ELIXIR ENERGY LIMITED — AGM Information 2011

Nov 28, 2011

ASX ANNOUNCEMENT

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ABN 51 108 230 995

29 November 2011

Company Announcements Platform Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000 By E-Lodgement

COMPANY PRESENTATION MATERIAL

Please find attached to this document a copy of the presentation slides to be used by Elixir Petroleum Limited at its Annual General Meeting being conducted today in Perth, Australia.

Yours faithfully, ELIXIR PETROLEUM LIMITED

Julie Foster Company Secretary

Encl. 1

ASX CODE: EXR

www.elixirpetroleum.com

Elixir Petroleum Limited

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

AGM Presentation 2011

29 November 2011

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Managing Director

(ASX:EXR)

Important Notice and Disclaimer

Head Office Operations Office Elixir Petroleum Limited Elixir Petroleum (Technical Services) Limited Level 20, 77 St Georges Terrace 8 The Courtyard, Eastern Road, Perth WA 6000 Bracknell, United Kingdom RG12 2XB Tel: (+61) (8) 9440 2650 Tel: (+44) (0) 1344 423 170

Website: www.elixirpetroleum.com

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 , forecasts or projections with respect to the future performance of Elixir and/or its subsidiaries contained in this 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.

Thi s presentat on i an d i ts contents h ave b een ma d e ava il a bl e i n con fid ence an d may not b e repro d uce d or di sc ose l d to t hi r d part es i or ma d e pu bli c i n 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.

Overview

• Internationally focused oil and gas company with interests currently in conventional and unconventional exploration and production assets

• Current geographic areas of activity are:

• Production from shallow shelf Gulf of Mexico

• Exploration activities in UK North Sea and onshore France

• Refocusing of business to concentrate on Moselle Permit - core value proposition

• In 2011 completed technical programmes allowing independent volumetric assessment

• A number of large, drill ready conventional targets have been defined

• Kicking off design, procure and permitting of up to 3 well drilling campaign for 2H, 2012

• Commenced discussions with industry partners to participate with Elixir at Moselle

• Will monetise / rationalise interests in UK North Sea and GOM over time

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3
Drill Core from the Lorettes #1 Well, Paris Basin
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Corporate Profile

Capital Structure	at 25 Nov 2011
Exchange	ASX:EXR
Ordinary Shares	217.3m
Unlisted Options_(held by staff)_	6.0m
N f Sh h ld o o are o ers	1 450 ,
Top 20 Shareholders	53%
Trading Performance	at 25 Nov 2011
Trading Range_(prior 12 months)_	$0.03 – $0.25
Current Share Price	$0.035
Market Capitalisation	$7.6m
Trading Volume_(p/day prior 3 months)_	~300,000
Cash on Hand	$1.8m

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1.5% Aurora
Exchange ASX:EXR 13.6%
Insto
Ordinary Shares 217.3m 67.0%
17.9%
Retail
Unlisted Options (held by staff) 6.0m
N o o f Sh are h o ld ers 1 , 450 Directors
Top 20 Shareholders 53%
Trading Performance at 25 Nov 2011 $10,000 $8.00
$9 , 000 $7 . 00
Trading Range (prior 12 months) $0.03 – $0.25 $8,000
$6.00
$7,000
Current Share Price $0.035 $6,000 $5.00
$5,000 $4.00
Market Capitalisation $7.6m
$4,000 $3.00
Trading Volume (p/day prior 3 months) ~300,000 $3 , 000 $2.00
$2,000
$1,000 $1.00
Cash on Hand $1.8m
$- $-
2008 2009 2010 2011
Sales Revenue ($'000)
O pera ti ng an d P ro d uc ti on os s C t ($'000)
General and Admin Costs ($'000)
Avg Well Head Gas Price (USD)
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Moselle Permit Overview

Location Onshore, NE France Area 5 , 360 km[2] 1,340,000 acres Ownership 100% European Gas Term 5 years Lundin & GDF Expiry Feb 2014 Vermillion Extensions Yes, 2 x 5 years 2D Seismic ~2,500km Gali Coz & Wells on Block 24 Tethys Oil Oil and/or gas shows 46% Prospectivity Conventional oil/gas tight gas, gas shale, Paris Basin Total Commitment €3,000,000 Spend to Date ~€1,500,000

Largest acreage position of any company in Paris Basin, being one of the largest and most prospective hydrocarbon basins in Europe

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Moselle

Geological Characterisation

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N Moselle Permit wells drilled to date Moselle Permit wells drilled to date S
mainly for shallower Mesozoic mainly for shallower Mesozoic
Carboniferous wells
drilled for
conventional traps
Gas shows occur
throughout Carboniferous
section in tight, naturally
fractured reservoir UNTESTED Top gas window
N Saulcy-1 Vaxy-1 S
Base Triassic
Transition Zone
to continuous
UNTESTED MIXED CONVENTIONAL UNTESTED BASIN CENTRED GAS UNTESTED BASIN CENTRED GAS
gas
& uNCONVENTIONAL (SHALE & TIGHT SANDS) (SHALE & TIGHT SANDS)
80 km
Previous
Comparative Saar-Lorraine Basin Seismic Lines exploration drilling
Mesozoic
GAP G AP
Paleozoic
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Drilling History Overview

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Paradigm
Shift –
First Oil Resource
Crisis
Plays
• Morhange – Forcelles – CBM targets -
Gas to surface Oil Discovery • Saulcy
• Pont - Au - Mousson - • L o rr ettes
Gas to surface Trois Fontaine – • Chaumont
Gas Discovery
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Focus on drilling Saar-Lorraine anticlinal axis -

• L erouv ill e

• Raulecourt

• Xivray Marvoisins

• Metz

Mixture of drilling on Forcelles trend -

• Chevraumont

• BLM

Embremenal and Saar-Lorraine anticlinal axis -

• Culey

• Francheville

• F o s l hi ver

• Faulquemont

Moselle Permit Technical Workscopes

	Activity	Status
	Acquisition and Digitisation of 450 km of well log data	�
	Detailed Petrophysics Analysis of 30+ wells	�
	Core and Cuttings Sampling from existing wells (600+ samples)	�
	Detailed Core and Cuttings Analysis for six key wells (eg. XRD, TOC, VR, Rock Eval, Hg Capillary Pressures etc.)	�
	Acquired and Integrated IFP Geochemical Data (750+ samples)	�
	Burial History and Hydrocarbon Expulsion Modelling	�
	Sedimentology and Chemostratigraphy Studies	�
	Purchased 2826kmof 2D and 25km 2of 3D seismicdata	�
	,
	Seismic reprocessing and interpretation of 1,297km of 2D seismic	�
	28,000km2of land gravity and magnetics data acquired and interpreted	�
	Conventional prospect mapping - volumetrics and risking	�
	Independent Unconventional In-Place Hydrocarbon Assessment	Complete
	I d d t C ti l I Pl H d b A t n epen en onven ona n- ace y rocar on ssessmen	C l t omp e e

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Moselle - Conventional NSAI Estimate

• Total of 19 conventional prospects and leads mapped

• Located within 4 main reservoir units in Triassic and Upper Carboniferous Section Mainly 4 way dip closed structural traps

• Three multi-horizon prospect groups identified – each can be investigated with one well

• NSAI mean unrisked g ross undiscovered in- p lace estimate - 2.12 Bbbls or 2.18 Tcf Two independent volumetric outcomes prepared (ie. 100% oil, or 100% gas) NSAI give equal likelihood to either oil charge or gas charge

OOIP (MMBbls)

Reservoir No of Targets Depth Top Structure (TVDss/m) Low Estimate (P90) Best Estimate (P50) Mean High Estimate (P10)	Reservoir No of Targets Depth Top Structure (TVDss/m) Low Estimate (P90) Best Estimate (P50) Mean High Estimate (P10)
Triassic 4 460 - 800 36.0 109.2 160.7 334.5 Top Carboniferous 7 600 - 1,300 146.3 560.9 1,081.6 2,349.6
C5 4 1250-	2200 332 2394 6573 14969
,	, . . . , .
C4 4 1,700 - Total(1) 19	2800 18.5 97.6 217.1 485.8 234.0 1,007.10 2,116.7 4,666.8

or, alternatively...

	OGIP (Bcf) Reservoir No of Targets Depth Top Structure (TVDss/m) Low Estimate (P90) Best Estimate (P50) Mean High Estimate (P10) Triassic 4 460 - 800 20.5 61.0 88.5 182.4 Top Carboniferous 7 600-1,300 127 9 440 3 775 5 1 670 0 9 . . . , . C5 4 1,250 - 2,200 46.0 335.2 951.6 2,179.3 C4 4 1,700 - 2800 30.1 160.3 366.9 804.2 Total(1) 19 224.7 996.60 2,182.5 4,836.1

Moselle – Conventional Forward Programme

• Prospects are considered ‘drill ready’ -

• Three wells could investigate + 70% of the Mean in - place oil/gas volume

Drilling costs modest for onshore, relatively shallow targets

• 2D seismic covers onl y ~35% of the Permit -

• Prospectivity in balance of Permit still to be determined New seismic could elevate existing leads to prospect status

• Exploration programme for 2012

Triassic and Top Carboniferous Prospects Map

Commence planning, procurement and permitting activities for up to 3 well campaign

Drilling estimated in 2H, 2012*

Target high graded prospects - including multi-horizon Nancy South Group (Mean in-place 1.2BBbls or 1.2Tcf)

Investigating possible aerial grav/mag survey and ac q uisition of additional 2D seismic

• Identify partners to assist with exploration programme – Have commenced discussions with industry participants

Foug Prospect - seismic cross-sections and top structure map

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* Subject to rig and equipment availability and receipt of final permitting approvals

Moselle – Unconventional NSAI Estimate

• Significant total in-place undiscovered hydrocarbon estimate provided by NSAI

• 164.7 BBbls of oil and 649.7 Tcf of gas (P50, unrisked)

• Small quantities of gas have already been produced to surface from the Carboniferous Section from two unstimulated wells in the area

• Prior mini-fracs undertaken b y ConocoPhilli p s of three zones in Saulc y well

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Moselle – Unconventional Analogous to Piceance Basin

	Reservoir Properties	Moselle Permit Paris Basin, France	Piceance Basin Colorado, USA
	Age	(C f ) Paleozoic arboni erous	(C ) Mesozoic retaceous
	Deposition	Fluvial and lacustrine	Fluvial and lacustrine
	Source	Interbedded gas-prone shales, mudstones, siltstones, and coals	Interbedded gas-prone shales, mudstones, siltstones, and coals
	Play	Basin-centred gas trap	Basin-centred gas trap
	Permit/Basin Area	5,360km2	~7,000km2
	Depth (TVDss)	600m - 4,750m	1,360m – 2,575m
	AverageThickness (Gross)	~3500m	~1050m
		,	,
	TOC Range	2% - 15% (mean: 9%)	~2%
	Pressure	Normally Pressured (?)	Over Pressured
	Permeability	1.4µD - 1.3mD	0.1µD - 0.1mD
	Porosity	0.8% – 11.4%	2% - 12%
	Frac Gradient	0.65 psi/ft	0.6 psi/ft – 0.7 psi/ft
	Kerogen Type	Mixed (Type 2 / Type3)	Mixed (Type 2 / Type 3)
	OGIP (P50)	649.7 Tcf	+300 Tcf
	OGIP (Bcf/km2)	29 – 54	23 - 46
	OGIP Density (Bcf/km2/m)	0.06	0.03 – 0.05
	EUR Gas (P50)	[To be determined]	~15%

“We underestimate what [shale gas] could do to the world in the next 10 to 20 years. It’s a big deal and necessary — globally.” (Source: Peter Voser, CEO, Royal Dutch Shell PLC)

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Moselle – Unconventional Forward Programme

• Likelihood of substantial liquids rich gas adds to t h e eco n o mi cs o f t h e p l ay

• Additional data required to prove up unconventional play -

• Fluid types, net to gross, pressure, fracture orientation, rock mechanics etc

• Cannot currently fracture stimulate Carboniferous –

• Can still drill , log , core , test , assay samples

• • Investigate Carboniferous through pilot hole drilling of conventional targets

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S2 (mg/g)
Hydrocarbon
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France Regulatory Position

• July 2011 French Parliament passed law which now prohibits “hydraulic fracture st im u l at i o n o f w e ll s f o ll o win g d rillin g ”

• Legislation was strongly debated and only narrowly adopted

• National Commission established to consider advances in fracing practices and technolo and to make recommendations to the Government and Parliament gy

• Unclear as to timeframe as to when this position will change

• Possible developments to promote change include –

- Technology

‘Clean Stim’ frac fluids, non-toxic

‘GasFracs’ using NGL’s, not water

‘Osorb’ silica filtration, breakthrough tech Pulse drilling technologies

100% recycling & reuse of produced frac water

- Practice

Fracing Best Practice Guidelines EU Shale Guidelines – 2Q, 2012 DOE Fracing Study – 2012 Quebec Fracing Study – 2012 Shale gas success in Eastern Europe

• France highly dependent on imported hydrocarbons – costly , security of supply?

	France	% of Total Consumption	Est Cost	% of Total Imports	% of GDP
	Oil Imports (2008)	95.8%	$57 billion	13%	3%
	Gas imports (2009)	98.6%	$18 billion
	TOTAL		$75 billion

Valuation Comparable Transactions

• A&D activity ongoing despite period of regulatory uncertainty in France

• Jul 2011 - ConocoPhillips into Realm Energy Paris Basin applications – $[ undisclosed ] Aug 2011 - Realm Energy takeover by San Leon - $140m

• Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres

• 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

	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	Aug 2011 - Realm Energy takeover by San Leon - $140m Jul 2011 - Sterling Resources, new applications Paris Basin – 150,000 acres • 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	500,000	$260	BG acquires 60% WI plus 9.9% warrant in DS
	Paris Basin	Elixir Petroleum	April, 2010	$1m	1.3m	$0.75	Elixir acquires 100% of Moselle Permit

“The power of the shale gas revolution has surprised everyone”

(Source: Christof Ruhl, Chief Economist, BP Plc)

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Moselle Investment Highlights

• Land holding is key - world scale acreage position

• � Lar g est net acrea g e position of an y compan y in Paris Basin

• Acreage Position � 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 attained

• Resource � Significant conventional and unconventional hydrocarbons in place � 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 � Rocks won’t chan g e while we await softenin g in French p olic y p osition � Clear direction focused on proving up potential through drilling

• Forward Programme � Drill ready prospect – large multi-horizon targets, relatively shallow drilling � Large equity position provides flexibility when it comes to funding

Significant currently unrecognised value in Moselle portfolio of conventional prospects to be demonstrated through drilling activity expected in 2H, 2012

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- Gulf of Mexico Shallow Shelf

• High Island (HIA-268, 30% WI, non-operated)

• In 2011 field produced 120mmscf of gas and 21 600 Bbls, of oil

• Currently producing at approx 60 Bbls/d condensate with minor amounts of gas (100% project)

• Workover of both wells to enable production from shallower horizons (~5-8 mmscf/d)

• Awaiting sufficient decline in production to achieve approval of regulator to workovers

• Market interest for sale following completion of workovers

• Pompano (Brazos 446-L, 25% WI, non-operated)

• In 2011 field produced 1,054 mmscf of gas and 954 Bbbls of oil

• Both wells sanded up and ceased production in late Aug 2011

• Elixir elected not to participate in ultimately unsuccessful workovers on the wells

• Wells now cyclically produced on a monthly basis to maintain leases

• Elixir will not participate further in the project and will exit in due course

Rationalising interests in GOM to focus on Europe

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- UK North Sea

• Tiger Prospect (Block 211/12b, 100% WI, Operator)

• Licence term 4 yrs – ‘ drill-or-drop ’ by Feb 2013

• Magnus sands play type located next to 1.5Bn Bbl+ Magnus field operated by BP

• Down-di p well indicates h y drocarbons nearb y

Project (100%)	Low (MMBbls)	ML (MMBbls)	High (MMBbls)
STOIIP	47	180	278
Recoverable Resource Estimate	19	90	167

Source: Internal Estimate

• Conditional farmout was not able to close due to funding issues

• Remarketing Tiger to industry

• Dumas Prospects (Block 30-25b, 100% WI, Operator)

• Licence finalised in February 2011 on 2 year ‘drill-ordrop’ basis

• Four prior wells have been drilled on the Block

• Possible Cretaceous aged prospects

• Further technical work required to de-risk prospects

• Reservoir porosity to be assessed through AI studies

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Continuing to work out of North Sea licences 18
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Summary

France

• All technical and commercial worksco p es com p lete , with com p ellin g results

• Netherland Sewell have provided independent in-place volumetric certification

• Planning underway for drilling campaign and partner discussions ongoing

GOM

• Modest production continuing at High Island

• Workover wells in due course, then monetise interest

• Exit Pompano in due course

North Sea

• Tiger farmout has not completed – remarketing to industry

• Block 30/25 – continuing to de-risk prospects

• Awaiting award of Inner Moray Firth licence

• Work out of existing North Sea licence interests over time

Focus for 2012 is on Moselle which has significant, unrecognised potential

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www.elixirpetroleum.com

Information contained in this presentation with respect to UK North Sea Projects and 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.