FOR IMMEDIATE RELEASE 9 January 2008 EXPIRY OF UNLISTED OPTIONS Elixir Petroleum Limited (ASX: EXR, AIM: ELP, "Elixir" or "the Company") advises that the unlisted options issued to Gawler Resources Ltd optionholders upon implementation of the merger by schemes of arrangement between the Company and Gawler Resources Ltd are due to expire on 5 February 2008. Holders of these options must exercise the options prior to that date otherwise the options will expire. These options have an exercise price of 0.1 cents per option. For further information in relation to the exercise of unlisted options, please call the Company on (08) 9440 2650 or the registrars, Advanced Share Registry Services, on (08) 9389 8033. For further information, please contact: Elixir Petroleum Limited +61 8 9440 2650 Alex Neuling, Company Secretary Bankside Consultants +44 207 367 8888 Michael Padley / Susan Scott Seymour Pierce Limited +44 207 107 8000 Jonathan Wright ---END OF MESSAGE---