Aurora maintains its focus on major onshore US oil and gas opportunities but retains upside exposure to International and offshore activities through its investment in Elixir Petroleum Limited.

Aurora holds approximately 13% of Elixir Petroleum Limited following the merger of Elixir and Gawler Resources in late 2007.

Elixir Petroleum is an international E & P company and is dual listed on the ASX (ticker: EXR) and the London Stock Exchange AIM (ticker: ELP).

Elixir holds a diversified portfolio of offshore oil and gas interests across the exploration, appraisal, development and production spectrum including:

Oil and gas development and production from the shallow shelf Gulf of Mexico US

  High Island 268 Development (EXR: 30% WI)

• Gas and condensate development located 65kms offshore Texas Gulf Coast in 51m water depth
• Field development consists of two deviated wells, an unmanned well head platform and 5km pipeline to regional processing facility
• Development completed on time and on budget with wells on production since September 2007

  Pompano Development (EXR: 25% WI)

• Gas re-development project located 7km offshore Texas Gulf Coast in 18m water
• Pompano field originally developed on 2D seismic and produced 120 Bcf of gas (1966 – 2003)
• Re-interpretation of 3D seismic has identified undrained reserves, untested fault block compartments and deeper exploration potential
• Existing platform, flow lines and sales gas pipeline to shore being used
• Initial programme consisted of two deviated wells, installation of an unmanned wellhead platform and refurbishment of existing flowlines and production platform.
• Production from Pompano #1 began in March and Pompano #2 in May 2008.

Exploration and appraisal activities in the UK North Sea

  Northern North Sea - A Core Focus Area

• Block 211/18b 56% (Leopard Prospect)
• Block 211/22b 40% (Mulle Discovery)

  Central North Sea – Active Farmouts

• Block 21/16b 40% (Bob Cat Prospect)
• Block 13/25 12.5% (Fat Cat Prospect)

Early stage exploration activities offshore Sierra Leone, West Africa

• Elixir has acquired up to 35% interest in and operatorship of the highly prospective Block SL-4 offshore Sierra Leone
• SL-4 covers 4,429 sq kms with water depths ranging from 100m to over 3,000m
• 3D Seismic Programme Commenced in April 2008

Head office in Perth, and regional offices in London and Houston

  Experienced and proven management team

• Aurora Executive Chairman Jon Stewart is the Chairman of Elixir Petroleum