ELIXIR ENERGY LIMITED — Capital/Financing Update 2016

Apr 10, 2016

ASX ANNOUNCEMENT

11 April 2016

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TRANSACTION UPDATE

Elixir Petroleum Limited (ASX:EXR) and AWE Limited (AWE) (the Parties ) continue to work towards execution of an agreement for Elixir to acquire a 57.5% Working Interest in the producing Cliff Head oil field located in the Perth Basin, Western Australia ( Acquisition ).

Significant progress has been made on a number of key commercial and legal matters that need to be addressed to the satisfaction of all the parties involved, however signing of definitive agreements and completion of the acquisition remains uncertain at this stage. Elixir expects to be able to provide a further update on progress of the transaction within the coming weeks.

For further enquiries, please contact: Dougal Ferguson Managing Director +61 (8) 9226 2111

For further information on Elixir Petroleum, please visit the Company's website at www.elixirpetroleum.com

ASX CODE: EXR

www.elixirpetroleum.com

Elixir Petroleum Limited

ABN 51 108 230 995 Level 2, 41-47 Colin Street WEST PERTH WA 6005, AUSTRALIA T: +61 8 9226 E: info@elixirpetroleum.com