ELIXIR ENERGY LIMITED — Capital/Financing Update 2016

Sep 22, 2016

ASX ANNOUNCEMENT

23 September 2016

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RIGHTS ISSUE – NOTIFICATION OF SHORTFALL

Elixir Petroleum Limited (ASX:EXR) advises that its non-renounceable rights issue ( Rights Issue ) to raise up to $1,789,468 (before costs) pursuant to the Offer Document dated 31 August 2016, closed at 5.00PM WST on 20 September 2016.

The Company received applications under the Offer from eligible shareholders in respect of 26,260,749 New Shares. Eligible shareholders were also granted 2,951,796 additional New Shares in excess of their respective entitlements as part of the Shortfall Offer. Total funds received (before costs) from accepted applications was $584,250.

The remaining shares under the Shortfall, being 60,260,891 shares, will revert to Directors of Elixir to allocate to other professional and sophisticated investors which, if subscribed for and allocated in full, will raise a further $1,205,218 (before costs).

The allotment of the New Shares and Shortfall Shares under the Offer is expected to occur on 27 September 2016.

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