Conversion of Loan Notes

7 November 2007 ELIXIR PETROLEUM LIMITED ("Elixir" or "the Company") CONVERSION OF LOAN NOTES Elixir Petroleum Limited (ASX: EXR, AIM: ELP) ("Elixir" or "the Company") announces that application has been made for the admission to trading on AIM of 10,700,000 new ordinary shares of no par value following the conversion of 10,700,000 unsecured convertible loan notes. Trading in the new shares is expected to commence on 12 November 2007. For further information please contact: Elixir Petroleum Limited Russell Langusch, Managing Director +44 207 484 5623 (UK Office) +44 7840 523 771 (UK Cell) +61 411 725 858 (Australia Cell) E-mail: rlangusch@elixirpetroleum.com Bankside Consultants Michael Padley / Susan Scott +44 207 367 8888 Seymour Pierce Limited +44 207 107 8000 Jonathan Wright ---END OF MESSAGE---