Elixir Energy Limited · ASX:EXR

Elixir Energy — Elixir Petroleum — 21st Oilbarrel Investor Conference (September 2008)

15 slides from Elixir Energy's conference presentation, Sep 19, 2008

1. Slide 1: 21st Oilbarrel Investor Conference

   21st Oilbarrel Investor Conference For personal use only September 2008 “ Andrew Ross – Managing Director ASX : EXR, AIM : ELP

2. Slide 2: Important Notice and Disclaimer

   Important Notice and Disclaimer For personal use only This presentation has been prepared by Elixir Petroleum Limited (ABN 51 108 230 995) (“Elixir”). The contents of this presentation have not been approved by an Authorised Person within the meaning of the Financial Services Markets Act 2000. No of

3. Slide 3: Introduction

   Introduction For personal use only • Elixir is an international E&P company with a diversified portfolio of interests • Current geographic areas of activity include: ► Development and Production from the shallow shelf Gulf of Mexico ► Exploration and Appraisal activities in the UK North Sea ► Early

4. Slide 4: Corporate Profile

   Corporate Profile For personal use only Capital Structure Exchanges: ASX:EXR, AIM:ELP Ordinary shares: 188.9m Unlisted Options: 8.6m Convertible Notes: A$3m @ 35c, 10% coupon Trading Performance Share Trading Range: 5.5p –15.75p (prior 12 months) Current Share Price: 6.5p Current Market Cap: ~£12.3m

5. Slide 5: Operational Profile

   Operational Profile For personal use only Head Office Regional Office Local Reps UK North Sea – Exploration & Appraisal Gulf of Mexico – Development & Production Sierra Leone - Exploration Geographic and Lifecycle Diversification 5

6. Slide 6: High Island Development (30%WI)

   High Island Development (30%WI) For personal use only • Gas and condensate discovery Feb 2007 • Located 65kms offshore Texas in 51m water depth • Two wells on production by Sep 2007 • Producing approx 4MMscf/d and 200 Bbls condensate (100% project) • Reservoirs to produce for up to another 12 months

7. Slide 7: Pompano Development (25%WI)

   Pompano Development (25%WI) For personal use only • Gas re-development project • Located 7km offshore Texas in 18m water depth • Two wells on production at 10MMscf/d (100% Project) • Independent 2P reserves - 17.1 Bcf and 50M bbls* • First sales proceeds received in May • Elixir achieving approx $50

8. Slide 8: Exploration and Appraisal

   Exploration and Appraisal For personal use only UK North Sea Offshore, Sierra Leone 8

9. Slide 9: Mulle Appraisal Project (40% WI, non-operated)

   Mulle Appraisal Project (40% WI, non-operated) For personal use only • Jaguar and Causeway led to re-examination of NNS block propsectivity • 1970’s vintage well with 17m gross oil column • Drilled off crest, not tested • Mulle on trend and down dip from Causeway • Two well appraisal programme final

10. Slide 10: Leopard Prospect (56%WI, operator)

    Leopard Prospect (56%WI, operator) For personal use only • Block 211/18b contains Leopard Prospect • Primary play - stratigraphic synrift within Upper Jurassic sands Leopard Prospect • Secondary Brent targets • Mapped structure tied-in to Norwegian Borg field • If hydrocarbon prone, most likely OOIP

11. Slide 11: Central North Sea Exploration

    Central North Sea Exploration For personal use only Elixir Petroleum Interests Central North Sea 15/13b 13/25 ‘Fat Cat’ 12.5% 15/13b ’Eagle’ 13.1% 21/4b ‘Muness’ 7% 21/16b* ‘Bob Cat’ 40% 21/4b 13/25 CNS 21/16b

12. Slide 12: Block SL-4, Sierra Leone (15%WI, Operator)

    Block SL-4, Sierra Leone (15%WI*, Operator) For personal use only • Interest acquired in Feb 2008 • Underexplored frontier basin • Shallow water wells with shows • Block SL-4 covers 4,429km2 • Water depth from 100m to 3,000m • Excellent fiscal terms • Geology similar to Ghana and Ivory Coast • Exist

13. Slide 13: Year Ahead

    Year Ahead For personal use only US Gulf of Mexico • Continuing production from High Island • Wells 3 and 4 to be drilled at Pompano • Progress Redfish prospects • New venture appraisal/development projects North Sea • Farm out and drill Leopard Prospect • Farm out Mulle appraisal programme and dril

14. Slide 14: Summary

    Summary For personal use only • Elixir has had a year of firsts - Production, reserves and cash flow Maiden operating profit Entry into West Africa • Elixir has what investors should be seeking - Good Management - a proven team of focused upstream professionals Good Assets - a diversified portfolio

15. Slide 15: For personal use only

    For personal use only www.elixirpetroleum.com

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