ASX energy share Elixir Energy Ltd (ASX: EXR) is leaping higher today.
Elixir Energy shares closed yesterday trading for 13.5 cents. In morning trade on Friday, shares are swapping hands for 14.7 cents apiece, up 8.9%.
To put today’s performance in some context, the S&P/ASX Small Ordinaries Index (ASX: XSO) is down 0.9% at this same time.
While investors who bought Elixir stock yesterday will certainly be pleased, it’s those forward-looking investors who bought shares a year ago that are likely jumping for joy.
Indeed, 12 months ago, you could have picked up the junior ASX energy share for just 2 cents. Meaning you’d be sitting on a gain of 635% right now.
Or enough to turn an $8,000 investment into $58,800.
In one year.
Now, here’s what’s stoking investor interest again today.
ASX energy share jumps on pipeline progress
Elixir Energy shares are surging after the company announced that it has commenced feasibility work on the Taroom Trough pipeline, located in Queensland.
The ASX energy share and APA Group (ASX: APA) have together agreed to complete the feasibility work to achieve the best means for Elixir’s northern Taroom Trough gas to reach the Wallumbilla Gas Hub (WGH).
Management said the joint feasibility work will support a final concept selection for the best pathway of gas produced from Elixir’s planned Lorelle pilot project to reach the WGH.
The company expects initial capital estimates and scheduling details to be delivered in approximately 12 weeks.
Also potentially offering a boost to the ASX energy share today, Elixir said it expects to produce “a significant quantity of associated condensate/light oil along with the gas” from its notional Lorelle pilot.
The company will conduct a separate path to market and plant study to optimise the sale and transport of these liquid volumes into the Queensland refining market at an unspecified future date.
Are Elixir Energy shares still a good buy today?
After rocketing 635% in 12 months, has the ship sailed on this ASX energy share?
Not according to the investment team at Euroz Hartleys.
In late March, the broker noted, “The Lorelle-3 results represent a key de-risking milestone in demonstrating the commerciality of Elixir’s Taroom Trough acreage.”
According to Euroz Hartleys:
The program mirrors the approach taken by neighbouring Supermajor Shell, which is progressing development directly on trend and is understood to have achieved commercial flow rates from the same reservoir.
The broker has a speculative buy rating on Elixir Energy shares with a price target of 19 cents.
That represents a potential upside of more than 29% from current levels.
The post Up 635% in one year, guess which ASX energy share is rocketing again on Friday appeared first on The Motley Fool Australia.
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More reading
- Up 222% in a year, why this ASX energy share is forecast to more than double your money again
- How is this ASX energy share leaping 17% in Monday’s sinking market?
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Apa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.