Elixir Petroleum

Elixir Petroleum is an international exploration and production company listed on the Australian Stock Exchange (ASX:EXR).

Elixir holds interests in producing gas and condensate fields located in the Gulf of Mexico and has interests in exploration and appraisal licences in the UK North Sea Elixir also operates a very large exploration permit in the East Paris Basin onshore North-eastern France.

Europe has been targeted by Elixir as a core exploration area based on the view that the region remains highly prospective for oil and gas, including unconventional hydrocarbon resources. The area benefits from low political risk, a very large energy market, attractive fiscal conditions and established oil and gas infrastructure.

The shallow shelf of the Gulf of Mexico is an attractive region in which to pursue appraisal and development opportunities and features a superior operating environment to many other regions, with ready availability of rigs and oil industry services, extensive infrastructure and typically short cycle times to first production. Elixir’s producing fields in the Gulf of Mexico provide the group with cashflow from sales of gas and condensate.

Elixir's Strategy

Elixir is steadily growing its business and diversifying risk by focusing on development and production opportunities located initially in the shallow waters of the Gulf of Mexico and high impact exploration and appraisal opportunities both in the UK North Sea and offshore Sierra Leone.

Elixir will achieve growth in shareholder value by:

    * Rapidly identifying and securing on a low cost basis exploration prospects globally.
    * Utilising world leading technologies and in-house skills and experience to evaluate and
       mature exploration prospects within its portfolio to drill-ready status.
    * Farming out exploration prospects to industry to drill, whilst achieving an optimal balance
       between risk and reward for its shareholders.
    * Efficiently progressing all discoveries to commercial production.
    * Aggressively identifying and securing interests in development and production projects so as    
       to achieve diversification and balance to exploration activities.
    * Actively participating as a joint venture partner in development projects to secure at lowest
       cost and on a timely basis additions to reserves, production and cashflow for the Group.
    * Developing and maintaining key industry relationships to allow the Company to maximise
       efficiency, control costs and access a broad range of oil and gas industry expertise.
    * Applying a combination of technical excellence, commercial innovation, speed and flexibility to
       mature the Company's portfolio and access new opportunities.

Gulf of Mexico Projects

High Island Project

High Island Project: High Island Area, Block 268A.
Location: Offshore Texas, Gulf Coast, USA.
Elixir ownership: 30% Working Interest (subject to ‘back-in’ of 5.4% after cost recovery).

The High Island field is a gas and oil field located in 169 feet of water offshore Texas in the Gulf of Mexico. The field is surrounded by a number of producing fields and associated oil and gas infrastructure.

High Island 268-A – Field Development Schematic

For more information on the High Island Project, please click here

Pompano Project

Elixir (through its wholly-owned US subsidiary) has acquired a 25% working interest in the Pompano gas field development and exploration project (“Pompano Project”) located in Brazos Block 446-L SE/4, which is 7 miles offshore the Texas Gulf Coast. The lease holder and operator of the project is a private US company.

The Pompano Project is located in 60 feet of water and has existing production infrastructure, including a platform and two satellite caissons tied back to the platform. The field has pipeline access to intrastate gas markets. Access to this infrastructure will significantly reduce project capital costs and the time required to first production.

A Diargram Image of the Pompano Project

For more information on the Pompano Project, please click here

UK North Sea Projects

Northern North Sea Project

Image of the Northern Sea Project Diargram

Block 211/18b

Block 211/18b, to the west of the Thistle field (400 million barrels) was awarded on a Traditional licence application. It contains a major prospect, Leopard in an Upper Jurassic stratigraphic play. Although this Upper Jurassic play has not been actively pursued in the UK Northern North Sea, an analagous play is proven on the Norwegian side of the median line in the Borg field. The Leopard exploration well is partially farmed, and it is expected that drilling operations will commence on this prospect in H2, 2008

Block 211/22b

Block 211/22b, to the east of the Cormorant field (650 million barrels) hosted a large Upper and Middle Jurassic prospect named Jaguar which was tested by the 211/22b-5 well in the first half of 2006. This well was the first test of Elixir's Upper Jurassic play in the Northern North Sea. Although commercial hydrocarbon was not found at this location, the well did intercept residual oil in the Upper Jurassic. This led to a re-examination of prospectivity of the southern section of the licence and a review of the logs of a well drilled in the south of the licence in the 1970's. This review identified a 7m oil column in the well and further interpretation of 3D seismic data together with the success of the adjacent Causeway development has resulted in the mapping of a 20 million barrel oil discovery named Mulle in Block 211/22b.

The joint venture is considering appraisal options for Mulle and hope to be able to drill an appraisal well in 2008.

For more information on the Northern North Sea Project please click here

Central North Sea Project

Image of the Central North Sea Diargram

For More Information on the Central North Sea Project , please click here

Board of Directors

Jonathon Stewart, Non-Executive Chairman

Jon Stewart is a Chartered Accountant. After leaving the accounting profession he held a number of executive management positions in listed and unlisted companies in Australia, Canada, the United Kingdom, Russia and Azerbaijan. Those companies had operations in Australia, Europe, North America, Asia and the Former Soviet Union. In that time he was involved in taking a number of companies public on the Stock Exchanges of Australia, the United Kingdom and Canada. He has considerable experience in the structuring and financing of transactions and the broader strategic development of companies. Mr Stewart became a director of Gawler on 1 March 2007. Mr Stewart is also the Executive Chairman of Aurora, a position he has held since February 2005. Mr Stewart has been responsible for, and overseen, the development of GawlerÂ’s and AuroraÂ’s US oil and gas portfolio.

Andrew Ross, Managing Director

Mr. Ross was appointed Managing Director of Elixir Petroleum in November 2007 following the merger by Schemes of Arrangement of Elixir and ASX listed, Gawler Resources Limited. Prior to this Mr Ross was Managing Director and co-founder of the Cape Energy Group (Cape). Under his leadership, Cape's focus was on the acquisition and development of discovered reserve opportunities in the Asia Pacific region. Cape is 100% interest holder and operator of the Golden Beach gas field offshore of the Gippsland coast in Victoria, Australia and was joint operator of the Galoc oil field development located offshore Palawan Island in the Philippines. Prior to his role with Cape, Andrew was a Director - Corporate Finance of a private merchant banking group based in London. He also worked as in-house counsel at AIM listed oil and gas company, Sibir Energy Plc.

Michael Price, Non-Executive Director

Mr Price was appointed as a Non-Executive Director of the Company on 13 January 2011 and currently acts as Chair of the Audit Committee.

Mr Price has broad commercial experience resulting from an extensive career in the finance sector with responsibility for business and risk portfolios working with Westpac. In 2002 Mr Price joined one of Australia's largest property funds management businesses in the role of Chief Operating Officer, a position he held until the successful sale of the group in 2005. Until recently, Mr Price was an independent, non-executive director of ASX listed Eureka Energy Limited, which holds an interest in the unconventional Eagle Ford shale play located in Southern Texas.

Mr Price holds a Bachelor of Economics and an MBA from the University of Western Australia. He also holds a Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia and is a Fellow of the Australian Institute of Company Directors.

John Robertson, Non-Executive Director

Dr Robertson was appointed as Non-Executive Chairman coincident with the CompanyÂ’s AIM admission in May 2005. He has a wealth of experience in the finance and oil and gas industries. Dr Robertson joined the corporate banking department of Schroders in 1970 and then worked in corporate finance at Cannon Street Investments. Subsequently, he accrued over 13 years experience in senior management positions with Ultramar, a leading UK independent oil company until the early 1990Â’s. Following this role he acted as a consultant before becoming a Director of Corporate Finance at Durlacher Ltd. From 1995 to June 2005 Dr Robertson was a Director of Nabarro Wells, the London-based independent corporate finance advisory firm, where he provided capital raising and corporate advice to private and quoted companies, particularly in the oil and gas and mining sectors.

For investor information click here