ELIXIR ENERGY LIMITED — Interim / Quarterly Report 2009

Apr 29, 2009

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ASX RELEASE

30 April 2009

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 MARCH 2009

HIGHLIGHTS

• Recommencement of production at the High Island field, Gulf Coast Texas

• Waiver of drill-or-drop decision date on Block 211/18b (Leopard Prospect) UK North Sea

• Technical studies progressed on Block 211/12b (Tiger Prospect) UK North Sea

• Sales receipts for the quarter of $1.4 million

• Repayment in late January 2009 of $3 million of convertible notes - Elixir is debt free

• Cash on hand at the end of the period of $8.9 million

COMMENT AND OUTLOOK

Despite challenging market conditions, Elixir Petroleum Limited (“Elixir” or the “Company”) made progress in the March 2009 quarter across various aspects of its portfolio of interests.

Following the formal issue to Elixir in February 2009 of the licence for Block 211/12b, a comprehensive programme of additional technical studies was developed and is currently being implemented. The studies are designed to better define the mapped Tiger prospect which is estimated to hold 90 million barrels of oil (“MMBbls”) on a most likely in-place resource basis. The technical studies are anticipated to conclude in July 2009, at which point marketing activities for the farmout of the block will commence.

Following the end of the reporting period, we were pleased to receive a waiver from the UK regulator of the drill-or-drop commitment date on Block 211/18b, which contains the Leopard prospect. The waiver means that the licence will be extended past the expiry of its original four year term provided a well is spudded on the block prior to 21 December 2009. If a well is not spudded in this timeframe, the licence will be relinquished at that point. We remain hopeful that a farmout of the Leopard prospect will be completed in the next few months to allow the drilling of the Leopard exploration well before year end.

Progress at Block SL-4 has been frustratingly slow due to the failure of our joint venture partner to meet its obligations and the consequential legal actions that have been instituted as a result of their default. With project milestones not having been met and the petroleum agreement due expire in August 2009, Elixir is considering its various options with respect to its interest in the project.

In terms of Elixir’s producing assets, the High Island field was brought back into production in early January 2009 following a three month shut-in for repairs to a third party export pipeline severed during the passage of Hurricane Ike. Pleasingly, the field has re-established gas production at rates equivalent to those that were being attained prior to the shut-in. At Pompano, the planned remedial intervention on Well #1, which was expected to occur during the March quarter, was deferred pending the completion of the sale of our joint venture partner’s interest in the field. It is now expected the workover will occur during the June quarter, and if successful, should result in a significant increase in the gas production rate from that well. We are comfortable with this delay during a period of historically low gas prices in the US.

8 The Courtyard Eastern Road Bracknell Berkshire RG12 2XB Tel: +44 1344 423 170 Fax: +44 1344 360 268 Website: www.elixirpetroleum.com

Level 20 77 St George’s Terrace Perth WA 6000 Western Australia +61 8 9440 2650 +61 8 9440 2699 ABN 51 108 230 995

The impact of the shut-in at High Island, intermittent production from Well #1 at Pompano and the continuing decline in natural gas prices in the US which have been observed in the last several months reduced cash flow from production for the March quarter to $1.4 million.

Elixir remains well funded with cash on hand at 30 April 2009 of approximately $8.6 million and is debt free. Elixir’s cash on hand equates to cash backing per share of $0.046.

A number of interesting asset and corporate opportunities have emerged as a result of the recent turbulent market conditions. We are examining certain of these opportunities which may have the potential to be value accretive to the Company. A measured approach is being adopted in light of market conditions and the possibility of more attractive values for assets arising in the second half of this year.

STRATEGY

Elixir is an internationally focused upstream oil and gas company with a diversified portfolio of offshore petroleum interests across the exploration, appraisal, development and production lifecycle.

Elixir’s business strategy is to acquire interests in exploration licences with high impact potential, to work up prospects internally and to farm these out to industry to drill, typically on a promoted carry basis. Complementing this exploration strategy is the addition of lower risk oil and gas development projects with appraisal upside located in the shallow waters of the Gulf of Mexico. These projects typically demonstrate a short cycle time to production and provide cashflow for the Elixir Group.

The Board of Elixir considers it important to remain flexible in the pursuit of new business opportunities which are judged to be complementary to its existing business activities and able to deliver superior growth in shareholder value.

An update on the Group’s operations follows.

DEVELOPMENT AND PRODUCTION

Gulf of Mexico

Project Name: High Island Project (Block 268A) Location: High Island Area, Offshore Texas, USA Ownership: 30% Working Interest (22.5% Net Revenue Interest) Operator: Peregrine Oil and Gas, LP

The High Island field is located approximately 60 km offshore the Texas coast in the Gulf of Mexico. The field has been on production since September 2007 and has produced to date in excess of 3.5 billion cubic feet (“Bcf”) of gas and 85,000 bbls of condensate (100% project).

As previously reported, field production was shut-in for three months awaiting the completion of repairs to a regional export pipeline. Production recommenced from the field in early January 2009 and process stability was established by mid-January 2009. Production uptime has been maintained at 98% over the quarter from 17 January 2009 with no safety incidents reported.

The following table summarises the production data for the reporting period:

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High Island 268A		Gas Production	Gas Production	Gas Production			Oil Production	Oil Production	Oil Production
	Total Mar Qtr (MMscf)	Total Sep Qtr (MMscf)	Avg Daily Mar Qtr (MMscf/d)	Avg Daily Sep Qtr (MMscf/d)	Change (%)	Total Mar Qtr (Bbls)	Total Sep Qtr (Bbls)	Avg Daily Mar Qtr (Bbls/d)	Avg Daily Sep Qtr (Bbls/d)	Change (%)
Project (100%)	349	281		4.68	-4%	3,229	10,711	41	178	-79%
			4.48
Elixir (30% WI)	105	84		1.41	-4%	969	3,215	12	54	-79%
			1.34

Note: the March 2009 quarterly production figures are compared to the last producing quarter (Sept 08) which in turn was based on production up to 29[th] August when production was shut-in ahead of Hurricane Gustav.

The A-1 well has produced during the March 2009 quarter at gas rates similar to those being attained prior to the field shut-in, but with substantially less condensate and water being produced. It is believed the water and condensate coning that had previously been observed has abated as a result of the shutin period with the water and condensate levels relaxing within the reservoir to a level below the height of the well bore perforations. The operator of the field is planning to carry out surface modifications to production facilities that will allow a greater pressure drawdown to be applied to the well. The modifications are expected to allow for the re-establishment of condensate and water production and thereby assist with the overall recovery of hydrocarbons from the well.

The A-2 well has restarted production at slightly higher rates than those being achieved prior to the shutin. Over the reporting period the well maintained a stable rate of just over 4 million standard cubic feet of gas per day (“mmscf/d”).

Under the normal course of business, Elixir receives revenue three months in arrears from the High Island project. As a result of the three month shut-in period, Elixir received no revenue from the High Island project during the March 2009 quarter. Sales receipts for the partial production month of January 2009 were received in April 2009.

Project Name: Pompano Gas Project (Block 446-L SE/4) Location: Brazos Area, Offshore Texas, USA Ownership: 25% Working Interest (18.125% Net Revenue Interest) Operator: AnaTexas Offshore Inc.

The Pompano field lies within the Brazos Area and is approximately 12 km offshore the Texas coast and 150 km southwest of Houston. The field has two production wells, which each produce from two separate reservoirs. A third well drilled during Q3, 2008 has been temporarily suspended as a future sidetrack candidate. The field has produced approximately 2.9 Bcf of gas and 4,600 Bbls of condensate (100% project) since the commencement of production in May 2008.

The following table summarises the production data for the reporting period:

Pompano Field – Brazos Block 446-L		Gas Production	Gas Production	Gas Production			Oil Production	Oil Production	Oil Production
	Total Mar Qtr (MMscf)	Total Dec Qtr (MMscf)	Avg Daily Mar Qtr (MMscf/d)	Avg Daily Dec Qtr (MMscf/d)	Change (%)	Total Mar Qtr (Bbls)	Total Dec Qtr (Bbls)	Avg Daily Mar Qtr (Bbls/d)	Avg Daily Dec Qtr (Bbls/d)	Change (%)
Project (100%)	494	592	5.5	6.4	-16%	66	118	0.7	1.3	-44%
Elixir (25% WI)	124	148	1.4	1.6	-16%	17	30	0.2	0.3	-44%

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The field achieved 100% uptime during the reporting period with no safety incidents reported.

Production from Well #1 continues to be restricted due to sand forming bridges in the short and long completion strings which produce from the 6700 ft Sand and the B Sand respectfully. The workover on Well #1 which was scheduled for the March quarter has been delayed pending the completion of the sale of the interest of Elixir’s joint venture partner in the field. The workover is now scheduled to occur in the June 2009 quarter. It is anticipated the workover will remedy the sand and associated water production from the B Sand and, if successful, significantly improve gas production rates from the well.

Well #2 achieved an average flow rate in the March 2009 quarter of approximately 5 MMscf/d, with the majority of this originating from the deeper E Sand completion.

Under the normal course of business, Elixir receives revenue two months in arrears from the Pompano project. Elixir was credited revenue for production for the months of November 2008 to January 2009 during the March 2009 quarter for a total of approximately US$914,000. The average price realised for the sale of gas produced in the period was US$5.58/Mcf, and for oil was US$41.10/Bbl.

APPRAISAL

UK North Sea

Project Name: Mulle Prospect (Block 211/22b and 211/27d) Location: Northern UK North Sea Ownership: 40% Working Interest Operator: DNO (UK) Limited

The Mulle accumulation lies in Block 211/22b on the south-western extension of the Osprey ridge and is adjacent to the proposed Causeway oil field development. Elixir’s wholly-owned UK subsidiary, Elixir Petroleum (Europe) Limited (“E(EU)”) holds a 40% working interest in the Block.

The operator of Block 211/22b has published a most likely contingent resource estimate for Mulle of 18 million barrels of oil. This equates to a most likely net contingent recoverable oil resource to E(EU) of almost 7 million barrels. This resource estimate excludes the anticipated increase in resources from the awarding of Block 211/27d to the Mulle joint venture, which contains a mapped southern extension to the field.

The joint venture conducted a data room exercise in the December 2008 quarter and continued discussions with interested parties during the current quarter. To date no offers to farmin to the licence have been received. A number of changed conditions, including marked reductions in drilling and development costs combined with the recently announced fiscal incentive from the UK Treasury for small field developments, has prompted the joint venture to reconsider its options for the further appraisal of the field. The current licence term for Blocks 211/22b and 27d does not expire until 2011.

EXPLORATION

UK North Sea

Project Name: Tiger Prospect (Block 211/12b) Location: Northern UK North Sea Ownership: 100% Working Interest Operator: Elixir Petroleum (Europe) Limited (“E(EU)”)

During the March 2009 quarter, E(EU) received the formal licence for Block 211/12b from the UK regulator. The Block is located in the northern sector of the UK North Sea, approximately 140 kilometres north east of the Shetland Islands, in a water depth of approximately 125 metres. Block 211/12b

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contains a newly mapped prospect named Tiger, which lies 5 kilometres to the east of the Magnus field. The Magnus field was brought into production in 1983 by BP with an in-place volume of approximately 1.5 billion barrels of oil.

The target reservoir in the Tiger prospect is the Magnus Sandstone Member, over 500 feet of which was encountered in Well 211/12b-15. This well was drilled down dip of the Tiger Prospect in 1992. The equivalent sands in the nearby Magnus Field have excellent porosity and permeability characteristics. Evidence from the 211/12b-15 well also indicates the presence of a nearby hydrocarbon column. Reservoir presence and hydrocarbon charge for the Tiger prospect are considered to be low risk.

Elixir is progressing additional technical studies in relation to the Tiger prospect which are expected to be completed in July 2009 after which the marketing of the prospect to industry will commence. The Block has a licence term of 4 years with a drill-or-drop decision required at the end of year 3.

Project Name: Leopard Prospect (Block 211/18b) Location: Northern UK North Sea Ownership: 56% Working Interest Operator: Elixir Petroleum (Europe) Limited (“E(EU)”)

Block 211/18b is a traditional licence which was awarded in the 23[rd] UKCS Seaward Licensing Round in December 2005. The licence is located in the northern sector of the UK North Sea and contains the Leopard prospect.

As previously announced, the drill-or-drop decision date for the licence was extended to 21 April 2009 with the agreement of the UK Department of Energy and Climate Change (“DECC”). Following the end of the March 2009 quarter, DECC has now agreed to waive the drill-or-drop commitment for the licence altogether. This means that a well is required to be spudded prior to 21 December 2009 (being the end of the original licence term) in order to retain the licence past this date.

Efforts to secure another farminee in order to largely cover E(EU)’s cost exposure in the proposed Leopard well are ongoing with several companies currently assessing the opportunity following renewed marketing efforts undertaken in the March 2009 quarter. We remain hopeful that despite a more difficult farmout market in the UK, E(EU) will secure an additional farmin partner prior to the end of the year which will allow the Leopard well to be drilled.

Gulf of Mexico

Project Name: Red Fish Prospect (Block 479-L N/2 and NE/4) Location: Brazos Area, Offshore Texas, USA Ownership: 25% Working Interest (18.125% Net Revenue Interest) Operator: AnaTexas Offshore Inc.

Work continued in the March 2009 quarter to evaluate prospects within the block. During the quarter, Elixir elected not to participate in two further extensions of the Red Fish area which following review, were deemed not to suit Elixir’s business objectives in the Gulf of Mexico.

West Africa - Sierra Leone

Project Name: Block SL-4 Location: Offshore, Republic of Sierra Leone Ownership: 100% Working Interest Operator: Elixir Petroleum (UK) Limited (“E(UK)”)

Block SL-4 comprises an area of 4,429 km[2] lying in water depths from 100m to over 3,500m offshore Sierra Leone, West Africa. An initial 15% interest in Block SL-4 was assigned to E(UK) in February

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2008, at which time E(UK) was also approved as operator of the licence. The acquisition of a 1,222 km[2] 3D seismic survey over the Block was completed in early June 2008 with processing of the dataset completed in November 2008.

As previously advised, E(UK)’s joint venture partner in Block SL-4, Prontinal Limited, defaulted on its obligations to meet the cost of the seismic survey and other joint venture costs. As a result of this E(UK) took steps to have forfeited to it Prontinal’s interest in the project. Notwithstanding the forfeiture of its interest, Prontinal remains liable for the cost of the survey and other joint venture costs.

The default by Prontinal has meant that the project objectives have failed to be met within the expected timeframe and it may be that these objectives will not be met prior to the expiry of the licence term in August 2009. The default by Prontinal has also resulted in various legal actions being commenced, which are described below.

E(UK) has commenced legal proceedings against Prontinal in the British Virgin Islands (“BVI”) seeking recovery of the outstanding amounts owed to Elixir. An application in relation to this matter was heard on 17 March 2009 before the BVI High Court. The presiding judge reserved his decision which is not expected to be handed down until late May or early June 2009.

As previously reported, E(UK) received in early March 2009 a notice of arbitration relating to an alleged dispute concerning payment of approximately US$9.3 million for the 3D seismic data acquired over Block SL-4. EP(UK) was named as a co-Respondent in the arbitration together with Prontinal Limited. EP(UK) has instructed counsel and will be vigorously defending its position with respect to the arbitration.

Given the above matters, EP(UK) is currently considering its options with respect to Block SL-4, including its continued involvement in the project.

Licence Relinquishments and Withdrawals

During the quarter Elixir elected to withdraw from two of its licences which are located in the central sector of the UK North Sea. Elixir has previously participated in the drilling of exploration wells on these two blocks which were not successful. Elixir holds small participating interests in these licences and considers the remaining prospectivity to be limited.

Elixir and its joint venture partners agreed during the March 2009 quarter to relinquish Block 21/16b at the conclusion of the two year promote licence term which expires in April 2009.

MINERAL ASSETS

Elixir continues to market its remaining two mineral asset licences which are located in the Northern Territory. During the quarter Elixir elected to relinquish 50% of the area of each of these two licences.

Discussions have been held with a number of parties with respect to a possible sale or farm-out of the licence interests which are prospective for uranium. To date no offers have been forthcoming.

FINANCIAL SUMMARY AND OTHER MATTERS

At the end of the March 2009 quarter, Elixir held cash on hand of approximately $8.9 million. Receipts from production in the March 2009 quarter were $1,382,000. The Company released its half yearly financial report and accounts on 13 March 2009, in which it reported EBITDAX for the 6 month period to 31 December 2008 of $3.1 million on sales for the period of $4.2 million. The Elixir Group is debt free.

The Company delisted from the Alternative Investment Market of the London Stock Exchange (“AIM”) effective 31 March 2009. Former AIM based shareholders of the Company have been migrated to the

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Australian share register and are able to trade their shares in the Company either through an Australian broker (to the extent they are a client of an Australian broker) or via the trading facility arranged by the Company with WH Ireland Group Plc in the UK and its related Australian subsidiary, D.J. Carmichael & Co.

Please find attached the Company’s Appendix 5B for the 3 month period to 31 March 2009.

Yours sincerely, ELIXIR PETROLEUM LIMITED

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Andrew Ross Managing Director

For further information, please visit the Company's website at www.elixirpetroleum.com, or contact:

Information contained in this report with respect to the High Island and Pompano Projects and the Red Fish Prospect, was compiled by Elixir or from material provided by the project operators and reviewed by I L Lusted, BSc (Hons),SPE , who has had more than 15 years experience in the practice of petroleum engineering. Mr Lusted consents to the inclusion in this report of the information in the form and context in which it appears.

Information contained in this report with respect to the UK North Sea Projects and Block SL-4 offshore Sierra Leone, was compiled by Elixir or from material provided by the project operators and reviewed by the Elixir’s Exploration Director, Iain Knott, BSc, MSc, FGS, AAPG, who has had more than 25 years experience in the practice of geology, including more than 5 years experience in petroleum geology. Mr Knott consents to the inclusion in this report of the information in the form and context in which it appears.

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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
			31 March 2009
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 ( 9 months ) $A’000
			1,382 (102) (51) (778) (842) - 17 (100) - -	7,583 (685) (3,997) (1,504) (2,912) - 231 (250) - -
			(474)	(1,534)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other – Cash acquired on acquisition of Gawler Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			- - - - - - - - -	- - - - - - - - -
			-	-
			(474)	(1,534)

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(474)	(1,534)
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 Convertible Notes Less underwriting fee Issue Costs Net financing cash flows	- - - (3,000) - - - - -	1,607 - - (3,000) - - - - (104)
	(3,000)	(1,498)
Net increase/(decrease) 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 atend of quarter	(3,474) 12,529 (107)	(3,031) 10,604 1,375
	8,948	8,948

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
		(215)
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Payments include: Directors’ fees, salaries and serviced office rental. All payments are on normal commercial terms.

Non-cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on consolidated assetsandliabilities butdidnot involve cash flows
	N/A

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	N/A

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

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 available $A’000	Amount used $A’000
			-	-
			-	-
	Estimated cash outflows for next quarter
	4.1 Exploration and evaluation 4.2 Development			$A’000
				220
				400
	Total			620
	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)	6,448		6,875
		2,500		5,654
		-		-
		-		-
	Total: cash at end of quarter(item 1.22)	8,948		12,529

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	EL 25260 (NT) EL 25261 (NT) EL 3667 (SA) EL 3668 (SA) EL 3669 (SA) EL 3670(SA)	Area reduced 50% Area reduced 50% Working interest Working interest Working interest Workinginterest	100% 100% 100% 100% 100% 100%	100% 100% - - - -
	None

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

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 (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs,redemptions	-	-	-	-
	- -	- -	- -	- -
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	188,988,472	188,988,472	Various	FullyPaid
	- -	- -
7.5 +Convertible debt securities Convertible Notes 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-
	- 8,571,429	- -	$0.35	Repaid 31/01/2009
7.7 Options Ambrian Options Employee Options Tranche 1 Employee Options Tranche 2 Employee Options Tranche 3 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	637,148 2,000,000 3,250,000 2,750,000 8,637,148	- - - -	Exercise price $0.60 $0.25 $0.30 $0.35	Expiry date 16 May 2010 31 Mar 2011 31 Mar 2012 31 Mar 2013
			Exercise price	Expiry date
	-	-	-	-
	-	-	-	-
7.11 Debentures(totals only)	-	-	-	-
7.12 Unsecured notes(totals only)	-	-	-	-

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

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 / ~~does not*~~ (delete one) give a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: 30 April 2009 (Director/ ~~Company secretary)~~

Print name: ANDREW ROSS

• See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 5