Exploration Permit WA-388-P Offshore Western Australia

17 Nov 2010 07:00

17 November 2010

Exploration Permit WA-388-P, Offshore Western Australia

Oilex Ltd advises that it is in negotiations with a third party on behalf of the WA-388-P Joint Venture in relation to a farmout transaction concerning WA-388-P. The negotiations are still ongoing and have not been finalized.

The joint venture parties in the WA-388-P permit currently comprise:

Joint Venture Party Participating Interest Oilex Ltd (Operator) 14% Sasol Petroleum Australia Ltd 30% Videocon Industries Ltd 14%

Gujarat State Petroleum Corporation Ltd 14% Bharat PetroResources Limited 14% Hindustan Petroleum Corporation. Ltd 14%

For and on behalf of Oilex Ltd

J.W.R. LaurieCompany SecretaryCc: Directors