ELIXIR ENERGY LIMITED — Delisting Announcement 2009

Mar 2, 2009

ASX ANNOUNCEMENT

ABN 51 108 230 995

3 March 2009 Company Announcements Platform Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000 By E-Lodgement

NOTICE OF CANCELLATION OF AIM LISTING

Elixir Petroleum Limited (“Elixir” or the “Company”, ASX:EXR, AIM:ELP), hereby notifies shareholders and the market that the Company has decided to cancel the admission of its ordinary shares to trading on AIM with effect from 7.00am (BST) on 31 March 2009 (the “Cancellation Date”).

The last trading day on AIM will be 30 March 2009. Up to and until this date, the Company’s shares will continue to be traded on the AIM and the ASX on an uninterrupted basis.

This decision has been made following a review of the Company’s AIM listing by the Board and discussions with its advisers. Given the Company's Australian focused shareholder base, as well as the relatively low volume of trading in shares on AIM, the Board concluded that the additional regulatory compliance burden coupled with the costs incurred in maintaining a secondary listing on AIM, exceed the benefits obtained from the listing. On this basis, the Board considers it in the best interests of the Company to seek a cancellation of its shares from trading on AIM.

Elixir will continue to maintain its primary listing on the Australian Securities Exchange (“ASX”) and shareholders wishing to trade the Company’s shares after the Cancellation Date will be able to do so through the ASX. The Company has also established a facility with UK based broker, WH Ireland Group Plc and its related Australian subsidiary, D.J. Carmichael & Co, which will allow shareholders on the UK register who do not have an account with a broker, to trade their shares on the ASX with relative ease. As a result, shareholders currently on the UK register should not be materially prejudiced as a result of the delisting.

Further Information

Following the cancellation of admission of the Company's Ordinary Shares on AIM, the Depositary Interests ("DI") which have been trading on AIM will be cancelled and holding statements will be issued to DI holders. The Company will continue to be admitted to the Official List of the ASX and the Company's securities will continue to be traded on the ASX.

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

Computershare, as the Company's registrar, will shortly be writing to each DI holder on the UK register to advise them of the process in more detail, and of the reciprocal trading facility that has been established for the benefit of shareholders on the UK register.

If DI holders do nothing with their existing holdings, the transfer to the Australian register will happen automatically. For those shareholders on the UK register who already hold a certificated interest in the Company, you are not required to take any action. Your shareholding interest in the Company will be transferred to the Australian based share register maintained by Computershare and an updated holding statement will be issued to you in due course.

For those not familiar with the Australian securities system, public information on the Company can be accessed through www.asx.com.au, an independent website on which all regulatory filings must be made.

Yours faithfully,

Alex Neuling Company Secretary Elixir Petroleum Ltd

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

Elixir Petroleum Limited Blue Oar Securities Plc Alex Neuling, Company Secretary Jerry Keen / Olly Cairns Tel: (+61) 8 9440 2650 Tel: (+44) 207 448 4400 / (+61) 8 6430 1630

Conduit PR Jonathan Charles Tel: (+44) 207 429 6666

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