ELIXIR ENERGY LIMITED — Capital/Financing Update 2016

Sep 27, 2016

ASX ANNOUNCEMENT

28 September 2016

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EXPIRY OF LISTED OPTIONS OVER SHARES

Elixir Petroleum Limited (ASX:EXR) advises that the 12,840,001 listed options over ordinary shares exercisable at $0.375 cents per option ( ASX:EXRO ) ceased trading at market close on 26 September 2016 and will expire at 5pm WST on 30 September 2016 and all rights under the options will cease at that time.

Following the expiry of the EXRO listed options, the Company will have no listed options and the following unlisted options on issue.

80,000 Class A Director Options exercisable at $0.375 expiring 15 October 2016 80,000 Class B Director Options exercisable at $0.375 expiring 15 October 2016 600,000 Options exercisable at $0.25 expiring 30 April 2017

1,500,000 Executive Incentive Options vesting on 30 November 2016 exercisable at $0.045 expiring 30 November 2018

1,500,000 Executive Incentive Options vesting on 30 November 2017 exercisable at $0.045 expiring 30 November 2018 3,000,000 Options exercisable at $0.04 expiring 30 September 2019

For further enquiries, please contact: Dougal Ferguson Managing Director +61 (8) 9226 2111

For further information on Elixir Petroleum, please visit the Company's website at www.elixirpetroleum.com

ASX CODE: EXR

www.elixirpetroleum.com

Elixir Petroleum Limited

ABN 51 108 230 995 338 Hay Street SUBIACO WA 6008, AUSTRALIA T: +61 8 9226 2111 E: info@elixirpetroleum.com