ELIXIR ENERGY LIMITED — Capital/Financing Update 2007

Nov 8, 2007

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November 9, 2007

ASX Companies Announcements Office ASX online

ASX: EXR

FOR IMMEDIATE RELEASE TO THE MARKET

Notice under Section 708A

Elixir Petroleum Limited (Company) issued 10,700,000 ordinary fully paid shares to Convertible Note holders on conversion of the Convertible Notes which were issued on 7 August 2007 and approved by shareholders on 24 September 2007. The securities are part of a class of securities quoted on the Australian Stock Exchange Limited (ASX).

The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act.

The shares were issued without disclosure to the clients under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act. The Company, as at the date of this notice, has complied with:

a) the provisions of Chapter 2M of the Corporations Act; and

b) Section 674 of the Corporations Act.

There is no excluded information as at the date of this notice, for the purposes of Sections 708A(7) and (8) of the Corporations Act.

Yours faithfully

Kent Hunter Director Elixir Petroleum Ltd