ELIXIR ENERGY LIMITED — Capital/Financing Update 2016

Mar 15, 2016

ASX ANNOUNCEMENT

16 March 2016

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CLIFF HEAD UPDATE

Elixir Petroleum Limited (ASX:EXR) and AWE Limited (AWE) (the Parties ) continue to work towards execution of an agreement for Elixir to acquire a 57.5% Working Interest in the producing Cliff Head oil field located in the Perth Basin, Western Australia ( Acquisition ).

Progress continues to be made on a number of key commercial and legal matters that need to be addressed to the satisfaction of all the parties involved.

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 Level 2, 41-47 Colin Street WEST PERTH WA 6005, AUSTRALIA T: +61 8 9226 E: info@elixirpetroleum.com