ELIXIR ENERGY LIMITED — AGM Information 2010

Nov 22, 2010

Annual General Meeting 23 November 2010

Overview

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

• Current geographic areas of activity include:

• Development and Production from the shallow shelf Gulf of Mexico

• Exploration and Appraisal activities in the UK North Sea and onshore France

• Cash on hand - 30 June 2010 - $5.1m (30 Sep 2010 - $4.1m)

• Ongoing receipts from production from High Island and Pompano

• Cost cutting undertaken in 2009 has flown through into FY 2010 results

• Elixir is debt free

• Working steadily on proving up prospectivity of Moselle and pursuing new opportunities

• Recently offered new block in the Central UK North Sea

Corporate Profile

Capital Structure
Exchange	ASX:EXR
Ordinary Shares	188.9m
Unlisted Options	7.8m
No of Shareholders	~ 1,450
Top 20 Shareholders	~ 46%
Cash on Hand( at 30/9/10)	~ $4.1m
Cash Backing(per share)	~ $0.02

Trading Performance
Share Trading Range(prior 12 months)	$0.04 – $0.12
Current Share Price	$0.083
Market Capitalisation	$15.7m
Avg Trading Volume(per day)	~440,000
Operating Performance	30/6/10	30/6/09
Production(Bcfe)	0.66 (-23%)	0.86
Sales Revenue(A$m)	2.6(-54%)	5.6

Operational Profile

Moselle - Overview

	Location	Onshore, NE France
	Ownership	100%
	Term	5 years
	Expiry	Feb 2014
	Extensions	Yes, 5 years
	Area	5,360 km2
		1,340,000 acres
	2D Seismic	~2,500km
	Wells on Block	24
	Oil and/or gas show	46%
	Prospectivity	Tight gas, gas shale, conventional oil/gas
	Commitment	€3,000,000

Moselle – Technical Workscopes

Activity	Status
Acquisition and Digitising Well Logs	�
Petrophysics Analysis	�
Core Sampling	�
Core and Cuttings Analysis (XRD, TOC, VR, Rock Eval, Hg Capillary Pressures etc.)	�
Acquire and Integrate IFP GeoChem Data	�
Basin History Modeling	�
Hydrocarbon Expulsion Modeling	�
Seismic Purchase	�
Seismic Processing	�
Seismic Interpretation	Near Completion
Volumetrics	Near Completion

Paris Basin Transaction

• In May 2010 Hess Corp farmed into 50% of Toreador’s oil shale permits in Paris Basin

• Toreador hold 680,000 awarded acres (360,000 acres pending award)

• Consideration paid by Hess to Toreador of up to US$265m

• Spudding first well in six well programme in January 2011

==> picture [660 x 274] intentionally omitted <==

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

Upfront cash payment $15m
Moselle
Phase 1 Drilling $50m
Phase 2 Drilling $70m
Contingent Reserves Fee (up to) $80m
Contingent Production Fee (up to) $50m
Total $265m
Valuation - $260 - $510 / acre
----- End of picture text -----

Unconventional Resources in Europe

• The Majors and Independents are back in Europe pursuing unconventional resources

Name	Target	Country
ExxonMobil	Tight and shale gas	Germany and Poland
OMV	Shale Gas	Austria
ConocoPhillips	Shale Gas	Poland
Royal Dutch Shell	Tight Gas, Shale Oil and Gas	Ukraine and Sweden
Total	Shale Oil and Gas	France
BG Group	Tight and Shale Gas	France
Marathon Oil	Shale Gas	Poland
Hess Corp	Shale Oil	France
Talisman Energy	Tight and Shale Gas	Poland
RWE Dea	Tight and Shale Gas	Poland

• Drilling has commenced – Conoco in Poland (~3), Shell in Sweden (3), Exxon in Germany (~10), Hess in France (6), Aurelian in Poland (1)

Moselle - Summary

Asset	Market	Risks
�Operatorship and 100% ownership	�Low sovereign risk, stable, supportivegovernment	? Geology of unconventional not yet well understood
�Very large acreage position	�Large existing domestic gas market	? Total potential resources in Europe likely smaller in aggregate than North America
�Working hydrocarbon system	�Declining domestic gas production	? More limited availability of drilling/stimulation services
�Extensive existing well and seismic database	�Increasing gas consumption and imports	? Higher population densities than US
�Multiple play potential	�Concerns over security of supply	? Stringent environmental constraints to adhere to
�Onshore cost base	�Historically robust commodity pricing	? Relatively higher operating costs than the US
�Low entry price	�Attractive fiscal regime
�Modest work programme	�Existingoil andgas industry
�Over 3 years term remaining	�Extensive gas pipeline infrastructure

Gulf of Mexico - Shallow Shelf

• High Island (HIA-268, 30% WI, non-operated)

• Gas and condensate discovery in Feb 07 - two wells on production since Sep 07

• Total cumulative production to date 3.9 Bcf and 140,000 Bbls

• Field producing at approx 100 Bbls/d condensate and minor amounts of gas (100% project)

• Imminent workover of both wells to enable production from shallower horizons

• Awaiting approval of regulator to workovers

• Pompano (Brazos 446-L, 25% WI, non-operated)

• Gas field re-development project - two wells on production since May 2008

• Total cumulative production to date of 5.1 Bcf gas and 5,380 Bbls condensate

• Field currently producing at approx 3.8 MMscf/d gas and minor amounts of condensate ( 100% project)

UK - Northern North Sea

• Tiger Prospect (Block 211/12b, 100% WI, Operator)

• Licence term 4 yrs – ‘drill-or-drop’ by 2012

• Magnus sands play type located next to 1.5Bn Bbl+ Magnus field operated by BP

• Down-dip well indicates hydrocarbons nearby

• Marketed to industry in 2010 – offers by mid Q1, 2011

Project (100%)	Low (MMBbls)	ML (MMBbls)	High (MMBbls)
STOIIP	47	180	278
Recoverable Resource Estimate	19	90	167

Source: Internal Estimate

• Mulle (Block 211/22b & 27d, 40% WI, non-operated)

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

• Mulle on trend and down dip from Causeway

Recoverable Resource Estimate	1C (Boe)	2C (Boe)	3C (Boe)
Project (100%)	4	17	36
Elixir (40%)	1.6	6.8	14.4

Source: DNO ASA - Operator

• Appraisal well and testing programme required – multiple export routes

• Licence term through to October 2011

UK – Central North Sea

• Dumas Prospects (Block 30-25, 100% WI, Operator)

• Block awarded in October 2010 on 2 year licence, ‘drill-or-drop’ basis

• Three prospects identified on block

  • Two Upper Cretaceous resedimented chalk targets analogous to, and on trend with, Fife and Flora

  • One Lower Cretaceous clastic target

• Four wells have been drilled on the Block

• Well 30/25-4 encountered Lower Cretaceous aged sands of moderate reservoir quality.

• Remaining wells encountered thick upper Cretaceous chalk with moderate to good reservoir quality.

• Further technical work required to de-risk the prospects, including the purchase of existing 3D data.

Summary

France

• All technical workscopes nearing completion – promising results

• Netherland Sewell retained to provide independent resource certification

• Resource estimate expected to be published mid-Q1, 2011

• Marketing of Moselle for farmout thereafter

• Considering new acquisitions onshore Europe

GOM

• Production continuing, gas prices in GOM have somewhat improved

• Workover of High Island dependant on further depletion of existing horizons

• Considering all options with respect to GOM interests

North Sea

• Marketing of Tiger has occurred – offer period closes January 2011

• Working with operator and others to develop a plan for appraisal of Mulle

• Offer of Block 30/25 – licence to be signed by year end

www.elixirpetroleum.com

Important Notice and Disclaimer

This document has been prepared by Elixir Petroleum Limited (ABN 51 108 230 995) (“Elixir”) in connection with providing an overview of its business to interested analysts/investors.

This presentation is being provided for the sole purpose of providing preliminary background financial and other information to enable recipients to review the business activities of Elixir. This presentation is thus by its nature limited in scope and is not intended to provide all available information regarding Elixir. This presentation is not intended as an offer, invitation, solicitation, or recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating Elixir.

Elixir and its affiliates, subsidiaries, directors, agents, officers, advisers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability or responsibility for any statement made in, or omitted from, this presentation. No responsibility or liability is accepted and any and all responsibility and liability is expressly disclaimed by Elixir and its affiliates, subsidiaries, directors, agents, officers, advisers and employees for any errors, misstatements, misrepresentations in or omissions from this presentation. Elixir accepts no obligation to correct or update anything in this presentation.

Any statements, estimates, forecasts or projections with respect to the future performance of Elixir and/or its subsidiaries contained in this presentation are based on subjective assumptions made by Elixir's management and about circumstances and events that have not yet taken place. Such statements, estimates, forecasts and projections involve significant elements of subjective judgement and analysis which, whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by Elixir or its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements, estimates, forecasts and projections should not be relied upon as indicative of future value or as a guarantee of value or future results; and there can be no assurance that the projected results will be achieved.

Prospective investors should make their own independent evaluation of an investment in Elixir.

Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section 766B of the Corporations Act 2001 (Cth). This presentation consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. This presentation does not take