ELIXIR ENERGY LIMITED — Director's Dealing 2010

Dec 21, 2010

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	11 July 2008

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 (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Aurora Oil & Gas Limited (“Aurora”) Mr Stewart is a Director and indirect shareholder of Aurora, which holds shares in Elixir Petroleum Limited. Jonathan Kingsley Stewart and Carolyn Ann Stewart Mr Stewart is a joint trustee and beneficiary of Epicure Superannuation Fund
Date of change	21 December 2010

• See chapter 19 for defined terms.

Appendix 3Y Page 1

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	Aurora 24,000,000 Fully Ordinary Shares Jonathan Kingsley Stewart and Carolyn Ann Stewart 281,250 Fully Ordinary Shares 2,500,000 Unlisted Employee Options Number of Exercise Expiry Performance Options Price Date Conditions 750,000 $0.25 31/03/2011 Not Exercisable prior to 1/07/2008 1,000,000 $0.30 31/03/2012 Not Exercisable prior to 31/03/2009 750,000 $0.35 31/03/2013 Not Exercisable prior to 31/03/2010
Class	Ordinary
Number acquired	1,000,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$80,000.00
No. of securities held after change	Aurora 24,000,000 Fully Ordinary Shares Jonathan Kingsley Stewart and Carolyn Ann Stewart 1,281,250 Fully Ordinary Shares 2,500,000 Unlisted Employee Options* Number of Exercise Expiry Performance Options Price Date Conditions 750,000 $0.25 31/03/2011 Not Exercisable prior to 1/07/2008 1,000,000 $0.30 31/03/2012 Not Exercisable prior to 31/03/2009 750,000 $0.35 31/03/2013 Not Exercisable prior to 31/03/2010

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Nature of change On market trade Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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 prior to change Note: 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/Consideration Note: 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