Slide 1: A Rare North Sea Exploration Opportunity
elixir petoleun limited Elixir Petroleum Ltd A Rare North Sea Exploration Opportunity lixirpetraleum:
Slide 2: North Sea & Elixir
North Sea, & Elixir mas Ne elixir + One of the most prolific oil & gas basins in the world oo Among the best fiscal terms * Strong oil price regime. ce _ The DTI has opened up. the North Sea to small players for the first time by. ; offering Promote Licences . Teaming up with highly skilled, motivat
Slide 3: Why the North Sea?
Why the North Sea? In terms of: — fiscal system — exploration risk, and — political risk the UK North Sea ranks best of all. Robertson’s International New Venture Survey (200 companies, 147 countries) - UK ranked #1 choice. elixir polroleaen Bele
Slide 4: Comparison of Fiscal Terms
elixir. Pelrslacin limited Comparison of Fiscal Terms ireland we Niceragua ‘Portugal PNG Ges ‘Argentina New Zealand Gulfof Mexico Philippines Peru ‘Australia PNG Oil Cambodia Tunisia _]PSC_& RIT ‘Thailand RT ee Calambia RIT Ethiopia ‘Morocco: Gambia Pakistan india E.Indonesia Trinidad congo Brunei K
Slide 5: International Country Ranking Criteria
Slide 6: North Sea Potential
elixir prelsoliaan fares North Sea Potential Produced & Remaining Reserves (Sources: DTI, USGS, Geoscience Australia) 50 40 5 oe @ Undiscovered 2 B Remaining ao @ Produced UKCS Australia
Slide 7: Buzzard — Recent Oil Discovery
Buzzard — Recent Oil Discovery el “Block 20/6 awarded in 18% Round (1998) : New ideas on acreage overlooked by others ~ 400 million. bb! discovery made by Encana in June 2001 Under development to produce 200,000 bpd starting late 2006 Junior partner Intrepid’s 30% interest sold for US$840 million
Slide 8: Why the Opportunity?
Why the Opportunity? eee elixir . Majors and supermajors focusing exploration away from the North Sea into new frontiers (Russia, West Africa, Deepwater GOM) aly Opens up areas closed since the 1970’s to companies like Talisman, . Apache, Century, Encana and Kerr McGee : + Same trend i in the shallo
Slide 9: North Sea Investment (1976-2002)
North Sea Investment (1976-2002) elixir pistiobeest fadteel mesa Odther lnwastment
Slide 10: No. Exploration Wells
No. Exploration Wells: 80% 50% 4 y, | # 40% 4 B 30% | 8 s ® 20% 44 $ yr running WW o-oo nnn nnn average ~~~ 77 O% T11-T B £ zg 8 & 8 8 8 3 § & 3 3 3 3 s 2 2 2 2 = = = & = + = = = = = & Rising success rates from new technology (Source: Endeavour Energy, UK, June 2004)
Slide 11: Promote Licences
Promote Licences ee elixir pestolean Smid + Since 1065, OF! offered offshore exploration blocks in 21 licensing rounds © e--In 21st Round, Promote Licences introduced to encourage smaller explorers and:to counteract declining investment - very positive reaction - 20 new entrants out of 68 bidders in
Slide 12: Granby Strategic Alliance
Granby. Strategic Alliance ae eee elixir | . Key people from Enterprise Oil, one of the most successful North Sea independents during the 1980s & 90s. Taken over by Shell i in 2008 for GBP 3.4 billion a Granby dstablished | in 2002 as-an oil & gas exploration consulting - business to build a North.
Slide 13: Key Terms of Alliance
prcirolewe Vitec Key Terms of Alliance - as elixir + Exclusive access to Granby exploration experts in the North Sea s Acquired ‘a 10% free-carried interest in Marquis plus funding 10% ~ _ well cost for additional 5% interest (total participating interest 15%) + 50/50 on exploration blocks in 22nd a
Slide 14: Granby - Key Personnel
Granby - Key Personnel oe a ~~ eli ™ eheeaen viet Exploration Team ' +. Richard Moreton - Geophysicist 20 years. experience. Previously PGA, Trafalgar House Oil & Gas, Enterprise Oil . Development Team +. David Grassick — Technical Manager, Nelson Field aie Robert Moore ~ Head International Legal Af
Slide 15: Petroleum Exploration Society publication
Petroleum Exploration ao ~ elixir Society o/ Greg : Richard Moreton retained by the PESGB to compile and edit this comprehensive publication to celebrate 30 anniversary. Reflects the high esteem in which Richard is held as a North Sea explorer.
Slide 16: Round 21 & Block 21/6b
Round 21&Block 21/6b = ell . Granby reviewed over 20 blocks i in Round 21. Purchased seismic for ~ 40. Applied for.1 block (21/6b). and secured 50% interest i in Promote Licertcp {Petober 2003) : . 21/6b adjacent to Buchan (120 mmbo) and on-trend with and updip of =" Forties (2;700 mmbo). Also withi
Slide 17: pedal
a i pedal eli
Slide 18: Primary Prospect - Marquis
Primary Prospect - Marquis — . es - elixir Marquis has.already been farmed out. Century Exploration, a respected US independent, will fund the drilling of Marquis ona 2:1 basis. : : Elixir secured right toi increase its interest by funding 10% of the well _ on the same terms as Century i, Participat
Slide 19: Marquis Structure
plates Aeeited Marquis Structure Oe | elixar 2116-3 Ot : 1.0 -Dorngch Mike 1.5 Jota Cromarty Sst Lwr Dornoch Shale (Top Seal) ». Top:Chalk Correlation between wells 21/6-4 & 21/6-3
Slide 20: Seismic Section - Eastern Area
elixir Petrolesen Hebe Seismic Section ~ Eastern Area Prospect showing flat event on new.3D
Slide 21: Seismic Section - Western Dip Line
Pesala fertier| Seismic Section — Western Dip Line — elpxur
Slide 22: Depth Structure Map over Marquis prospect
Depth Structure Map(Top s : oleir Forties) over Marquis prospect. — elt ity
Slide 23: Marquis Prospect Summary
WD = 113m{_ Formation} Group] Age JAracow : . . is . Simplified 2 Prospect ra stratigraphy a 8 g 2 w z ai fa) & KEYHORIZONS Time (msec) 1805-1336 Bader ul =| 3a } z ad 1549”. 15291 Tegpecu, |S q Dornoch "A611 585 ‘sere Forties Ssf] VEG meer 740 . 18. 2 drew | ( 1958" 1851 Pa Tan Mk 5 3 8 S| é 2156"
Slide 24: Location & Infrastructure
ptoleen fetter Location & Infrastructure me elixir § _Galane ee Scale 4-690,000
Slide 25: 22nd Round & Future Applications
22°¢ Round & Future Applications @MIXt + 22nd Round closed June .4; 23rd Round to open Feb 2005 * Granby made number. of applications after starting from pool of 117 _ Blocks ee oes + Granby and Elixir equal share.in any.award — “Elixir contributing to application, success fee and data costs e ~ * C
Slide 26: Elixir Petroleum IPO History
Elixir Petroleum IPO History _ +. Heads.ol Agreement signed with Granby. +. Formal Alliance Deed executed _» Prospectus lodged with ASIC _*. @Offer opened oo «Offer closed ©. os + EXR ASX listing «IPO closed over-subscribed after raising $3.3 million 10 May 04 7 June 04 17. June 04..-- 25 June 04 7
Slide 27: Elixir Capital Structure
Elixir Capital Structure Founders & seed capital —40.0m# ~ Granby 2, 5m# IPO shareholders one 16.5m Total fully-paid ordinary shares ~ 29.0m (# Total 9.0m'escrowed for 2 years plus 1.5m for 1 year) ; Op tions Directors & advisors {exercisable at $0. 20 on or before 30. June 07) Granby* : : (exercisa
Slide 28: Elixir Board
4 Elixir Board SS 3 —- elixir neacdaan fdlerl Don Maloney (Non-Exec Chairman) — FAIM = Over 30 yrs Exec Chairman of DJ Carmichael A 3 50 yrs corporate experience 7 Russell Langusch (Managing Director) ~~ BE (Hons) MEngSc —~- 28-years experience in oil & gas and fi nancial sectors including | L » fiv
Slide 29: Major Milestones
Major. Milestones . ee | . ell KH Aim to build North Sea portfolio utilising acreage availability, Promote a Licences and Granby’s expertise. Marquis is just the first step. + 22° Round licence awards (August 2004) "+ Drilling of Marquis (Q4 2004) - 23% Round awards (April 2005) ee Farm-outs. of fut
Slide 30: Parting Thoughts
& elixir | Parting Thoughts oa : : No. ‘of small cap Australian companies (<$100m) looking for oil & gas in pustralla? re iy Over 40 Best place i in the world for an emerging exploration company : today? ; . _ _ North Sea’ Se of small cap Australian explorers with interests in the North "§ea? =.1, E
Slide 31: piobrsleane feriies,
el piobrsleane feriies, elixir petroleum limited