ELIXIR ENERGY LIMITED — Capital/Financing Update 2008

May 18, 2008

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ASX RELEASE

19 May, 2008

EXPIRY OF UNLISTED OPTIONS

Please be advised that the following unlisted options have expired:

Class (ASX Code)	Exercise Price	Expiry Date	Number of options
EXRAQ	$0.90	16 May 2008	500,000

Yours sincerely,

ELIXIR PETROLEUM LIMITED

Alex Neuling Company Secretary

Golden Cross House 8 Duncannon Street London WC2N 4JF Tel: +44 207 484 5019 Fax: +44 207 484 4992 Website: www.elixirpetroleum.com

Level 20 77 St George’s Terrace Perth WA 6000 Western Australia +61 8 9440 2650

+61 8 9440 2699 ABN 51 108 230 995