Slide 1: Company-making Opportunities in the North Sea
elixir peirlnurn brraia iC MRMTMMR Hann aii ee et i) Elixir Petroleum Ltd Company-making Opportunities in the North Sea divpetecialtn
Slide 2: Elixir - from ASX to AIM
Elixir = from ASX to AIM sted ASX duly 04 raising £1 3m (AS3. 3m) Single asset (21/6b) plus Granby Alliance . Raised. further £1.0m ($2.5m) Aug '04 . ‘awarded 9 22"4 Round CNS blocks Sep '04 one Acquired NS Block 211/22 Dec 04. “aig ss Seeking AIM admission with £7-10m placing
Slide 3: Participate in 5-8 well program over next 2 years
i ipate in 5-8 well program over next 2 years Each targeting 20 MMBO net oe Exploration budget £5-9m retaining 15-30% interests ® . Statistically 4 commercial discovery likely from 5 wells . ‘Discovery valuation uplift potential £80m (US$140m) . » £10m now > +£20m post-AIM. > £100m post-discovery ;
Slide 4: Prospectivity - Why the North Sea?
Prospectivity - ‘Why the North Sea? Produced & Remaining Reserves (Sources: DTl, USGS, Geoscience Australia) UKCS Australia w@ Undiscovered @ Remaining @ Produced elitr parc fri
Slide 5: UKCS Discovery Record - Not too late
_UKCS Discovery Record — Not too late elixir | Reserves discovered (mmboe) UKCS Exploration Discoveries 1985-2003 1998 1997 * 1994 a TABBB mm mm = AG BS = OFS DEMME ~~~ — > “1996 Avg 94 - 03 = 6.8mmboe 20 40 60 80 100 120 140 160 180 No. of exploration wells Source: WoodMac & DTI 4 atechea Smita
Slide 6: Why the Opportunity in the North Sea?
~ Why the Opportunity in the NorthSea? —«@*MIXIF «Majors a d super-majors exiting for materiality reasons. . An lagous to Gulf of Mexico a a Promote Licence & Fallow Block initiatives by DTI os. _2and Round, awards — 38 Traditional, 58 Promote, 7 Frontier + 23rd Round announced 10 Mar.2005 ere — — o
Slide 7: Management and Granby Alliance
AL f Ss MacAskill - 24 years oil & gas. * lain: Knott- 22 2 years North Sea oil & gas + access to vast pool of experienced consultants Soy Alliance with Granby - Ex Chief Ops Geologist, Enterprise Oil “ Martin Whitehead Ex Senior.Geophysicist, Enterprise Oil.
Slide 8: Location of Elixir's Portfolio
Location of Elixir’s Portfolio Central North Sea 7 Biri Porrotoum and Round aweres} ile Petroleum (21s! Rourd awards: [J onerticenced acreage [7 | ntcenced Acreage core 22nd neund cms, D oi Hela QD ous Feld 3 Condensate Field Kilometers 80 elixir” reba HEP Northern North Sea Map Locations en ore EBD
Slide 9: IPO Single Asset Block 21/6b
~ elpar. etch rial IPO Single Asset | Block 21/6b.
Slide 10: 21/6b Primary Prospect - Marquis
-2116b Pr mary Prospect -Marquis _ os contribution . “Participating interests: ~ = Century 70% — he Elixir 15% (effective 5% carried) _ “Granby 15%, (el! carried) _ “ Mel cost c ca a£3. 6m. (EXR share » £360k). Rig chartered, spud date: qurje/fuly 2005
Slide 11: Depth Structure Map over Marquis Prospect
Depth Structure Map ae . elixir (Top Balmoral) over Marquis Prospect : SS ES
Slide 12: Seismic Section - Western Dip Line
.., pater ompet Seismic Section — Western Dip Line : elixir ; the
Slide 13: Marquis Structure
Marat s Structure - 5 | = : : elixir: Sp .0." Cromarty Sst Coirelation between wells 21/6-4 & 21/6-3
Slide 14: 21/6b Location & Infrastructure
oaeiiaan seid -2116b Location &Infrastructure oo @lper | : i > Seale 1600000 a co]
Slide 15: Slide 15
Slide 16: 15/13b - Prospects and Leads
15/13b - oakoleear lente -Prospects and Leads = elixir: DEPTH 2 ¢ Recent Miocene - fist Horda: Eocene - Oligocene P80 o4 Palaeccese z i 2f montoce| Moray o a |Fras. 8 & Depth (MSS) [Top jurassic fop Zachstein
Slide 17: 15/13b Palaeocene prospect
kelaeo owed -15/13b . Palaeocene prospect - | - ~ -elpar [ Line 872517000 NEN ee ec Note brightening of Balmoral amplitudes over crest
Slide 18: 13/19 13/24c - Location & Regional Setting
~ 13/19 13/24c - Location & Regional Setting elitr (EXR 50% assigned interest) 0. ae padintan » Moray Firth — between * Halibut Shelf and Halibut Horst » : * 85km Nof St. Fergus. + Water depth 105m + Nearest oil production — : Captain (25km), 1 billion barrels in-place ..
Slide 19: 13/19 Prospects & Leads
43/19 wt atthe Prospects & Leads 4 5 km 1319-3 Prospect J4 1910-2 sw ™ NE 1000 Yop Jurassic Top Triassic 2000 Depth (MSS) -elpar Lae Beet: Depth : . (Metres SS) WO =105m] Fm. | Gp. | Age o rat cy Ss Ey x g£ el 2 ® 8 6 a x o cssseef Ol x 2 o| 8 al 3 Ss . oS Ss 3—| 8 Eo) > Seis io oO le e |2 Kimm| = |
Slide 20: Hunter 211/22b Acquisition
_ Hunter 211/22b Acquisition = ‘tNorthern North Sea Block
Slide 21: Block 211/22b Upper Jurassic Play
| Block. 211/22b Upper Jurassic Play_ aie putea Sst RCHISON SE4 ISON S82 _"foesc 222) [sere J} 2ivetb
Slide 22: Jaguar Prospect - Geoseismic Section
Remon aniac, Jaguar Prospect - Geoseismic Section. elpar nw SE EYRE iw. Bat = BAER BYES a Pied Gpliowinn! * Erosion loi oxdger) HE ain surest) tors oa z Bast Bacto 21 H22-5 Harsi Garnorant Biige i 4 ae Geoacismie Grans-Goctions From Term Pidge Sautheest soroas Narth Cormorant and Blogk 27122
Slide 23: Jaguar Prospect
_Jaguar Prospect AWV22A ae | el f
Slide 24: Prospect Inventory
Prospect nventory Block(s) 21/6b 13/19 & 13/24c 14/14b 15/13b 9/26, 16/1b & 16/2b 9/22 & 9/23c 211/22b
Slide 25: Exploration Activity Targets
rote nebo Exploration Activity Targets... a = = elpar § EXR : Paying Interest | ~ Case | No.Wells| Budget (£m) Minimum - Ba 5.0 Base. a 73 -| Stretch 8 8.9
Slide 26: Current Capital Structure
~ Current Capital Structure - Fully-paid ordinary shares -(10.5m Total options on issue ~. (ex prices 20c-$1.30, Jun-Dec 07) Market cap @ 75c (30p) Major Shareholders RAB Capital. Argonaut Capital “Granby Enterprises NCL Investments rowed for 1-2 years) ~~ 43.6m_— 364m A$27.3m (£10.9m) 8.3% 7.6% 6.9
Slide 27: co ae
el : co ae
Slide 28: Management and Board
= tr | Peneleae Bniod K Designate - Non-Executive Chairman E on Maloney - Deputy Chairman Russell Langusch - Managing Director Angus MacAskill - Business Development Director = oy ain. Knott + Exploration Director Director/Co Secretary
Slide 29: Future Plans
Future Plans — oO SES eS oe t= |),4 ° Object e = Minimum five 20 MMB wells in next 2 years «Advance 22nd Round blocks to farmout stage. Boe Apply for 234 Round licences by 9 June deadline ° Drill Marquis, anticipated late June-early July. . Numerous. opportunities to add diversity and depth to portf
Slide 30: suboinen faved
suboinen faved elixir | ellxir petroleum limited