Slide 1: Elixir Petroleum Ltd: Active & Growing
elixir pariah Gena ee . a ao a i , i ee Fe . <n é 5 : ay Mais Me i ee Elixir Petroleum Ltd “Active & Growing” Company Update — September 2006 ciqpeteoteurn
Slide 2: Elixir's Clear Corporate Strategy
Elixir’s Clear Corporate Strategy §«-—s—(<ststi‘<iéiMidS » Focused high impact exploration Active drilling program by farmout (+ farmins) a Target 2-3 wells per year. . Diverse | North Sea portfolio (7 independent prospects). oF Production P) : 7 Pursue sensible ‘near-development & production opport
Slide 3: Elixir's Short History
- elixir tla. Seite Elixir’s:Short History v-- Listed on ASX and AIM i Le | i y LI Raised Asza. 9m (E10. 2m) equity OM CANT (" EA oe : -_¥ Diverse ukcs portfolio -¥ Drilled three exploration wells . Well-managed cost exposure SS Network of technical contacts : Production initiatives underway. Well-f
Slide 4: UK Discovery Record
UK Discovery Record . -- Declining trend but recent surprises wma Reserves Added —mmAvg Discovery Size
Slide 5: UK Fiscal Regime: Volatile but still favourable
UK Fiscal Regime _ | 7 Volatile but still favourable .. increased to. | Relief for .00 Joe anna 20% in 2006, at ‘Rew fields : a 10% SCT. Introduced in —— Older Fields = Post-93 Fields
Slide 6: Elixir Petroleum Interests: Central North Sea
Elixir Petroleum Interests Central North Sea 9/22 & 9/23c 9/26a, 16/1b & 16/2c * 1319 & 13/240. 13/25 oo 14/8a & 14/9a 44/14b 16/13b 24/6b 24/46 i Elixir Acreage I Other Licensed Acreage | Unticensed Acreage 13/19 & 13/24c
Slide 7: 2nd Round CNS Farmouts
“2 Round CNS Farmouts - = a al + Guinea lock 15/1 3b) farmed-out to Nexen, Gas Plus & Albion : = oa Elixir retains 13. 125% free-carried interest 7 Rig on ‘contract to Nexen from.about October 2006 oo Guinea wellexpected to drill 4Q06 ae te Anglesey (Block 14/14b) advanced farmout negotiations we On
Slide 8: Guinea Block Regional Setting
Guinea Block Regional Setting Se 4 “elixir con) Batluin sme Top Forties | Top Bhimoral Seismic Amplitude Map + On-trend with producing oil fields = Proven oil in . well .15/7-1 to northwest Donan (15mmb} 1 Blenheim (20mmb) I Balmoral (105mmb) 20mmb+) Maculloch (68mmb) Typically 32-40 deg Affi oils .
Slide 9: Guinea Prospect - Block 15/13b
Guinea Prospect - Block 15/13b 0 ~ “elitr Nexen’s 2005 Yeoman discovery in 151186 \ “ | eveneueT NUON EUSTON atolean Seited + Guinea prospect —-Palaeocene channel, 4-way dip closure — 91 mmb mean recoverable within Block 15/413b — Risk ~ 34% — 2km to pipeline and host +. Jurassic (Eagle) prospect al
Slide 10: Anglesey Prospect - Block 14/14b
“Anglesey Prospect— Block 14/14b = elitr sacar nfo targa r4rga * Anglesey prospect — Upper Jurassic Piper | Sgiath | sandstone ~~ Tilted fault block structural trap — Stratigraphic pinchout upside — 175 mmb mean recoverable. ~ ~ Risk ~ 22% © ~~ 15km to pipeline, 25km to host + Farmout negotiations a
Slide 11: Elixir Petroleum Interests: Northern North Sea
Elixir Petroleum Interests Northern North:Sea 211/22b 241/18b 211/8b°. A0% ] a Elixir Acreage Other Licensed Acreage Unlicensed Acreage Oil Field GE cas Fiele Condensate Field 25 kilometres 211/8b 211/18b Ld 11/22b i Heather ff South West ~Strathepey
Slide 12: Status of Elixir's NNS Blocks
"Status of Elixir’s NNS Blocks * Block 211/18 (Leopard): | Tie- -in to Borg analog. Farmout marketing underway _—) Key differences to Jaguar ad “Block 211/8b (Panther): F Additional 3D. seismic to mature Cretaceous. prospect “Block 21 1 (2b (Jaguar): . : : a Post-well reinversion n testing remaining
Slide 13: Leopard Prospect - Block 211/18b
Leopa d Prospect - Block 21118b oe $ - Structure Map & Seismic Line eee So elixir oe Primary play ‘stratigraphic synrift Upper Jurassic sands ote Secondary play structural Brent highs 0. ae De-risking with long offset. seismic. lines. .
Slide 14: xin
xin Pabelagm. nied: ‘RSSoluts Acoualle trpedarce Fraqosney Atewalon CATT Inline 186 aes ece gh Testantaneais Ampiide Oot? ing (280 Bs Disa: 22000,
Slide 15: Elixir Petroleum Interests: Southern North Sea
Elixir Petroleum Interests Southern North.Sea 43/7) 44/27b 33.3% i] Elixir Acreage = Other Licensed Acreage |: Po] Uniicensed Acreage @ Gas lk 40 kilometres ! q
Slide 16: Prospect Inventory
Prospect Inventory No. Prospects Unrisked Net Risked Net _ Licences Resources| Resources “(mmboe) (mmboe) 32: “Qe 4250 Bd CNS: Q 13 304 49 2 7 2 AT 437 83 ~~. Average prospect risk =.21% ;
Slide 17: Risked Resources in Portfolio
“Risked Resources in Portfolio _~ Diverse array of plays — . iisteclauen Bri Elixir's Net Risked Resources 43/7 & A4/2Tb 9/22 area Leopard & Panther 16/1b area 13/19 area Guinea & Eagle Total 83 mmboe (post Leopard & Panther F/O) Anglesey
Slide 18: Capital Structure
4 : Capital Structure = one SOS =. = elitr eraher act Sted _ Fully-paid ordinary shares. =———74.0m Total options on issue ae 15.8m_ i fé prices A20c-ASt. 30, Jun 07-May 10) Market cap@17p(A42c) —S—=—=«£12.1m (A$29.8m) : ~ No major shareholders 2B% oa Register. 49% UK, 51% Australia Se -+ Mix of inst
Slide 19: Capitalisation Growth
pebeleen fried ~ Capitalisation Growth eli | [EEN Equity Raised —— Market Capitalisation
Slide 20: Actively seeking production projects for risk balance and cashflow
ha Actively:seeking production projects for risk balance and Established strong UKCS licence position So Active high impact drilling program ; : Alliances with leading-edge ‘echnical specialists . Agile, innovative, experienced management = - » Well-positioned for numerous new opportunities cashflow
Slide 21: Efficient Exploration Leverage
Efficient Exploration Leverage _ S — elixt Average £150k per matured prospect ee -£50-200m upside exposure 2-3 wells per year Elixir has a ‘successful track record of providing investor exposure to huge upside leverage at low. cost
Slide 22: Contact Details
| Contact Details Elixir Petroleum Limited . ~ 8 Duncannon St London. WC2N 4JF Tel +44 207-484 5019 Fax +44 207 484 4992, “www.elixirpetroleum.com Ga Agnew Way ~ Subiaco 6004 Western Australia Tel +618 9388 8041" Fax +61:8:9388 8042