GOIL Granby Oil

    26 February, 2007   
                                                                             

                           ELIXIR PETROLEUM LIMITED                            

                          ("Elixir" or "the Company")                          

                       DRILLING COMMENCES ON GUINEA WELL                       

Elixir Petroleum Limited (ticker symbols - ASX: EXR, AIM: ELP) is pleased to
announce that drilling operations have commenced on its Guinea prospect in UKCS
Block 15/13b.


The Guinea well, designated as 15/13b-8, was spudded on 25 February 2007 by the
semi-submersible rig Borgsten Dolphin operated by Nexen Petroleum (UK) Limited
(Nexen). Drilling time to the planned total depth of approximately 2,150m is
expected to be around 20 days, assuming no downtime.


The well is targeting a Palaeocene prospect in the Balmoral sandstone with
significant oil potential.


The two farminees, Nexen and Gas Plus Italiana SpA, will be funding the cost of
the well to earn interests of 50% and 12.5% respectively in the 15/13b block.
Elixir has a 13.125% interest in the block and its share of the well costs is
being fully carried by Nexen and Gas Plus.


Elixir will make further announcements regarding the progress in the Guinea
well once the target zone is intersected or if significant hydrocarbons are
encountered in the interim.


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                                                     
Jonathan Wright                                            +44 207 107 8000
  

END

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