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: Outline
. Batata fitod: Outline * Projects ~ + Planned activity
Slide 3: Milestones in under 12 months
. Milestones in under 12 months — + Listed ASX July ‘04 raising A$3.3m (£1.3m) Single asset (21/6b) plus Granby Alliance = Raised further AS2. 5m (et Om) Aug 04 | E . “Awarded % 2and Round CNS blocks Sep ‘04. | ‘ », . ‘Acquired NNS Block 211/22b Dec 04. 7 = AIM admission & $16. 3m (6. 5m) placing Ma
Slide 4: Capitalisation Growth
Capitalisation Growth elixir | Elixir's Market Capitalisation vs Equity Captial Raised 50 40 (A$m) 15 Apr 05 45 May 05 419 Jul 04 48 Aug 04 47 Sepo4 17 Oct o4 16 Nov 04 16 Dec 04 16 Jan0s 14 Feb 05 16 Mar 05 |e Equity Raised ——_—_ Market Capitalisation
Slide 5: Elixir's Clear & Simple Business Model
-Elixir’s Clear & Simple Business Model ss @ icipate in 5-8 well program over next 2 years Each targeting average 20 MMBO net. ‘Exploration budget £5-9m retaining 15-30% interests — = Statistically 1 commercial discovery likely from 5 wells . Discovery valuation uplift potential A$200m (£80m) ® * ‘O
Slide 6: Why the North Sea?
Wy 0 he North Sea? Se ‘elt tela Eee, Produced & Remaining Reserves (Sources: DT], USGS, Geoscience Australia) m Undiscovered f Remaining @ Produced uKCS “Australia
Slide 7: Opportunities for Smaller Players
panehmaer Gnas Opportunities for Smaller Players. = ela «Exit of majors.and ‘Super: “majors + New initiatives by the DTI - Promote licenses, fallow ‘block program and data. access “+ New opportunities for junior E&P. companies but 2.200. “Vi SUCCESS depends on innovation, flexibility and FUNDING
Slide 8: Capital Structure
- Capital Structure a elixir Nr eeolinas) ei - Fully-paid ordinary shares ———S—«MG3.7 - (9.0m ¢ rowed. until Jul 6) : on mes Total options onissue “45.5. fe prices A20c-A$t. 30, Jun 07-May 09) : Market cap @ As AG5c (27p) —A$41.4m (£17.3m) Major Shareholders ; : RAB Capital 8.1% Fidelity .. 59%: og
Slide 9: Shareholder Mix
Shareholder Mix elixir: soachea ary, nid 43% “ot 16% @ Institutional investors Ml Founders & seed capital C1 Other shareholders Te nn 55% UK & Europe ustralia
Slide 10: People Assets
Peopl Assets _ | . Exper need Lowrise heed ranagemart team u issell Langusch - 30 years in.oil & gas and finance = ingus | MacAskill - 24 years oil & gas. - » lain Knott - 23 years North Sea oil & gas. oe Access to wide array of experienced consultants Alliance with Granby Oil for 224 & 23°¢ Rounds
Slide 11: Board and Management
Don Maloney - Deputy Chairman ‘Russell Langusch - Managing Director. s . lain: Knott + Exploration Director Director/Co Secretary e Angus MacAskill - Business Development Director. fogpehaue onitad
Slide 12: 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 13: IPO Single Asset Block 21/6b
pabolat Brita, elixir IPO Single Asset Block 2116b—
Slide 14: 21/6b Primary Prospect - Marquis
- 24/6 Primary Prospect - Marquis 400-150 MB Palaeocene channel play __ Participating interests: Se Century 70% A — Elixir 15% (effective 5% carried) a _ = Granby: 15% (all carried) Well cost circa £3:7m (EXR share £370k) . ‘Bredf d Dolphin semi-sub rig contracted
Slide 15: Depth Structure Map over Marquis Prospect
Depth Structure Map ae . elixir (Top Balmoral) over Marquis Prospect : SS ES
Slide 16: Seismic Section - Western Dip Line
.., pater ompet Seismic Section — Western Dip Line : elixir ; the
Slide 17: ~~ ealp
4 ~~ ealp babelaen Sites | BERS “Seale 1:600,000 a it I ipprox ‘0 km to Buchan & 40km to and updip from Forties... -
Slide 18: 2nd Round Awards
- zane Round Awards : haw: 35 Licences over 9 Central North Sea Blocks —
Slide 19: Prospects & Leads
15/13b - oakoleear lente Prospects & 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 20: 15/13b Palaeocene Prospect
-15/13b . Palaeocene Prospect. elixir eben oni Line 872517000 NEN ee ec
Slide 21: 13/19 & 13/24c - Location & Regional Setting
13/19 & 13/24c - Location & Regional Setting _@lIXIF
Slide 22: 13/19 & 13/24c 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 23: Hunter 211/22b Acquisition
_ Hunter 211/22b Acquisition ‘1.Northern North Sea Block
Slide 24: 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 25: Jaguar Prospect - Cross-section
Remon aniac, Jaguar Prospect — Cross-section elxur 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 26: Seismic Inversion Sand Display - Upper UJ Sand
olor | skola find “Seismic Inversion Sand Display — Derived Attribute Map - Upper UJ Sand 6 Slice 0.044, Porosity, Flattened Horizon: BLU (1M Ll euace:
Slide 27: Seismic Inversion Sand Display - Middle UJ Sand
= ele | giclee Anita Seismic Inversion Sand Display _ Derived Attribute Map — Middle UJ. Sand ~~ ity lime)
Slide 28: Jaguar Farmout to DNO
eet es eli ae Binding L Letter of Intent signed with DNO, : a listed Norwegian | internatio val E@P company * DNC paying 92.5% Jaguar well costs for 60% interest Elixir contributing 7.5% costs but retaining 40% | Farmin agreements to be finalised late June ; we “Well planned during 2006, timing depe
Slide 29: Prospect Inventory
4S, Prosp tinventory nn elixir ae 21/6b 211/22b 13/19 & 13/24c 14/14b 15/13b 9/26, 16/1b & 16/2b 9/22 & 9/23c ‘, Sources: ECL.Competent Person’s Report & Elixir estimates.
Slide 30: 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 31: Future Plans
Future Plans Se al Minimum five 20 MMB wells in next 2 years . Ac van e 2and Round blocks to farmout stage ; Apply for 23 Round licences by 9 June deadline . “Drill Marquis, anticipated late June-early July | » + Numerous opportunities to add diversity and depth to portfolio. $250+m company (£100+m)
Slide 32: suboinen faved
suboinen faved elixir | ellxir petroleum limited