ELIXIR ENERGY LIMITED — Investor Presentation 2012

Feb 16, 2012

ASX ANNOUNCEMENT

ABN 51 108 2 30 995

17 February 2012

Company Announcements Pl a tform Australian Securities Exchang e Level 4 20 Bridge Street SYDNEY NSW 2000 By E-Lodgement

Moselle Permit Update Company Presentation Materials

Please find attached to this document a copy of the presentation slides t o be used by Elixir Petroleum Limited at investor a n d broker presentations to be conducted next w eek.

Yours faithfully, ELIXIR PETROLEUM LIMITED Andrew Ross Managing Director

Elixir Petroleum Limited

ASX CODE: EXR www.elixirpetroleum.com

Level 20, 77 St George’s Terrace PERTH WA 6000, AUSTRALIA T: +61 8 9440 2650 F: +61 8 9440 2699 E: info@elixirpetroleum.com

Moselle Project Update Additional Conventional Prospectivity Identified 17 February 2012

Managing Director

(ASX:EXR)

Important Notice and Disclaimer

This document has been prepared by Elixir Petroleum Limited (ABN 51 108 230 995) (“Elixir”) in connection with providing an overview of its business to interested analysts/investors.

This presentation is being provided for the sole purpose of providing preliminary background financial and other information to enable recipients to review the business activities of Elixir. This presentation is thus by its nature limited in scope and is not intended to provide all available information regarding Elixir. This presentation is not intended as an offer, invitation, solicitation, or recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating Elixir.

Elixir and its affiliates, subsidiaries, directors, agents, officers, advisers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability or responsibility for any statement made in, or omitted from, this presentation. No responsibility or liability is accepted and any and all responsibility and liability is expressly disclaimed by Elixir and its affiliates, subsidiaries, directors, agents, officers, advisers and employees for any errors, misstatements, misrepresentations in or omissions from this presentation. Elixir accepts no obligation to correct or update anything in this presentation.

Any statements, estimates, f orecasts or projections wit h respect to t h e f uture per f ormance o f E ixir l an d /or its su b si d iaries containe d in t h is presentation are based on subjective assumptions made by Elixir's management and about circumstances and events that have not yet taken place. Such statements, estimates, forecasts and projections involve significant elements of subjective judgement and analysis which, whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by Elixir or its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements, estimates, forecasts and projections should not be relied upon as indicative of future value or as a guarantee of value or future results; and there can be no assurance that the projected results will be achieved.

Prospective investors should make their own independent evaluation of an investment in Elixir.

Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section 766B of the Corporations Act 2001 (Cth). This presentation consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. This presentation does not take into account the objectives, financial situation or needs of any person, and independent personal advice should be obtained.

This presentation and its contents have been made available in confidence and may not be reproduced or disclosed to third parties or made public in any way without the express written permission of Elixir.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

Information contained in this presentation with respect to the Moselle Permit was compiled by Elixir and reviewed by Elixir’s Exploration Manager, 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.

Cor orate Profile p

Capital Structure	at 16 Feb 2012
Exchange	ASX:EXR
Ordinary Shares	217.3m
Unlisted Options_(held by staff)_	6.0m
No of Shareholders	1,450
Top 20 Shareholders	53%

Insto Retail Aurora

Trading Performance	at 16 Feb 2012
Trading Range_(prior 12 months)_	$0.03 – $0.18
Current Share Price	$0.038
Market Capitalisation	$8.3m
Trading Volume_(p/day prior 3 months)_	~150,000
Cash on Hand_(31 Dec 2011)_	$1.4m

3

Moselle Permit Overview and U date p

• Elixir holds 100% of the 1.34m acre Moselle Permit - largest exploration permit onshore France

• Moselle represents the dominant acreage position in the Saar-Lorraine Basin, NE France

• In Q4, 2011 completed 20 months of technical studies on Moselle which fully defined the proven Upper Carboniferous-Triassic petroleum system within the Basin

• Additional Conventional Prospects and Leads -

Independent resource evaluation by Netherland Sewell & Assoc (NSAI) published in Sept 2011

• Confirmed giant unconventional resource potential and also identified a large number of significant conventional hydrocarbon targets

• Since publication of NSAI reports, Elixir has reprocessed and interpreted an additional 324 km of 2D seismic (Phase 4)

Seismic interpretation completed early Q1, 2012 – increased data coverage by 33%

• New data has allowed further conventional prospects and leads to be identified – up from 19 to 34 Six ‘stacked pay’ targets identified – multiple opportunities for success from single wells

• Updated Conventional Volumetric Estimates –

NSAI volumetrics (based on Phase 3 seismic) provided mean prospective unrisked in-place estimate for the original 19 prospects and leads of - 2,117 mmbbls or 2.2 Tcf*

Elixir has built on NSAI work and generated updated internal volumetrics based on Phase 4 seismic Utilising similar methodology as NSAI (2007 PRMS by SPE), mean prospective unrisked in-place volume has increased approx threefold to - 6,800 mmbbls or 6.3 Tcf*

Mean prospective risked recoverable resources for all 34 prospects and leads estimated at - 161 mmbbls or 559 Bcf*

• Equal likelihood of oil charge or gas charge, so running alternate 100% cases. Note these two separate cases should not be summed

Moselle Permit Overview and Update (cont’d)

• Unconventional Prospectivity

Sept 2011 - NSAI estimate of mean prospective in-place volume of 165,000 mmbbls and 650 Tcf Two thirds of volume in tight sands and one third in shales

Geochem and Pyrolysis studies indicates that it is likely system will be ‘liquids rich’

Prohibition on fraccing remains in France, but evidence of further consideration of policy being undertaken – substantial progress unlikely ahead of French Presidential election in May

Wells targeting conventional prospects can be deepened to log, core, sample, test (but not frac) unconventional play

• New Acreage Applications –

Moselle Permit covers ~60% of the aerial extent of the identified petroleum system

Elixir has submitted new permit applications for an additional 3,409 km[2] within Saar-Lorraine Basin If awarded, Elixir would increase presence in Basin to 8,769 km[2 ] (2.17m acres) –

~80% coverage of aerial extent of the Saar-Lorraine petroleum system Would result in the 3[rd] largest unconventional acreage position in Europe

• Moselle Farmout Process Well Advanced –

A number of companies are currently involved in competitive farmout process

Evaluation of technical database and seismic workstation ongoing

Progressing towards culmination of process in Q2, 2012 - seeking multi-well commitments

• Well Design and Permitting Activities Commenced –

Outline well plans and cost/time estimates received from consultant drilling engineers Targeting multi-well drilling campaign for 2H, 2012

Well locations to be finalised in consultation with farminee

5

Moselle Permit Location and Overview

Location	Onshore, NE France	Paris Basin Vermillion Lundin & GDF European Gas Gali Coz & Tethys Oil
Area	5,360 km2(1,340,000 acres)
Ownership	100%
Term	5 years
Expiry	Feb 2014
Extensions	Yes, 2 x 5 years
2D Seismic Data Set	2,826 line kilometres
Reprocessed 2D Seismic	1,309 line kilometres
Land and Satellite Gravity Data	~28,000 km2
Wells on Block / in Basin	24 wells / 60 wells
Oil and/or gas shows	Carboniferous - 78%, Mesozoic – 50%
Prospectivity	Conventional oil/gas, tight gas, liquids rich gas shales
Total Commitment	€3,000,000
Spend to Date	~€2,100,000
Additional Permit Applications	3,409 km2 (830,000 acres)

Largest acreage position of any company in Paris Basin, being one of largest and most prospective European basins 6

Moselle Permit Petroleum S stem y

Trap Styles

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7
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Moselle Permit Play Types - Overview

� Existing Play Type � Conventionally reservoired oil and/or gas Triassic Play � Has been the focus of the majority of past exploration activity in Saar-Lorraine Basin � Digital seismic now available to better guide efforts � 7 prospects and 3 leads mapped Total mean risked � New Play Type - Conventionally reservoired fractured sand play prospective resource* for � 5 wells tag Stephanian on Block – not the target of the wells conventional Stephanian Play � Core analysis indicates matrix permeability prospects and � Improved porosity preservation as a result of shallow burial leads of � 14 prospects and 8 leads mapped 161mmbbls OR 559Bcf � Existing Play Type - Tight fractured gas sands (conventional, unconventional or both?) � Gas to surface from Morhange and Pont ‘a Mousson wells, but historic exploration Westphalian Play sought oil – ignored gas � Log analysis indicates missed pay opportunities � 2 prospects mapped � Unconventional gas shale and tight gas sands play � Piceance Basin (NW Colorado) clear analogue Resource Play � Untested in the Saar-Lorraine Basin to date � Independently assessed best estimate in-place volume – 165,000 mmbbls and 650 Tcf

Conventional and Unconventional Play Types - Significant Oil and Gas Prospectivity

8

• Internal estimates calculated in accordance with 2007 PRMS approved by SPE

Drilling History Overview

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Paradigm
Shift –
First Oil Resource
Crisis
Plays
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First Oil Crisis • Morhange – Forcelles – Gas to surface Oil Discovery • Pont-Au-Mousson - Trois Fontaine – Gas to surface Gas Discovery

• CBM targets - • Saulcy

• • Lorrettes • Chaumont

Focus on drilling Saar-Lorraine anticlinal axis -

Mixture of drilling on Forcelles trend -

• Chevraumont

• Lerouville

• BLM

• Raulecourt

Embremenal and Saar-Lorraine anticlinal axis -

• Xivray Marvoisins

• Culey

• Metz

• Francheville

• Folshiver

• Faulquemont

Moselle Permit

T ical Landsca e in Lorraine Re ion yp p g

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Moselle Permit Conventional Pros ects and Leads p

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A
B
Mesozoic
Saulcy - 1
A B
Saulcy - 1
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• 19 conventional prospects and leads identified in Q3, 2011 in the Triassic and Upper Carboniferous

• Prospects and leads generated from 2D seismic (Phase 3) data set (985 line km’s)

• Netherland Sewell independent volumetrics assessment published in Sept 2011 -

  • NSAI estimate based on Phase 3 seismic mapping

  • Mean in-place volume – 2,117 mmbbls or 2.2 Tcf

• Additional in-fill 2D (Phase 4) lines selected to better define p ros p ects and to finalise drillin g locations

• Phase 4 seismic reprocessing and interpretation commenced in Nov 2011 and completed in Jan 2012

  • Additional 324 line km’s processed

  • Total reprocessed dataset now 1,309 line km’s

  • A number of prior leads have been elevated to prospect status

  • New prospects have been defined and greater certainty given to existing prospects

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Moselle Permit

Conventional Prospects and Leads (cont’d)

Conventional Resources Prospective In-Place Unrisked Volumes Mean Prospective Risked Resources*
Number Oil Case - OIIP (MMbbls) Gas Case - GIIP (BCF) Oil Case (MMbbls) Gas Case (Bcf) Prospects 23 4,824 4,627 131 471 Leads 11 1,972 1,656 30 88 Total 34 6,796 6,283 161 559

1P (Bcf) 1P (MMbbls) Proven Reserves Proven Reserves 2P (Bcf) 2P (MMbbls) Proven + Probable Reserves Proven + Probable Reserves 3P (Bcf) 3P (MMbbls) Proven + Probable + Possible Proven + Probable + Possible Reserves Reserves Contingent (Bcf) Contingent (MMbbls) Resources Resources Prospective (Bcf) Prospective Risked Resources (MMbbls) Risked Resources GIIP (Bcf) OIIP (MMbbls) (Gas Initially (Oil Initially In-Place) In-Place)

• 34 targets in total have been mapped across the three conventional plays

• Comprise 23 prospects and 11 leads

• Includes undrilled new play concept with large potential

15 new prospects and leads have been added to the inventory since NSAI Report in Sept 2011 Carboniferous source rock extends through all three thermal maturity windows (ie. oil, condensate and dry gas)

This results in an equal likelihood of oil or gas charged structures - meaning we have calculated alternative both 100% oil and 100% gas cases

Prospect volumetrics have been re-run using SPE methodology utilised by NSAI

• Total risked prospective resource – – 161 mmbbls in 100% Oil Case

OR, ALTERNATIVELY

• 559 Bcf in 100% Gas Case

• It is probable that structures filled with hydrocarbons will ultimately comprise a mix of ~~oil a~~ nd gas

• Prospective In-Place and Recoverable Resource estimates generated by Elixir in accordance with the definitions and guidelines of the 2007 PRMS approved by the SPE

Moselle Permit

Conventional Prospects and Leads (cont’d)

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Distribution of Oil Production in Paris Basin
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• Geologically reasonable results for in-place and risked recoverable volumes

• Have applied sense checks against prior discoveries, which provides comfort -

• Compared distribution of all 52 developed Paris Basin fields - reasonable fit

• Geological risking across all targets ranges from 7% to 27% CoS (Average - 15%)

• Exploration success rate for main producing horizon in Paris Basin - 1 : 8 (Average ~12.5%)

• Applied economic field size cut-off of 0.5MMbbls or 3Bcf [except where horizon is within ‘stacked pay’ target]

• Industry ‘Rule-of-Thumb’ for onshore W.European developments –

• Oil field development - $20NPV10/bbl

• Gas field development - $3.50NPV10/mscf

• • Applying this to the average of the mean prospective risked resources* –

• Oil – avg. 4.7mmbbls = $94m NPV10

• Gas – avg. 16.5Bcf = $56m NPV10

• Prospects and leads, if hydrocarbon bearing, may be wholly oil charged, wholly gas charged, or a combination of both oil and gas

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Moselle Permit

Conventional Stacked Pa O ortunities y pp

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Nancy East Nancy West Foug Toul East Toul West Bullseye
Contour Maps Total
No of Prospects 6 6 2 3 4 - 21
No of Leads 1 - - - 1 4 6
Total Stacked 7 6 2 3 5 4 27
Horizons
M easure d D ep th t o 400 m 750 m 810 m 1 , 250 m 720 m 450 m
Top Horizon
Measured Depth to 3,000m 3,300m 1,200m 2,650m 3,300m 2,150m
Lowermost Horizon
Gross Interval 2,600m 2,550m 390m 1,400m 2,580m 1,700m
Total Mean In-
Place Volume
OR Oil - 2,887 mmbbls 463 mmbbls 52 mmbbls 484 mmBbls 942 mmbbls 891 mmbbls 5,719mmbbls
Gas - 2,703 Bcf 453 Bcf 42 Bcf 526 Bcf 961 Bcf 713 Bcf 5,398 Bcf
One well tests 46% of Six wells test 88% of total
Total Mean Risked
total mean prospective mean prospective risked
Prospective risked resources resources
Resources [#]
Oil - 74.9 mmbbls 12.0 mmbbls 2.1 mmbbls 13.4 mmbbls 25.4 mmbbls 14.3 mmbbls 142 mmbbls
OR
Gas - 268.5 Bcf 43.0 Bcf 6.2 Bcf 59.9 Bcf 86.3 Bcf 39.9 Bcf 504 Bcf
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• • Volumetric estimates have been calculated in accordance with the 2007 PRMS approved by the Society of Petroleum Engineers

Recovery factor ranges of 10% - 25% for oil and 50% - 75% for gas have been probabilistically applied and geological risking of CoS 7% to 27% (avg. 15%) have been deterministically applied to Mean In-Place Volumes to calculate Mean Risked Prospective Resources

Oil and Gas cases are alternative cases and should not be summed. Table above excludes an additional 7 single horizon prospects and leads

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Moselle Permit Drillin Pre arations g p

• Drilling engineering consultants appointed and initial engineering study delivered

• Alternative well designs provided with time/cost estimates for three of the stacked pay prospects

• Cost estimates include 15% contingency and to +/- 50% accuracy

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Chaumont Preliminary
Wellhead Design
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• Initial estimates for 1,000m deep well of approx US$3.4m - $4.7m (depending upon casing point options)

• Permitting activities handled at Regional level by Lorraine DREAL

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Moselle Permit
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Moselle Permit Market - France

• Strong market fundamentals

• Established Oil and Gas industry -

• Underexplored and neglected in recent years Multiple plays

• Innovation and technology stimulating activity

• Robust historic gas prices –

• Gas prices linked to crude oil – term contracts Significantly ahead of US prices, and growing

• Significant domestic oil and gas demand: Net importer: ~1.7Tcf/p.a. and 622 mmbbls/p.a. and rising

  • 98.6% of all gas and 95.8% of all liquid hydrocarbons are imported

• Security and cost of supply a concern16

Moselle Permit Resource Pla - Gross Interval Thickness y

Commercially Successful US Shale and Tight Gas Sand Plays

17

Source: Netherland Sewell & Assoc Moselle Volumetric Report (Sep 2011)

Moselle Permit Resource Play Analogue - Piceance Basin

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Reservoir Properties Moselle Permit Piceance Basin
Paris Basin, France Colorado, USA
Age Paleozoic (Carboniferous) Mesozoic (Cretaceous)
Deposition Fluvial and lacustrine Fluvial and lacustrine
Source Interbedded gas-prone shales, Interbedded gas-prone shales,
mudstones, siltstones, and coals mudstones, siltstones, and coals
Play Basin-centred gas trap Basin-centred gas trap
Permit/Basin Area 5,360km [2] ~14,250km [2]
Depth (TVDss) 600m - 4,750m 1,360m – 2,575m
Average Thickness (Gross) ~3,500m ~1,050m
TOC Range 2% - 15% (avg: 9%) 0.5%-28% (mean:2%)
Pressure Normally Pressured (?) Under, Normally & Over Pressured
Permeability 1.4µD - 1.3mD 0.1µD - 0.1mD
Porosity 0.8% – 11.4% 2% - 12%
Frac Gradient 0.66 psi/ft 0.6 psi/ft – 0.7 psi/ft
Kerogen Type Mixed Type II/III, Type III, Type IV Mixed Type II/III, Type III, Type IV
OGIP (P50) 649.7 TCF (tight sands and shales) +420TCF (tight sands)
OGIP (Bcf/km [2] ) 29 – 54 23 - 46
OGIP Density (Bcf/km [2/] m) 0.06 0.03 – 0.05
EUR Gas (P50) [ To be determined ] 15%-60%
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Analogue provides benchmark for Saar-Lorraine Basin

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Moselle Permit Farmout Process

• Elixir has retained CIBC in the UK as its adviser on the farmout of the Moselle Permit

• Detailed management presentations in December 2011 held in the UK and Europe to a number of high quality industry participants

• Dataroom and seismic workstation i i

• rev ews ongo ng

• Competitive farmout process to culminate in Q2, 2012*

• Please note that it is not assured that any bids will be received by the conclusion of the farmin process, or if bids are received, that they will be sufficient in the judgement of the directors. If a bid is selected by the Directors to progress to the completion of a farmin transaction, a risk exists that the transaction may not ultimately be completed due to factors which are outside of the control of Elixir .

Drill Core from the Lorettes #1 Well, Paris Basin

Moselle Permit Relevant A&D Transactions

• A&D activity continued through period of regulatory uncertainty in France Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[ undisclosed ] Aug 2011 - Realm Energy takeover by San Leon - $140m

• Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin

• Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle

Shale Gas and Shale Oil - Australia

	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle	Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[undisclosed] Aug 2011 - Realm Energy takeover by San Leon - $140m • Hess intends to commence 6 well campaign in 2012 targeting oil shale in Paris Basin • Recent basin scale transactions in Australia provide guidance as to possible valuation metrics for Moselle
	Shale Gas and Shale Oil - Australia
	Location	Parties	Date	Deal Value	Acres	$/net acre	Remarks
	Canning Basin	Mitsubishi and Buru	June, 2010	$152m	18m	$8	Mitsubishi acquires 50% WI
	Galilee Basin	CNOOC and Exoma	Dec, 2010	$77m	6.7m	$11	CSG project, CNOOC acquires 50%, plus equity in Exoma
	Beetaloo Basin	Falcon Oil and Hess	Feb, 2011	~$100m	4.2m	$24	Hess acquires 62.5%. Total undiscovered prospective resources similar to Moselle
	Canning Basin	New Standard and ConocoPhillips	July, 2011	$110m	11m	$10	Conoco to acquire 75%. No prospective resource estimate
	Cooper Basin	Drillsearch and BG	July, 2011	$130m	0.5m	$260	BG acquires 60% WI plus 9.9% warrant in DS
	Oil Shale - France
	Paris Basin	Toreador and Hess	May, 2010	Up to $265m	0.68m	$389	Hess to acquire 50% on farm in to Toreador acreage.$15m cash consideration
	Paris Basin	Elixir Petroleum	April, 2010	$1m	1.3m	$0.75	Elixir acquires 100% of Moselle Permit

Moselle Permit Investment Hi hli hts g g

• Land holding is key - world scale acreage position

Acreage Position

• Largest net acreage position of any company in Paris Basin

• 100% ownership and operatorship - likely to be attractive to a major

• Paris Basin has significant resource prospectivity among European basins

• Independent assessment of in-place volumes by NSAI attained

• Significant conventional and unconventional hydrocarbons in place

Resource

• Asessment supported by EIA (April 2011) and IFP Report on Paris Basin

• Updated conventional hydrocarbon volumetrics on back of Phase 4 seismic

• Likelihood of substantial liquids associated with gas in unconventional play

• Europe requires a cheap, abundant, domestically produced energy source

Market

• Attractive fiscal terms and high gas prices historically

• France imports ~99% of all gas and ~96% of all oil consumed - ~$75Bn/pa

• Rocks won’t change while we await softening in French policy position

• Clear direction focused on proving up potential through drilling

Forward Programme

• Drill ready prospects – large multi-horizon targets, relatively shallow drilling

• Large equity position provides flexibility when it comes to funding

• Competitive farmout process well supported and progressing to completion

Significant unrecognised value in Moselle portfolio of conventional prospects - to be demonstrated through farmout and drilling activity

21

Moselle Permit Summar y

• All technical and commercial workscopes complete, with compelling results

• Additional 2D seismic reprocessing (Phase 4) of 324km’s -

• Has improved robustness of conventional targets

• Resulted in 15 additional prospects and leads

• Total portfolio of 34 prospects and leads across 3 play types

• Mean prospective risked resource estimate for portfolio – 161 mmbbls OR 559 Bcf

• Multi-horizon targets give multiple bites of the cherry -

• Significantly de-risks play

• Also allows acquisition of modern data on resource play

• 46% of total mean prospective risked resources (ie. 74 mmbbls or 257 Bcf) can be tested by a single, relatively low cost, well

• 88% of total mean prospective risked resources (ie. 142 mmbbls or 492 Bcf) tested by 6 wells

• Good infrastructure, fiscal terms, attractive demand and market conditions

• Giant unconventional prospectivity with mean in-place – 165,000 MMbbls and 650 Tcf

• Significant new acreage applications made and in process

• Planning underway for drilling campaign

• Farmout activities well advanced – on cusp of a possible major value event for Elixir

Focus for 2012 remains on Moselle which has significant unrecognised potential

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Head Office

Elixir Petroleum Limited Level 20, 77 St Georges Terrace Perth WA 6000 Tel: (+61) (8) 9440 2650

Operations Office

Elixir Petroleum (Technical Services) Limited 8 The Courtyard, Eastern Road, Bracknell, United Kingdom RG12 2XB Tel: (+44) (0) 1344 423 170

Website: www.elixirpetroleum.com