ELIXIR ENERGY LIMITED — AGM Information 2007

Nov 29, 2007

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2007

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Annual General Meeting
Perth, 30 November 2007
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Disclaimer and Confidentiality

This document has been prepared by Elixir Petroleum Limited (“Elixir”) for the purpose of providing a company and technical overview to shareholders.

Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by Elixir or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of Elixir shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in the document.

This document includes certain statements , o p inions , p ro j ections , forecasts and other material , which reflect various assumptions. The assumptions may or may not prove to be correct. Recipients of the document must make their own independent investigations, consideration and evaluation. By accepting this document, the recipient agrees that if he or she proceeds further with his or her investigations, consideration or evaluation of investing in the company he or she shall make and rely solely upon his or her own investigations and inquiries and will not in any way rely upon the document.

Elixir recommends that investors consult their professional advisor/s as an investment in the company is considered to be speculative in nature.

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Elixir – Corporate Profile

• Elixir Petroleum is an international exploration and development company with a pan-Atlantic focus

• Developing portfolio of diversified offshore oil and gas interests across the exploration, appraisal, development and production spectrum

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• Current operations involve oil and gas development and production from shallow shelf Gulf of Mexico and exploration activities in the UKCS

• Head office in Perth, and re g ional offices in London and Houston

• Experienced and proven management team

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Corporate Profile (cont’d)

Board & Executive Management

Jon Stewart Chairman

Andrew Ross Managing Director

Iain Knott Exploration Director

John Robertson Non-Executive Director

Trevor Benson Non-Executive Director

Russell Langusch Executive Director - retiring

Ian Lusted Group Technical Manager

J ames toc S kl ey Commercial Manager - Europe

Issued Share Capital

Exchanges: ASX (Ticker:EXR) AIM Ti c k e r:ELP ( ) Ordinary shares: 157.2m Merger Options: @0.01c 4.1m Fully diluted: 161.3m

Options* @ 50c: 5.6m (expiry 12/07) @ 90c: 0.5m (expiry 5/08) @ 60c: 0.6m (expiry 5/10)

Current Market Cap: ~$50m

Share Trading Range: 20.0c – 47.0c (prior 12 months) Share Register Mix: ~ 70% (Aust) / 30% (Europe) Largest shareholder: Aurora Oil & Gas Ltd (15%) Cash on Hand @ 10/07: A$5 . 1m

• A total of 12.75m additional options on issue expire12/07 and are significantly out of the money.

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Recent Achievements

• Completion of merger with Gawler Resources Limited

• Additional equity funding secured

• Management team strengthened

• High Island A268 in US GOM successfully drilled, developed and put on production

• First sales receipts expected today

• Int e r es t in seco n d GO M p r ojec t “P o m pa n o ” secured and drilling to commence January 2008

• Leopard Prospect in UKCS partially farmedout - drilling anticipated in Q3, 2008

• Award of Licence 21/16 in 24th UK Seaward Licensing Round

• Completion of technical work in preparation for further farm-outs of UK licences

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Year Ahead – Existing Portfolio

US Gulf of Mexico – shallow water

• Production from High Island giving rise to cash flow growth

• Phase 1 drilling at Pompano - success in the initial well would be immediately followed by Well 2

• Phase 2 drilling at Pompano of wells 3-6 would follow successful Phase 1

• Participation in Leasing Round 206 – March 2007

• UK Continental Shelf – North Sea

• –

• 2H 08 drilling of large Leopard Prospect 300 MMBO target

• 2H 08 drilling of Panther Prospect – subject to finalisation of farm-out

• Participation in 25[th] licensing round where EXR has identified a number of attractive opportunities

New Opportunities

• Entrepreneurial approach being pursued to advance exploration business in Europe and US

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ELIXIR’S BUSINESS PLAN

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Elixir – Business Plan

• Gulf of Mexico –

• Shallow water (<200m), lower risk, 3D coverage, close to infrastructure, -

• early production opportunities , non operated interests

• Currently prospect taker, seeking near term drill opportunities - develop prospect generation capacity over time

• May consider operatorship in the future

• Participation in MMS Leasing Round 206

• –

• UK North Sea

• High impact exploration opportunities, internally generated prospects, farm-out to drill, mix of operated and non-operated

• Participation in 25[th] Round UKCS

• Active farm-out program for current UK licences

• –

• New Opportunities

• Industry and corporate opportunities to accelerate growth

• Plan to retain entrepreneurial approach and to remain opportunistic

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Elixir – Business Plan (cont’d) Asset Life Cycle

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Europe Gulf of Mexico
New
New
Jaguar
High
Panther Leopard Pompano
Island
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Exploration Discovery Appraisal Development Production Abandonment

• GOM developments are relatively low risk, but have short producing life spans

• This model requires that these types of assets are continuously identified

• A balanced portfolio of assets across the life cycle is more highly valued by the market

• The market rewards activity and the achieving of targets and timetables set

• A meaningful exploration discovery will have a company changing impact

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GULF OF MEXICO PORTFOLIO

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Gulf of Mexico Projects

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Pompano High Island
Development Development
(Block 446L) (Block A-268)
N
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High Island Development

• Oil and gas development located 65kms offshore Texas Gulf Coast in 51m water depth (GRL 30% WI)

• Fi e ld d eve opment cons sts o two we l i f ll s, p pe i li ne an d unmanne d pro d uct on i platform

• Completed on schedule and on budget in September 2007

• • G as an d con d ensate pro d uct on rom two we i f ll s

• Average total daily gas and condensate production of approx 17.5MMcfgd and 200 Bbls

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Pompano Development

• Gas project located offshore Texas Gulf Coast (GRL 25% WI) in 18m of water

• P ompano e fi ld pro d uce d 120 BCF (1966 – 2003) on 2D seismic

• Existing platform, flowlines, caissons and sales gas pipeline to shore

• Newly re-interpreted 3D seismic has identified undrained up-dip reserves and untested fault block com artments p

• with large potential upside

• 1 + 1 drilling campaign kicking off early January 2007

• Expected initial flow rates from two wells of approximately 7.5-10MMcfgd

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NORTH SEA PORTFOLIO

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Northern North Sea

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Elixir Petroleum Interests
211/8b
Northern North Sea
211/22b 40%
211/18b (operator) 56%
211/8b (operator) 80%
211/18b
N N S
211/22b
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Northern North Sea - A Core Focus Area

• Block 211/18b (Leopard) –

• Tied-in to Norwegian Borg analogue with 2006 long offset seismic lines

• Prospect partially farmed-out (RWE 30%) – Traditional licence to 2011

• Well expected to be drilled in Q3, 2008

• Resource potential of 300+ MMbbls

• Key differences to Jaguar confirmed by seismic results

• Block 211/22b (Jaguar) –

• DNO as JV partner and operator

• Attention now on Brent prospectivity in block after Jaguar well intersected residual oil in Middle Jurassic

• Operator has completed detailed technical work and prepared resource estimates for possible hydrocarbons in the Brent formation

• Commencing farm-out activities

• Block 211/8b (Panther) –

• Farm-out under negotiation for smaller Upper Jurassic/Cretaceous prospect

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Block 211/18b - Leopard Prospect

• Primary play stratigraphic synrift Upper Jurassic sands

• Large sand volumes eroded from Thistle area high

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Thistle area high
•
Secondary play Heather formation A
and structural Brent highs
•
De-risking with state of the art
technology
Depth
(TVDss)
B
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Depth
(TVDss)
B
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Seismic Inversion for Porosity Prediction

W

E

• Targeting Upper Jurassic sands below Base Cretaceous unconformity

• Good indicative

porosity on attribute analysis

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Leopard De-Risking with NSR Seismic

• 100km long offset 2D seismic ac uired b TGS- q y NOPEC in August 2006 • Objective to link Leopard with Norwe g ian analo g ue Borg oil field • Seismic also tied back to the Ja uar well – useful g control point in the region for comparison • L r d d iff e r e n t i ated eopa from Jaguar

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NOPEC in August 2006
•
Leopard Prospect Objective to link Leopard
with Norwe g ian analo g ue
Borg oil field
•
Seismic also tied back to
the Ja uar well – useful
g
control point in the region
for comparison
•
L r d d iff e r e n t i ated
eopa
Borg Field
Jaguar Well from Jaguar
211/22b-5
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Central North Sea

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Elixir Petroleum Interests
Central North Sea
15/13b
13/25 25%
15/13b 13.1%
21/4b 7%
21/16b ( opera or t ) 40%
21/4b
13/25
C N S
21/16b
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Block 21/16b Location Map

• New 24[th] Round promote licence in north west Central Graben area

• Close to existing fields and infrastructure

• Joint venture interests:

• Elixir (operator) 40%

• DNO 40%

• Sosina Exploration 20%

• Key risks are migration and reservoir quality

• Work ro ram utilisin advanced p g g

• seismic techniques to de-risk prior to farmout

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Block 21/16b – Fulmar Sands Play

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Prospect F1
•
Upper Jurassic Fulmar sands draped over Zechstein
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• Upper Jurassic Fulmar sands draped over Zechstein salt highs

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Prospect F2
Prospect F1
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• Four prospects mapped with mean total reserves potential over 70mmbbls

• Farm out activities for this licence are commencing

Southern North Sea

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SUMMARY & CONCLUSION

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Summary

• Growth from factors within our control –

• Prospect generation

• Sourcing attractive 3[rd] party generated opportunities

• Drilling operation success

• Financial capacity to participate in new opportunities

• Elixir has existing production, scheduled drilling activity and people

• Diversification of risk through the pursuit of near term production oppor un t iti es an d hi g h i mpac exp ora t l ti on p ays – l - Rapid cycle time from development to sales in Gulf of Mexico

• • Large exploration upside in the UKCS

• Steadily building a team of experienced upstream petroleum professionals

• Intention to remain entrepreneurial in pursuing opportunities

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www.elixirpetroleum.com

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