ELIXIR ENERGY LIMITED — Capital/Financing Update 2008

Jun 22, 2008

ASX ANNOUNCEMENT

ABN 51 108 230 995

23 June 2008 Company Announcements Platform Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000 By E-Lodgement

BLOCK SL-4 UPDATE

Elixir Petroleum Limited (“Elixir”), the international oil and gas exploration and production company (ASX:EXR, AIM:ELP), is pleased to announce the completion of a 1,222 km[2] 3D seismic acquisition programme over Block SL-4, located offshore Sierra Leone.

The survey was completed on time and on budget. The seismic vessel has been released from the location and we are advised the final field tapes were received by the seismic contractor in the UK last week. Processing of the 3D data set has commenced and it is expected that the final processed data set will be available before the end of 2008. The data set will then be interpreted by Elixir as Operator during the first quarter of 2009.

Commenting on the announcement, Elixir’s Managing Director, Andrew Ross said:

“As recently appointed operator of Block SL-4, we are delighted that the first in-field activities have been successfully completed on time and on budget. The newly acquired 3D data will allow us to better refine the play types and very large targets previously identified from the existing high quality 2D seismic data set.

“We look forward to reporting further progress on Block SL-4 in the coming months.”

Elixir is the only ASX listed participant in Block SL-4 with beneficial interests as follows:

Elixir Petroleum* (Operator) Elixir Petroleum Option Equity#	15.0% 20.0%
	35.0%

• Interest is held indirectly via its shareholding in a wholly-owned subsidiary.

• If Option is exercised, interest will be held by Elixir via its shareholding in a wholly owned subsidiary. If Option is not exercised, interest will be retained by Prontinal Ltd.

ASX CODE: EXR www.elixirpetroleum.com

Elixir Petroleum Limited

Level 20, 77 St George’s Terrace PERTH WA 6000, AUSTRALIA T: +61 8 9440 2650 F: +61 8 9440 2699 E: info@elixirpetroleum.com

Yours faithfully,

Alex Neuling Company Secretary Elixir Petroleum Ltd

For further information, please visit Elixir’s website at www.elixirpetroleum.com

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