ELIXIR ENERGY LIMITED — Director's Dealing 2007

Nov 26, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity ELIXIR PETROLEUM LIMITED ABN 51 108 230 995

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Jonathan Stewart
Date of last notice	15 November 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest	Aurora Oil & Gas Limited (“Aurora”)
(including registered holder)
Note: Provide details of the circumstances giving rise tothe relevant interest.	Mr Stewart is a Director and indirect shareholder of Aurora,which holds shares and options in Elixir Petroleum Limited.
Date of change	23 November 2007
No. of securities held prior to change	20,000,000 Fully Ordinary Shares
	4,000,000 Options with an exercise price of $0.001,
	expiring 5 February 2008
Class	As disclosed above
Number acquired	4,000,000 Fully Paid Ordinary Shares
Number disposed	Nil
Value/Consideration	Exercise of 4,000,000 unlisted options at $0.001 per share
Note: If consideration is non-cash, provide details and
estimated valuation

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change 24,000,000 Fully Ordinary Shares Nature of change Exercise of options received by Aurora as consideration for Example: on-market trade, off-market trade, exercise of 20,000,000 options held in Gawler Resources Ltd. options, issue of securities under dividend reinvestment plan, participation in buy-back

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder(if issued securities)	n/a
Date of change	n/a
No. and class of securities to which interest related priorto changeNote: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/ConsiderationNote: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002