Key Taroom Trough player Elixir Energy is fielding interest from other parties as an exclusivity period comes to an end in its farm-in talks with Beach Energy. 

Beach had entered a process deed with Elixir to provide a period of hard exclusivity, due diligence and negotiations to explore a potential deal.

That exclusivity period expired at close of business on Thursday without a final agreement on the terms and conditions of the proposed farm-in.

‘Whilst Elixir and Beach have made significant progress towards a binding transaction, with the exclusivity period having expired, Elixir is now able to engage with the other interested parties regarding potential strategic transactions involving the company and/or its Taroom Trough portfolio,’ Elixir said in an update to the ASX.

‘Unsolicited interest has been received by the company from additional third parties during the exclusivity period which Elixir is now able to fully consider.’

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Elixir said it remained in discussions with Beach regarding its proposed strategic farm-in, and Beach continued to be an active participant in the company’s strategic discussions.

Elixir Energy (ASX: EXR) is the largest acreage holder in the Taroom Trough. The company’s total independently certified 2C contingent gas resources in the area stand around 3.5 TCFe. 

Upon raising $5 million in a placement in August, Elixir announced it was launching a review to find the best corporate and commercial strategy to advance its Taroom Trough interests.

The options being considered included a farm-out, potential strategic partnerships, joint ventures or other structures, it said.