Elixir Petroleum Limited (Elixir) announced that it has executed a binding terms sheet with Entek Energy Limited (Entek) which grants Entek an exclusive option to acquire Elixir's Alaskan acreage position (Option). If the proposed transaction completes, which is expected to occur in early 2019, it is proposed that Mr. Dougal Ferguson will be appointed the Managing Director of Entek and will cease his Managing Director role with Elixir. Dougal has over 30 years' upstream oil and gas experience based both overseas and in Australia and gas and is well credentialed to take the Alaskan business forward.

Dougal has been instrumental in building Elixir's current asset portfolio and has been the Managing Director of Elixir since 2014. Mr. Neil Young will join Elixir as Chief Executive Officer on completion of the Mongolian transaction which is expected to close within the next two weeks. Neil has previously worked with Santos and has significant experience in CBM business development activities and CBM commercialisation.

Neil founded and is currently the Managing Director of Golden Horde Limited.