La Rocca-1 Well WA388P Western Australia Update

25 May 2011 13:11

25 May 2011

La Rocca-1 Well, WA-388-P Offshore Western Australia - Update

Oilex Ltd has been advised by the Operator that the La Rocca-1 exploration well has reached total depth of 4,864 metres after drilling through the Intra Mungaroo Formation channel sandstone primary objective. There are no indications of gas in the LWD and mud log data and final wireline logs will now be run.

The participating interests in the WA-388-P permit after satisfaction of the requirements of the farm- in agreement and amendment, are set out below:

Joint Venture Party Participating Interest Oilex Ltd 8.4% Apache Northwest Pty Ltd (Operator) 40% Sasol Petroleum Australia Ltd 18% Videocon Industries Ltd 8.4% Gujarat State Petroleum Corporation Ltd 8.4% Bharat PetroResources Limited 8.4% Hindustan Petroleum Corp. Ltd 8.4%

For further information, please contact:

Oilex Ltd +61 (0)8 9485 (Western 3200 Australia) Bruce McCarthy Managing Director

oilex@oilex.com.au Ben Clube Finance Director bclube@oilex.com.au

Ambrian Partners Limited (Nominated Adviser

and AIM Broker) Richard Swindells +44 (0) 20 7634 (UK) richard.swindells@ambrian.com 4856

Matthew Einhorn matt.einhorn@ambrian.com +44 (0) 20 7634 (UK) 4860 Read Corporate +61 (0)8 9388 (Western 1474 Australia) Nicholas Read nicholas@readcorporate.com.au Tavistock Communications +44 (0)207 920 (UK) 3150 Paul Youens pyouens@tavistock.co.uk +44 (0)7843 260 (UK) 623 Ed Portman eportman@tavistock.co.uk +44 (0)7791 892 (UK) 509

This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Oilex Ltd's planned exploration program and other statements that are not historic facts. When used in this document, the words such as "could", "plan", "estimate" "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Oilex Ltd believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements."

ABN 50 078 652 632 Ground Floor, 26 Colin Street, West Perth WA 6005 Australia, PO Box 588 West

Perth WA 6872 Australia Telephone: (+61 8) 9485 3200 Facsimile: (+61 8) 9485 3290 Email: oilex@oilex.com.au Web: www.oilex.com.au