Company Information for Oilex Ltd

ASX-OEX

www.oilex.com.au

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Company Statement

Oilex Ltd was incorporated in Australia. Its operations are based out of five offices - our Perth head office, where geotechnical work, financial management and control are located; two in India focused on operations and government relations; and one in each in Muscat, Oman and Dili, Timor-Leste for field logistic, administration and finance support and government liaison. Currently Oilex's main country of operation for the purposes of AIM Rule 26 is India.

The Company is directing its efforts towards opportunities that have the potential to provide an exceptional return on investment. Our focus remains on searching for exploration and production assets in the prospective hydrocarbon basins of India , Australia - particularly in the Northwest Shelf and in the Timor Sea, and in the countries of Southeast and South Asia and near Middle East around the rim of the Indian Ocean. With eight permits/interests in prospective basins, Oilex has rapidly compiled a significant portfolio of oil and gas acreage that has a well-balanced mix of risk and reward.

Oilex now has interests in three field re-development and exploration projects in India; two exploration permits offshore Australia; one production sharing contract in the Joint Petroleum Development Area between Timor-Leste and Australia; one exploration and production sharing agreement onshore Oman and one production sharing contract onshore Sumatera Indonesia. Oilex is the operator of joint ventures comprising major Indian energy companies in all areas save for Indonesia. In Indonesia Oilex is non operator in a joint venture with an Indonesian company.

Operations and Technology

Joint Petroleum Development Area
JPDA 06-103: Flamingo Trough, Joint Petroleum Development Area (“JPDA”) between Timor-Leste and Australia

In late August, Oilex as Operator for the Joint Venture, was advised by the Timor Sea Designated Authority, the governing body of the JPDA, that the bidding group consisting of GSPC (25%), VIL (25%), BPCL (25%) and Oilex (25%) was the successful bidder for application block JPDA 06-103. The block was offered in a competitive bidding round that closed on 26 May 2006. The Production Sharing Contract (“PSC”) was signed at a ceremony in Dili, Timor-Leste on 16 November 2006. The effective date of the PSC is 15 January 2007.

The Timor Sea Designated Authority was created on 2 April 2003, pursuant to the Timor Sea Treaty between the Governments of Timor-Leste and Australia. The role of the TSDA is to administer the Joint Petroleum Development Area (JPDA) on behalf of the Governments of Timor-Leste and Australia.

JPDA 06-103 is located to the east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang discoveries/oil and gas fields and to the north of the Bayu-Undan gas condensate field in the northern Timor Sea.

The JV has acquired an extensive 3D seismic data base including over 2000 square kilometres of new data in 2008 which covers 90% of the block area. Drilling is anticipated to start in 3Q 2009.

India

The most significant component of the Company’s portfolio with the chance of generating significant revenue in the near term is in the Cambay Basin, Gujarat, India. Oilex has material interests of 40%-45% in three “brownfield” re-development projects (Cambay, Bhandut and Sabarmati fields). These fields are currently all producing small to moderate volumes of oil.

The potential for improving the production rate from the existing wells and the scope for full scale redevelopment of the fields are encouraging given that the reservoir distribution is poorly understood and analogies nearby in the Cambay Basin are a fair basis for optimism. Step-out exploration potential particularly in the Cambay contract area is low risk and high reward with the demand for gas and oil in the main heavy industrial corridor of India remaining substantially in excess of domestic supply.

Oman
Block 56: Onshore Southern Oman

The Government of the Sultanate of Oman awarded Block 56 to a consortium led by Oilex (25%, operator), and including GAIL India Ltd (25%), Videocon Industries Ltd (25%), Hindustan Petroleum Corporation Ltd (12.5%) and Bharat Petroleum Corporation Ltd (12.5%). The Exploration and Production Sharing Agreement (“EPSA”) was signed on 28 June in Muscat.

Block 56 was Oilex’s first choice block of the blocks on offer in the bid round that closed on 1 January 2006. The block is located onshore, adjacent to producing fields operated by PDO, the Oman national oil company, in the South Oman Salt Basin, which is one of the main producing basins in Oman.

In addition to acquiring a 1000 km 2D survey, a total of 7 exploration wells has been drilled in the block by the consortium. Significant oil columns were encountered in 3 of these wells and oil shows and minor oil zones in 3 of the other wells drilled. A key issue identified was the oil density and the capacity of the wells to flow at commercial rates. Further testing of the oil reservoirs will be carried out and consideration given to an appropriate development plan for 2009.

Western Australia
WA-388-P: Carnarvon Basin
Offshore Western Australia

As part of a developing gas strategy with our Indian partners, Oilex, as Operator on behalf of a bidding group with large Indian companies successfully bid for Application Area W05-11 in April 2006. The permit is now designated as WA-388-P. The block lies to the north of the North Rankin, Goodwin and Perseus gas and condensate fields currently being produced for the domestic and LNG gas markets by Northwest Shelf Ventures and to the north of the large gas resources discovered in the Janz/lo area.

The Joint Venture comprises Oilex (Operator, 20%), GSPC (20%), Videocon (20%), Hindustan Petroleum Corporation Ltd (20%) and Bharat Petroleum Corporation Ltd (20%).

Following a period of re-evaluation of existing data, a 1000 sq km 3D seismic survey was acquired in 2008. Processing of these data will be finalised in 1Q 2009 and an evaluation of the gas potential carried out. A decision to enter the second period of the permit and drill the best prospect identified will be taken later in 2009.

Indonesia
West Kampar, Central Sumatra

Oilex entered into a farmin agreement with Sumatera Persada Energi to acquire 45 % equity in the West Kampar PSC in Central Sumatra, Indonesia. A subsequent arrangement whereby Oilex would acquire an additional 15% was terminated so the Joint Venture currently comprises Sumatera Persada Energi (55%) and Oilex (45%).

The Pendalian-3 well was drilled and tested in late 2007 and confirmed the presence of two shallow producible oil zones in the Sihapas Sandstone reservoirs. An application to produce from the Pendalian-3 well was submitted to the Indonesian regulator in 2008 and a seismic program initiated.

In addition to the Pendalian-3 development, plans are under way for the drilling of the Pendalian-4 and additional exploration wells in 2009.

Board of Directors and Key Management

Non-Executive Chairman	Max Cozijn
Managing Director	Bruce McCarthy
Technical Director	Ray Barnes
Non-Executive Director	Laxmi Bhandari
Finance Director	Ben Cube
Non-Executive Director	Ron Miller

Company Address

Level 2, 50 Kings Park Road
West Perth, Australia WA 6005


Telephone:	+61 8 9485 3200
Facsimile:	+61 8 9485 3290
Email:	oilex[at]oilex.com.au
Website:	http://www.oilex.com.au

Nominated Brokers

Jefferies International Limited
Vintners Place
68 Upper Thames Street
London EC4V 3BJ
United Kingdom

Nominated Advisors

RFC Corporate Finance Ltd
Level 15, QV1 Building
250 St Georges Terrace
Perth WA 6000
Australia

Most Recent Statement

24/06/10 - Oilex Wins West Kampar Arbitration
15/06/10 - Relinquishment of Oman Block 56
05/02/10 - West Kampar Update
29/01/10 - Quarterly Report to Shareholders 31 December 2009
25/01/10 - Timor Sea Drilling Update - Lolotoe-1 Well
21/01/10 - TIMOR SEA DRILLING UPDATE – LOLOTOE-1 WELL

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