ELIXIR ENERGY LIMITED — Interim / Quarterly Report 2007

Jul 25, 2007

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

	Name of entity	Name of entity	Name of entity	Name of entity
	ELIXIR PETROLEUM LIMITED
	ABN 51 108 230 995 Consolidated statement of cash flows
			30 June 2007
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows		Current quarter $A’000		Year to date (12 months) $A’000
		(302) - - (664) - 146 - - -		(1,506) - - (2,318) - 439 - - -
		(820)		(3,385)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c)other fixed assets (d)term deposit 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities - GRL 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- (1,836) - - - 582 - (1,232) - -		- (1,836) (789) - - 582 - (1,232) - -
		(2,486)		(3,275)
		(3,306)		(6,660)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(3,306)	(6,660)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows	150	400
	150	400
Net (decrease) increase in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(3,156) 7,687 (140)	(6,260) 11,072 (421)
	4,391	4,391

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000 244
1.25	Explanation necessaryfor an understandingof the transactions
	1.23 Includes salaries and superannuation contributions for UK and Australian resident directors of approximately $233,000 and fees of approximately $11,000 paid to Mining Corporate Pty Ltd for ongoing accounting and company secretarial services. Kent Hunter has a controlling interest in Mining Corporate.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

• 4.1 Exploration and evaluation

• 4.2 Development Total

$A’000 200 - 200

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	402	1,314
	3,989	6,373
	-
	-
Total: cash at end of quarter(item 1.22)	4,391	7,687

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increase	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions
	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	72,224,791	72,224,791
	750,000	750,000	20 cents on exercise of option	20 cents on exercise of option
7.5 +Convertible debt securities 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted
7.7 Options Granby Performance Hunter “Farm In” Director Incentive Director Incentive Director Incentive Director Incentive RFC Options Ambrian Options Director Incentive Argonaut Options Discovery Options	4,625,000 500,000 2,500,000 2,500,000 1,000,000 1,000,000 500,000 637,148 250,000 1,000,000 10,000,000	- - - - - - - - - - -	Exercise price 50 cents 100 cents 90 cents 130 cents 90 cents 130 cents 90 cents 60 cents (24p) 100 cents 50 cents 74 cents	Expiry date 31 December 2007 31 December 2007 5 October 2007 5 October 2007 31 December 2007 31 December 2007 16 May 2008 16 May 2010 31 December 2007 31 December 2007 Exercisable only after achievement of a commercial Discovery on the ‘Jaguar’ license block, and until 5pm (WST) on 31 December 2007

• See chapter 19 for defined terms.

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7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter
	750,000	-	20 cents	30 June 2007
7.11 Debentures
7.12 Unsecured notes

• See chapter 19 for defined terms.

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Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

==> picture [136 x 86] intentionally omitted <==

Date: 26 July 2007

(Director and Company secretary)

Print name: Kent Hunter

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

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