ELIXIR ENERGY LIMITED — Capital/Financing Update 2010

May 16, 2010

ASX ANNOUNCEMENT

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ABN 51 108 230 995
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17 May 2010

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

Expiry of Unlisted Options

Please be advised that the following unlisted options have lapsed:-

Number of Options	Exercise Price	Expiry Date of Options
637,148	$0.59	16 May 2010

These options were granted to Ambrian Partners Limited on 16 May 2005.

Yours faithfully,

ELIXIR PETROLEUM LIMITED

Julie Foster

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