ELIXIR ENERGY LIMITED — Capital/Financing Update 2009

Sep 28, 2009

ASX ANNOUNCEMENT

ABN 51 108 230 995

29 September 2009

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

Pompano Project – Well #1 Workover Update

Elixir Petroleum Limited (“Elixir” or the “Company”), the international oil and gas exploration and production company (ASX:EXR) is pleased to provide an update on the workover of Well #1 at the Pompano Field. The workover operation is designed to remediate sand bridging which has occurred in the well and to shut off water production.

Since our last update the operator has advised that the sand present in both completion strings on Well #1 has been cleaned out utilising coiled tubing. The 6700 sand has been treated with a chemical gravel pack which is designed to prevent further sand production and water isolation operations have taken place on the B sands via the long string.

At 15:00 (CST) on Monday, 28 September 2009 the operator reported that activities are underway to remove the fluids associated with the chemical gravel pack treatment in the 6700 sand. Thereafter, it is intended that preparations will commence for the re-perforation of the B sands.

Operations are expected to take a further week to complete. While operations are underway, the Company will issue routine releases every Tuesday or at any such time that material matters require an earlier release.

Yours faithfully,

ELIXIR PETROLEUM LIMITED

David Lim

Company Secretary

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