Elixir Gets More Time for Due Diligence for Cliff Head Oil Field Off WA

Elixir Petroleum Limited announced Monday that both AWE Limited and Elixir (the Parties) have agreed to extend the exclusive due diligence period in the previously executed agreement for Elixir to acquire a 57.5 percent Working Interest in the producing Cliff Head oil field located in the Perth Basin, Western Australia (Acquisition).

The Parties have agreed to extend the exclusivity period for due diligence from Nov. 30 to Dec. 18. The Parties have also agreed that the exclusivity period can be further extended to Jan. 29, 2016, previosuly Dec. 24, on payment by Elixir to AWE of a 10 percent non-refundable deposit. At the conclusion of the exclusivity period, Elixir is required to demonstrate to AWE that it has $2.1 million (AUD 3 million) of financing in place for the transaction to proceed. Completion of the Acqusition is scheduled to occur on or before Feb. 29, 2016. All dates may be further amended by mutual agreement of the Parties.

The Acquisition is subject to a number of conditions precedent including Elixir completing its technical and legal due diligence which is currently underway. The Parties continue to work together on a number of key commerical and legal matters that need to be addressed to the satisfacion of all the parties involved.

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