Pompano - Drilling Update

    RNS Number : 7852E
  Elixir Petroleum Ltd
  01 October 2008
   

    Elixir Petroleum Limited
    (AIM : ELP)

    1 October 2008

    POMPANO - DRILLING UPDATE

    Elixir Petroleum Limited ("Elixir"), the international oil and gas exploration and production company (ASX:EXR, AIM:ELP), provides the
following update on progress at Well SL10320 ž4 ("Well ž3"), the latest development well to be drilled at the Pompano field.

    Since our last announcement, the operator at the Pompano Project, Anatexas Offshore Inc., has advised that Well ž3 spudded at 07:30hrs
on 22 September 2008 (US/CST). The Operator has also confirmed that the 36" caisson has been successfully driven to depth and that the 20"
and 13 ½" hole sections have been drilled to planned depth, cased and cemented to surface.  

    At the time of the Operator's report at 06:00hrs on 30 September 2008 (US/CST), the rig was making preparations to commence drilling the
9 7/8" hole section from a depth of 3,005 ft. The 9 7/8" hole section will be directionally drilled to an approximate depth of 8,000 ft and
is designed to penetrate a number of the target horizons for this well. 

    The participants in Well ž3 and their respective working interests are:

 Elixir Petroleum Ltd *       25.0%
 Buccaneer Energy Ltd *       65.0%
 Baron Petroleum Inc.         7.5%
 Streamline Exploration Inc.  2.5%
                              100%

    * Interests held indirectly via their respective shareholdings in wholly-owned subsidiaries.

    Information contained in this report with respect to the Pompano Project, was compiled by Elixir, or from material provided by the
project operator and reviewed by I L Lusted, BSc (Hons),SPE , who has had more than 15 years experience in the practice of petroleum
engineering. Mr Lusted consents to the inclusion in this report of the information in the form and context in which it appears.

 For further information on Elixir, please visit the Company's website at www.elixirpetroleum.com, or contact:

 Elixir Petroleum Limited                                                                     Blue Oar Securities Plc
 Alex Neuling                                                                                Jerry Keen / Olly Cairns
 Tel: [phone]                                                        Tel: [phone]
                                                                                                                 1631


 Conduit PR
 Jonathan Charles
 Tel: [phone]


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