ELIXIR ENERGY LIMITED — AGM Information 2008

Nov 23, 2008

Elixir Petroleum Limited Annual General Meeting

24 November 2008

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

(ASX:EXR, AIM:ELP)
----- End of picture text -----

Important Notice and Disclaimer

This document has been prepared by Elixir Petroleum Limited (ABN 51 108 230 995) (“Elixir”).

The information contained in this presentation has been prepared in good faith by Elixir. However, no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the max mum ex en perm i t t itt e d b y aw, l Eli x r, s rec ors, o i it di t ffi cers, emp oyees an l d agen s sc a m a t di l i li bilit y or f any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Reserves information contained in this document with respect to the UK North Sea Projects and Block SL4 offshore Sierra Leone , was com p iled b y Elixir or from material p rovided b y the p ro j ect o p erators and reviewed by Elixir’s Executive Director - Exploration, Iain Knott, BSc,MSc, FGS, AAPG, who has had more than 25 years experience in the practice of geology, including more than 5 years experience in petroleum geology. Mr Knott consents to the inclusion in this document of the information in the form and context in which it appears.

Certain information in this presentation refers to the intentions of Elixir , but these are intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Elixir's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Elixir, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this presentation will actually occur as contemplated .

This presentation is not an offer, invitation, solicitation or recommendation to invest in Elixir and neither this document nor anything in it shall form the basis of any contract or commitment. The distribution of this document in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

Introduction

• Elixir is an international E&P company with a diversified portfolio of interests across the exploration, appraisal, development and production spectrum

• C t hi c areas o ac f ti v it i l d e: urren geograp y nc u

• Development and Production from the shallow shelf Gulf of Mexico

• Exploration and Appraisal activities in the UK North Sea

• ►Early stage Exploration activities offshore Sierra Leone

• Merger with Gawler Resources in late 2007

• Board and management team strengthened following merger

• Capital raising conducted in May 2008

• First production achieved in 2008

• Maiden operating profit (EBITDAX) of $5.9m

• Ongoing receipts from production and cash on hand of $13.5m

3

Corporate Profile

Capital Structure

Exchanges: ASX:EXR, AIM:ELP Ordinary shares: 189m Unlisted Options: 8.6m

Convertible Notes: A$3m @ 35c , 10% cou p on

Trading Performance

Share Trading Range: $0.037 – $0.355 (prior 12 months) Current Share Price: $0.037 Current Market Cap: approx $6.9m @ $0.037/share Av g Tradin g Volume: a pp rox 362 , 000/da y ( ASX & AIM )

Operating Performance 30/6/08 30/6/07 Production (Bcfe): 0.9 Nil Sales Revenue (A$m): 9.1 Nil Cash on hand (A$m) 10.6 4.4

4

Market Data 2007/08

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

5

Operational Profile

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

Head Office
Regional Office
Local Reps
----- End of picture text -----

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

UK North Sea –
Exploration &
Appraisal
–
----- End of picture text -----

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

Development &
Production
Sierra Leone -
Exploration
----- End of picture text -----

==> picture [720 x 78] intentionally omitted <==

Geographic and Lifecycle Diversification

6

High Island Development ( 30%WI )

• Gas and condensate discovery in Feb 07

• Two wells on production in Sep 07

• Wells shut-in Sep 2008 due to Hurricane damage to regional HIOS pipeline network

• Ex ectin re airs to be com leted in the p g p p

• next 5 weeks, subject to weather delays

• Prior to shut-in wells were producing approx 4MMscf/d and 200 Bbls condensate (100% project)

• Reservoirs to produce for up to another 12 months - then swap to shallower horizons

• Further sidetrack opportunities exist, but adopt wait and see approach

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

7
----- End of picture text -----

Pompano Development ( 25%WI )

• Gas re-development project

• 7km offshore Texas in 18m water depth

• Two wells on production at approx 6.5MMscf/d

• Well #3 unsuccessful – operator evaluating result and sidetrack candidates

• Prospectivity of Red Fish prospects being reviewed

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

• ( Source: Ralph E Davies Inc)

8

Exploration and Appraisal

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

UK North Sea
----- End of picture text -----

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

----- Start of picture text -----

Offshore, Sierra Leone
----- End of picture text -----

==> picture [720 x 78] intentionally omitted <==

9

Mulle Appraisal Project ( 40% WI , non-o p erated )

==> picture [259 x 223] intentionally omitted <==

----- Start of picture text -----

NNS
----- End of picture text -----

• Mulle discovered by 1970’s vintage well - 17m gross oil column, drilled off crest, not tested

• Mulle on trend and down dip from Causeway

• Two well appraisal and testing programme prepared – multiple export routes

• Acquired southern extension in 25[th] Round

• Data room for farminees recently closed – feedback from participants being received

• • Expecting in-field operations in 2009

==> picture [720 x 212] intentionally omitted <==

----- Start of picture text -----

•
Expecting in-field operations in 2009
1C 2C 3C
Boe Boe Boe
Project (100%) 4 17 36
Elixir (40%) 1.6 6.8 14.4
10
----- End of picture text -----

Source: DNO (UK) Limited - Operator

Leopard Prospect ( 56%WI , o p erator )

• Block 211/18b contains the Leopard Prospect

• Primary play is stratigraphic synrift with Upper J urass c san i d s

==> picture [368 x 366] intentionally omitted <==

----- Start of picture text -----

Leopard
Prospect
Borg
Jaguar Field
Well
211/22b-5
NNS
11
----- End of picture text -----

• Mapped structure tied-in to Norwegian Borg field

• Secondary Brent targets

• If hydrocarbon prone, most likely OOIP >1BBbls*

• Most likely recoverable resource of approx 350 MMBbls*

• Prospect partially farmed-out to RWE (JV partner in Borg)

• Attempting to finalise farmout of rema n ng equ i i it y n i th e we ll

* Unrisked resource estimates

Tiger Prospect ( 100% WI , O p erator )*

• Block 211/12b contains the Tiger Prospect awarded in recent 25[th] Round

• Li t 4 d r ill d ll cence erm years – or rop we

• commitment by year 3

• Magnus sands play type located next to Magnus field

• Downdip well analysis indicates hydrocarbons nearby

==> picture [109 x 178] intentionally omitted <==

----- Start of picture text -----

NNS
----- End of picture text -----

• Most likely in place resource estimate 90MMbbls

• Commence activities to work up drill target and farm out

	STOOIP P90 P50 P10 (MMBbls) (MMBbls) (MMBbls) 12 Project (100%) 37 90 214 * 20% interest held on trust for bidding partner

==> picture [720 x 540] intentionally omitted <==

----- Start of picture text -----

Central North Sea Exploration
Elixir Petroleum Interests
Central North Sea
15/13b
13/25 ‘F a t C a t’ 12 . 5%
15/13b ’Eagle’ 13.1%
21/4b ‘Muness’ 7%
21/16b ‘B o b C a t’ 40%
21/4b
13/25
C N S
21/16b
----- End of picture text -----*

Block SL-4, Sierra Leone ( 15%WI , O p erator )

• Interest acquired in Feb 2008

• Underexplored frontier basin with few offshore wells

• Block covers 4,429km[2]

• Water depth from 100m to 3,000m

• E xce ll en t fi sca l t erms

• Existing wide spaced 2D

• 1,200 km[2 ] 3D data has been acqu re i d an d processe d

• Partner has failed to pay for data – default being pursued

• N ego ti a ti ons w ith survey con rac or t t and partner ongoing

==> picture [720 x 78] intentionally omitted <==

Year Ahead

US Gulf of Mexico

• Re-establishing production at High Island

• Well 3 result being evaluated at Pompano

• Progress Redfish prospects

• New venture a raisal/develo ment ro ects pp p p j

• North Sea

• Finalise farm out of Leopard Prospect by end of 2008

• Farm out Mulle appraisal programme

• Work up Tiger Prospect

• Preparations commencing for UKCS 26[th] Licensing Round

• Sierra Leone

• In negotiations to resolve dispute

• New Opportunities

• Open to opportunities, but cautious in current environment

15

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

==> picture [720 x 78] intentionally omitted <==

www.elix rpei tro eum.com l

==> picture [720 x 78] intentionally omitted <==