Elixir Energy (ASX:EXR) launched a comprehensive three-phase strategic plan focused on advancing its position in Queensland's Taroom trough in the Brown basin, under which it aims to begin gas production and convert over 150 billion cubic feet of of 2C resources into 2P reserves by the end of 2027, according to a Monday Australian bourse filing.

The three phases include securing long-term retention over the firm's areas in the trough, proving the presence of commercially viable reserves in a well-defined and targeted area, and collaborating on early production opportunities to drive small-scale development and initial cash flows.

Each phase will be supported by a specific work program and associated capital requirements.

Elixir holds the largest net acreage position in the trough, spanning over 2,000 square kilometers. Gas produced from the trough is consistently tested as low-impurity and meets pipeline quality specifications, per the filing.

Its shares jumped 8% in recent trading on Monday.