work commitments have been met, our permits are in good standing, and then converting a lot of that acreage into what we call potential commercial areas or retention licenses.
The work that we're going to be doing at both ATP 2057 and 2056 will allow us to earn our 50% working interest into those permits, but there are opportunities to actually go further than that. Recently, we also had some success at Dione, which we drilled with our partners there at Xstate. That success has bred new opportunities to deploy new capital, and that brings in additional work commitments that we would like to pursue in the fracking test of the Dione 1 well, which will potentially yield a production outcome and potentially cash flow generation in the coming 6-12 months.
What we want to do is not only meet our objectives to secure 100% of that Taroom Trough acreage, benefit from the rising tide that will be going on around us through the enormous amount of investment that will be going on in the Taroom Trough over 2026, but also take the company on that next step. That next step is about demonstrating that we can convert resources to reserves, and we've got two kicks of the footy at our goals for that. Not only do we have that at Dione 1, which could be a very fast path to market for potential cash flow, but really at Larelle 3.
With the incremental expenditure of AUD 8 million on top of the about AUD 12 million required to drill, case, frack, and test the Larelle 3 vertical well, we can put a horizontal well in place, potentially into what we believe would be the Tinnewan or the Dunk Sands, the similar reservoirs to what Shell has been prosecuting, and demonstrate that we can produce gas at commercial rates and recover gas at commercial quantities. That will be the beginning of that initial resource to reserve conversion, which across our 500,000 net acres can have an absolutely compounding effect to the valuation of Elixir and the valuation of the Taroom Trough acreage.
Talking about that little bit of incremental capital, what we can see here is the capital that was likely to be required to drill and case to drill, do the R&D work required at Larelle 3 as that's become qualified for R&D, as well as then case and frack that vertical well. Now, you're going to spend about AUD 12 million in totality to do all of those activities. The R&D will qualify you for up to 48.5% refund on that. However, that vertical well, apart from me being able to physically show you that we have the petrophysical attributes in these permits that match the contingent resources that we already have in ATP 2056 of 1,057 BCF equivalent Elixir share, the flow testing of that vertical well is very unlikely to generate flow rates that are demonstrable to convert a reserve.
With the application of a horizontal or lateral section to the Larelle 3 well of 1,000 meters or more, which will cost us approximately an incremental AUD 8 million, we are able to take the company on that journey towards a reserve conversion. Also, the expenditure associated with that lateral will be eligible for the R&D refund. That R&D refund actually increases up to AUD 10 million. Our net cost to not only complete Larelle 3's work commitments, but also to take that on that journey to reserve conversion is a net cost to the company of around AUD 10 million. Now, why are we going to do that here in ATP 2056 at Larelle 3 rather than at Daydream 3, which was what was originally conceived as the location for that phase two investment?
The reason why we're doing that is because we have a 2023 vintage seismic line that is effectively being shot and acquired in the direction of the drilling that we would like to do for that lateral well. We have really good geophysical and subsurface control through that seismic line. We can map the Dunk Sands, which are easily mappable because they sit in between the two Wallabella coal members. We can see those Dunk Sands in quality similar to geophysical responses that we can see in Shell's acreage that correlate with their well results. We can see those Dunk Sands that they are present at the Larelle 3 location and are exhibiting some of the same amplitude and responses that we would like to see.
That subsurface position is actually validated by our joint venture partner, Santos, a AUD 22 billion second largest Australian oil and gas company out there. Santos have been actually picked the well result originally, and we are coming in to effectively execute that work program on behalf of the impending joint venture. That validation should not be underestimated. That physical location at Larelle 3 is also around 10 kilometers away from the very best penetration of the western side of the Taroom Trough today, the Dunk 1 well, which had 37 meters of net pay, 100% net to gross in the Dunk Sands, and is 13 kilometers away from Dunk 5, which is the very best flow rates that we have observed in the trough today. Those flow rates are going to be reconfirmed as Dunk 5 is on its way to a six-month long-term test.
We have a really great geological and geographical location to being able to replicate some of Shell's results. We've also secured land access, cultural heritage clearance has been done over the drilling location. Those achievements should not be underestimated. Being able to take maximum advantage of those in an early stage is what we're looking to here. We've also been able to secure Shell's recently imported heavy-duty H&P rig. That rig will be the best rig in Australia once it stands up. It's already in the port of Brisbane and will mobilize at the Larelle 3 location commencing on the 12th of January. Being able to use that rig, which is specifically designed for drilling long-reach horizontals for that exact purpose, gives us the confidence that we're using the right equipment in the same reservoirs as our next-door neighbor who is much further down the road than us.
Because we've qualified for R&D as well, we'll get 48.5% of the total cost of the Larelle 3 drilling testing back. That is a really that allows us to take that's our lowest cost of capital, our R&D grant secured through our advanced finding certificates. Being able to use that to take the company as far as possible, which will cover three financial years of activities, is a really important moment for making sure that we are using capital in the most prudent manner possible. Finally, this chart here shows you that a net cost to Elixir shareholders to take Larelle 3 towards a reserve is around AUD 10 million.
For me to drill a dedicated lateral well at Daydream 3 right up against Bathurst 5, which is next to the Shell acreage, but due east of that location, that would be an AUD 18 million standalone exercise, which we would look to do after we've completed our phase one activities. Given we're spending an incremental AUD 8 million here, this is an AUD 10 million saving of overall capital to reach the same strategic outcomes and objectives as what we would have planned under our existing strategic plan in discreet separate phases one and two. Except the benefit of this being that we can do this somewhat 12 months earlier and faster. The well is due to spud in the month of January. Mobilisation starts on the 12th. That is all contracted up, and we're going to be drilling into a very large and existing resource, which has got great subsurface qualities.
That is a lot of the reason and the rationale that I have been able to walk down and understand that this little piece of incremental capital at this point in time is a great way of achieving an accelerated series of strategic outcomes. It's an excellent candidate for phase two. As I said, the well, let's just talk through that. We will mobilize on the 12th of January. It's approximately a 10-day rig move. We will spud around just before Australia Day in January of next year. We will drill the vertical well down to Dunk level. We will then conduct a conventional coring.
We will core the Dunk Sands, and we will then proceed to drill down to basement, where we will collect both sidewall cores of the Oveston and Larelle Sands and any other Dunk Sands that we have missed in the conventional coring, as well as collect nuclear magnetic resonance logs, as well as traditional logs that will allow us to do petrophysical analysis of that well. I believe at that point in time, we're going to have really great subsurface control. We will then plug that well back up to the intermediate casing point, and then we will start to lay in a horizontal. Now, that horizontal is currently envisaged to be at least 1,000 meters, as you can see on the picture here.
This is where 2,000 meters will get you, and that will pass through three, what we believe are channels going through towards west to east along that seismic line. That can potentially yield an enormous amount of exposure to very high-quality reservoir, which, upon multi-stage fracture stimulation, which we are all funded for now, and a 30-day flow test, we believe we're going to have the data to show everybody that the Taroom Trough is everything that it's promising to be at the moment, plus more. It will be not only the major new source of gas into the deteriorating East Coast gas market, but will also underwrite a very successful and long-term export industry here in Queensland. The reason why you should follow Omega, who's an educated, astute, very clever investor supported by two very well-known resource investors themselves, is because we've got a huge acreage position.
We surround the primary area of investment in the trough on the western side, which is primarily prone to a gas condensate play in the basin-centered gas setting of the Tinnewan or Dunk Sands. We've already independently certified 2.8 TCF, and with the successful raising that we have just now and capital that we've brought in, we can now take the company on a journey towards that reserve conversion, which, as you can see, as you start to chip away at 2.8 TCF of resource conversion to reserve, this company could be worth significant multiples of its current trading price. I would encourage you to look in detail at the disclosure from yesterday to follow our plan. It's all laid out.
Not only do we have the drilling coming up at Larelle 3 in January, that will be followed by the simulation and testing of the Dione 1 well, which can potentially yield a production and cash flow outcome given its proximity to existing infrastructure. We'll then come back and shoot, sorry, and then do the fracture stimulation and testing of the Larelle 3 well, which will hopefully result in the conclusion of both phase one and phase two by early Q3 next year in the booking of the maiden reserves that we see in our Taroom Trough acreage, whilst we've also done some seismic and defined additional opportunities in our western side, Tinnewan and Dunk Sand play. That happens against the backdrop of many wells being drilled by Shell, Omega, bid rounds that are going on, standard production tests that will occur, as well as additional seismic.
This is a really exciting place to be. There's nowhere else in Australia where AUD 350 billion of market capitalization is being deployed regularly in such aggressive quantities of discretionary capital. This is a great and exciting play for investors that are looking to participate in the East Coast gas dynamics. I encourage everyone to join alongside Omega and become shareholders or to grow your position in the coming months as we commence operations in January. That will conclude my formal remarks today. I will do my best to go through some Q&A. Bear with me. I have seen some serious number of conversations coming through. We will start with Saul. Hi, Stuart. What are you expecting in terms of Taroom wells in 2026 other than Elixir wells as other wells could be catalysts for Elixir too? Yeah. I was expecting a multi-well campaign from Shell.
That would be two to three, potentially four wells over the coming 12 months or so using their brand new rig that they have got. I do not represent Shell, so the questions are obviously best placed for them. Omega, our new major shareholders, have made some disclosure about a three-well campaign. I know they have signed up a lot of dedicated wells and option slots on the H&P rig as well. There are multiple wells that are going down on that eastern side of the Taroom Trough through their canyon project and other stratigraphy that looks prospective. We wish Omega all the best. I look forward to being able to share some of my learnings with them to make sure that they have an equally successful campaign as what I intend to have as well.
Moving to the next question from Declan, just to confirm the timing on the Larelle 3 lateral. That will be immediately during the Larelle 3 drilling. It will probably take us about 20 days to drill the vertical core, the core of the Dunk Sands, do all the logging, collect the sidewall cores, and plug back the well. Day 21 or so, we will then kick off that lateral section. I think we're looking at a 45-55 day well in totality. The rig will then be handed over to Shell, which will then mobilize to their first well in their campaign. From Trader Ten, can you please provide an update on the dewatering status of the wells in Mongolia? As part of my decision to join Elixir was that the Mongolian project was not moving ahead as what was ultimately envisaged.
As a result, the board and I made the decision to write off the capital expenditure associated with the Mongolian project. Through Neil, who was the previous Managing Director, he placed the assets into a minority-owned subsidiary. We own 49% of a separate company that owns those assets now. We do not have any ongoing exposure to capital requirements or future liabilities. There is still inherent value, I think, in some of those Mongolian assets. We have seen other Mongolian coal seam operators who are publicly listed, like TMK, starting to progress towards success. If there is a way to realise value for Elixir shareholders through the monetisation of our share in that Mongolian company, we will prosecute that at the time. We are very 100% focused on our assets in Queensland. We believe that they are worth multiples of the existing market capitalisation.
That is where we will be spending our time, our capital, and our technical expertise. We will not be ignorant to a potential commercial exit in Mongolia if one is presented. Hopefully, that helps answer that one. Moving to some other questions. David B, you mentioned Shell success. Do you have data on the successful wells? David, there are three or four publicly available well logs inside of the Shell permit, which we have used to do a lot of well to seismic ties, given that the Oveston 3D seismic campaign is also publicly available. Later in 2026, the Bathurst 5 and the Dunk 5 wells will become publicly available as well. There is a two-year time lag from drilling to when that information becomes publicly available. We have been using what we have been able to access publicly.
There's more data coming, and I'm sure that that's going to continue to build a very strong narrative of our acreage that surrounds Shell to the north-south, somewhat inset as well as due east of their key activities. That sort of looks like all of the questions. Q&A. Trader Ten has asked, "Will you revisit Daydream 2 in the near future? Considering the rig wasn't moved, we could have got better TCF results." I have spent a lot of time on Trader Ten on Daydream 2 and doing reviews. And what is the risk profile associated with re-entering that well and recompleting? I guess the resulting question is, to what end? Is a really good point here. Let's say we managed to enter Daydream 2, we could recomplete it, install a velocity string, and continue to progress the 2044 permit.
The Daydream 2 well would unlikely yield a commercial flow rate of gas that would convert some of the contingent resources in ATP 2044 to reserves. The way I look at it is that Daydream 2 could be a potential future producer as part of an overall regional development in that western side. In time, I think that the risk and reward, or is the juice worth the squeeze sort of question, is going to be justifiable to re-enter Daydream 2 and then do a retest and a recompletion on that well. Until such times, I can see a path towards cash flow. The additional technical data is probably not going to generate a change in the current underlying risk profile or asset base of Elixir. As a result, Daydream 2 activities will be deferred until we see that change in the current landscape.
Hopefully, that answers some of your questions. That is pretty much all the questions I have in front of me. If anyone has their hand raised, please let me know. There's a chat going on, which I'm sure is full of my derogatory commentary, but we will see what we can do. There are some questions in here. Scott Ashton, "Congratulations on the deal. What is the approximate volumes for Larelle 3? Do you expect some liquids in the event of commercial success?" That's a pretty tough question to ask, given that this is unconventional gas, Scott. There is 1,057 BCF equivalent net 2C resources in ATP 2056.
The way that we would see unconventional reserves work is that wells that have demonstrated that you've got a commercial flow rate of gas and a commercial recovery of quantities of gas, you would get a 2P developed reserve around that well up to a couple of well spacings. You would get a 2P undeveloped reserve further away from that well bore. I have spent some time with ERCE, Sproule, our reserve certifier, our resource certifier, and we're talking through that methodology at the moment about how they will take that information and then move that towards a potential reserve. I would like to think that that 2P undeveloped reserve could be quite substantial and could underwrite that re-rating of the business's valuation. Andrew, "How is the low of AUD 0.041 a great result?" Okay.
Let's say we wanted to continue to prosecute phase two, as I've demonstrated to you. I believe that an incremental amount of capital being spent there can create these much larger valuation outcomes for the company in a nearer-term timeframe. If I was to raise capital in a more traditional sense, you may have been expecting the last time that Elixir raised capital, which was under previous Managing Director Neil Young, raised capital at AUD 0.035 with two-for-one attaching options exercisable at AUD 0.12. AUD 0.041, bringing in a sticky, institutional, educated investor that validates our assets at effectively the price of the day of the receipt of the first term sheet, I think is a really good result for shareholders. I would encourage you to find me a better result for small speculative resource companies out there doing that. I'm all ears.
My email's on the bottom of all of the company announcements. I welcome your feedback. You've made some other comments about being a long-term shareholder and you've been there for a long time. I can't take carriage. I'm sorry for your share ownership prior to the day of my arrival. All I can say is that I have worked with diligence and prudence to make sure that we prosecute the company's strategic plan as released in May of this year in the lowest cost, lowest capital way forward in the most accelerated timeframe so that we can go a long way to getting you back in the money. Except it does not somewhat from regressive takeout. Something around a takeover. I think I've gone through that. Omega Release Pursuant. Andrew's got a lot to say today.
Quote from Omega release: Pursuant to Elixir's farm and obligations, Omega can request Elixir to elect to execute a horizontal section from the Larelle 3 vertical by 1st of February. That is a drafting requirement that Omega has made the investment into Elixir to ensure that we drill the horizontal leg at Larelle 3. That is 100% the company's intentions. It's 100% the reason why we were looking at potentially bringing in some additional capital. That is just a term there to ensure that we do what we say we're going to do. Omega has some protections to ensure that is the case. Omega's release says that Elixir provides a low-cost entry into complementary acreage. That's absolutely true. We are trading at probably one of the lowest resource multiples of any listed Australian listed gas explorer and developer.
I would encourage you to be, as a Mega, an investor alongside them because they would not be making an investment of that scale given their current size if they did not see value. I am here to make sure that I prosecute value. I would encourage you to look at and to take their validation and invest alongside them. Trader Ten, more on Mongolia. I think we have gone through that. Most of this is just inter banter. Okay. We will get to Scott Ashton again. He has asked around the volumes. Question around indication of the NPV of an undeveloped TCF of Taroom gas reserve. I will use Western Australia as a number I got very au fait with. I will sort of convert that to the East Coast.
In Western Australia, we got very close to a point where we would understand that a BCF of 2P reserves was equal to about AUD 1 million of trading value of a company. Now, the gas price in the East Coast of Australia is twice as high. A BCF of gas, twice the valuation of 2P reserves, not 2C contingent resources, is probably worth about AUD 2 million of trading value of the company. A TCF being 1,000 BCF. Someone sitting in the East Coast of Australia with an undeveloped 2P reserve of 2,000 BCF or 2,000 petajoules, I would expect, sorry, 1,000 petajoules, I would expect to trade close to AUD 2 billion. That's probably a sort of little watermark or earmark that you can use to try and do some of your back-of-the-calc valuations.
Can you get back the rig for a follow-up, Larelle, within 12 months if that was needed for reserve conversion from Lawrence Scratch?" Lawrence, there are other rigs available that we can drill wells with. Obviously, the opportunity to use this very high-quality rig for what is a very important well for Elixir was a lot of the drivers of our decision-making there. I am not too worried about the availability of iron. There is lots of iron stacked up in the immediate area, rigs that have been used in the Taroom Trough today. Whether we get additional slots on the H&P or in the future, or we use other rigs which are capable of drilling similar wells to that of the Larelle 3 horizontal, we will make that decision if we are required to. This is going to be one kick, one goal.
From Dean, "Are there any plans to move Elixir's head office to Perth?" No. Currently, I'm very happy with the way that the company is set up. We've got very low overhead. I mean, you can see me running my own webinar here, so juggling some Q&A. The company is fundamentally a Queensland business. We're going to be looking to grow our presence in Brisbane and Queensland as a priority. Getting the company back and stabilized, building its credibility again in institutional markets of Australia has meant a little bit of a horses for courses. Whoever people, where the right competent people are, we are using that sort of approach. As we start to really solidify our position, we are a Queensland business, and we intend to grow our presence there. Our Chief Operating Officer is operating out of Brisbane now himself.
That would be an answer to that question. That is all of the chat as well as the Q&A. I am going to give you about 30 seconds more to ask any further questions. Otherwise, we will call that a day. Please, my email address is at the bottom of all of the announcements as well as on the screen right now. If you do have any follow-up questions, let me know. Understanding and learning what we are about to embark on, I think, will build confidence to invest alongside Omega. That is what I would encourage everyone to do today. Go Elixir, go Omega, and go Queensland. Thanks, everyone. Bye.