ELIXIR ENERGY LIMITED — Investor Presentation 2008

Sep 18, 2008

21[st] Oilbarrel Investor Conference September 2008

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Andrew Ross – Managing Director
ASX : EXR, AIM : ELP
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Important Notice and Disclaimer

This presentation has been prepared by Elixir Petroleum Limited (ABN 51 108 230 995) (“Elixir”).

The contents of this presentation have not been approved by an Authorised Person within the meaning of the Financial Services Markets Act 2000. No offer or invitation or solicitation of any offer to acquire shares or securities issued or to be issued by Elixir is being made now or through this presentation nor does this presentation constitute or form part of any invitation on inducement to engage in investment activity under Section 21 of the Financial Services Markets Act 2000.

The information contained in this presentation has been prepared in good faith by Elixir. However , no reliance may be placed for any purpose whatsoever on the information contained in this presentation or an y assum p tions made as to its com p leteness and no warrant y or re p resentation is g iven b y or on behalf of the Company or their respective directors, employees, agents and advisors as to the accuracy or completeness of the information or opinions contained in this presentation and no liability is accepted by any of them for any such information or opinions, provided that nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.

The information and opinions contained in this presentation are provided as at the date hereof and are subject to change without notice.

Information contained in this presentation with respect to the Pompano Project, was compiled from material provided by the project operator, AnaTexas Offshore Inc. and Ralph E Davis Associates Inc, and has been reviewed by the Company’s Operations Manager, Mr. I L Lusted, BSc (Hons), who has had more than 15 years experience in the practice of petroleum engineering. Mr Lusted consents to the inclusion in this announcement of the information in the form and context in which it appears

Introduction

• Elixir is an international E&P company with a diversified portfolio of interests

• Current geographic areas of activity include:

• Development and Production from the shallow shelf Gulf of Mexico

• Exploration and Appraisal activities in the UK North Sea

• Early stage Exploration activities offshore Sierra Leone

• Listed on ASX in 2004 as a North Sea focused explorer

• Admitted to the AIM market in mid-2005

• Merger with Gawler Resources in late 2007

• Board and management team strengthened following merger

• Capital raising in June 2008

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Corporate Profile

Capital Structure Exchanges: ASX:EXR, AIM:ELP Ordinary shares: 188.9m Unlisted Options: 8.6m Convertible Notes: A$3m @ 35c, 10% coupon Trading Performance Share Trading Range: 5.5p –15.75p (prior 12 months) Current Share Price: 6.5p Current Market Cap: ~£12.3m @ 6.5p/s Avg Trading Volume: ~300,000/day (ASX & AIM) Operating Performance 2008 2007 Production (Bcfe): 0.9 Nil Sales Revenue (A$m): 9.1 Nil Cash on hand (A$m) 10.6 4.4 4

Operational Profile

Geographic and Lifecycle Diversification

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High Island Development (30%WI)

• Gas and condensate discovery Feb 2007

• Located 65kms offshore Texas in 51m water depth

• Two wells on production by Sep 2007

• Producing approx 4MMscf/d and 200 Bbls condensate (100% project)

• Reservoirs to produce for up to another 12 months, then swap to shallower horizons

• Further sidetrack opportunities

• Well intervention to increase rates

• Elixir achieving approx $400,000/month

• Total sales revenue to Elixir to end of June of approx US$4.9m

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Pompano Development (25%WI)

• Gas re-development project

• Located 7km offshore Texas in 18m water depth

• Two wells on production at 10MMscf/d (100% Project)

• Independent 2P reserves - 17.1 Bcf and 50M bbls*

• First sales proceeds received in May

• Elixir achieving approx $500,000/month

• u

• Well #3 to sp d in September

• • Further wells planned for H1, 2009

• ( Source: Ralph E Davies Inc)

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Exploration and Appraisal

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Mulle Appraisal Project (40% WI, non-operated)

• Jaguar and Causeway led to re-examination of block propsectivity

• 1970’s vintage well with 17m gross oil column

• Drilled off crest, not tested

• Mulle on trend and down dip from Causeway

• Two well appraisal programme finalised – multiple export routes

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NNS
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• Data room now open for farminees

• Anticipating in-field operations in 2009

	1C	2C	3C
	Boe	Boe	Boe
Project (100%)	4	17	36
Elixir (40%)	1.6	6.8	14.4
Source: DNO (UK) Limited - Operator				9

Leopard Prospect (56%WI, operator)

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Leopard
Prospect
[[]]
Borg
Jaguar Field
Well
211/22b-5
NNS
10
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• Block 211/18b contains Leopard Prospect

• Primary play - stratigraphic synrift within Upper Jurassic sands

• Secondary Brent targets

• Mapped structure tied-in to Norwegian Borg field

• If hydrocarbon prone, most likely OOIP >1BBbls[[*]]

• Most likely recoverable resource approx 350 MMBbls[* ]

• Prospect partially farmed-out

• Plan to complete farmout in 2H 2008

• Aiming for exploration well in 2009

• Unrisked resource estimates

Central North Sea Exploration

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Elixir Petroleum Interests
Central North Sea
15/13b
13/25 ‘Fat Cat’ 12.5%
15/13b ’Eagle’ 13.1%
21/4b ‘Muness’ 7%
21/16b ‘Bob Cat’ 40%
21/4b
13/25
C N S
21/16b
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Block SL-4, Sierra Leone (15%WI*, Operator)

• Interest acquired in Feb 2008

• Underexplored frontier basin

• Shallow water wells with shows

• Block SL-4 covers 4,429km[2]

• Water depth from 100m to 3,000m

• Excellent fiscal terms

• Geology similar to Ghana and Ivory Coast

• Existing wide spaced 2D

• Significant leads and play types identified

• 1,222km[2 ] 3D data set acquired in June 2008

• Interpreting 3D to end of 2008

• Farmout to drill in 1H, 2009

• Anadarko recently farmed into SL-6 and SL-7

• Interest may rise up to 35% if Option is exercised

Year Ahead

US Gulf of Mexico

• Continuing production from High Island

• Wells 3 and 4 to be drilled at Pompano

• Progress Redfish prospects

• New venture appraisal/development projects

• North Sea

• Farm out and drill Leopard Prospect

• Farm out Mulle appraisal programme and drill

• Farm out Bobcat prospects and drill

• UKCS 25[th] Licensing Round results in late Q4 2008

• Sierra Leone

• 3D seismic interpretation through to year end

• Farm out drill ready prospects in 1H 2009

• New Opportunities

• Funded to pursue opportunities within and outside existing portfolio

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Summary

• Elixir has had a year of firsts - Production, reserves and cash flow Maiden operating profit Entry into West Africa

• Elixir has what investors should be seeking -

Good Management - a proven team of focused upstream professionals Good Assets - a diversified portfolio of interests with significant upside Well Funded - cash reserves and cashflow from production Excellent Prospects - scheduled drilling activity and further opportunities

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