Elixir Petroleum hereby notifies shareholders and the market that the Company has decided to cancel the admission of its ordinary shares to trading on AIM with effect from 7.00am (BST) on 31 March 2009.

The last trading day on AIM will be 30 March 2009. Up to and until this date, the Company’s shares will continue to be traded on the AIM and the ASX on an uninterrupted basis.

This decision has been made following a review of the Company’s AIM listing by the Board and discussions with its advisers. Given the Company's Australian focused shareholder base, as well as the relatively low volume of trading in shares on AIM, the Board concluded that the additional regulatory compliance burden coupled with the costs incurred in maintaining a secondary listing on AIM, exceed the benefits obtained from the listing. On this basis, the Board considers it in the best interests of the Company to seek a cancellation of its shares from trading on AIM.

Elixir will continue to maintain its primary listing on the Australian Securities Exchange (ASX) and shareholders wishing to trade the Company’s shares after the Cancellation Date will be able to do so through the ASX.

The Company has also established a facility with UK based broker, WH Ireland Group Plc and its related Australian subsidiary, D.J. Carmichael & Co, which will allow shareholders on the UK register who do not have an account with a broker, to trade their shares on the ASX with relative ease. As a result, shareholders currently on the UK register should not be materially prejudiced as a result of the delisting.

Tags: Elixir Petroleum Limited