Oilex- Ölfeld in Indien - 500 Beiträge pro Seite

[ToBeMe]

http://www.oilex.com.au/

[ToBeMe]

Hier die letzten Postings von Finanznachrichten Stand 06.09.10! Also wenn das mal nicht interessant ist!

[ToBeMe]

Oilex Exploration Update Mon, 6 Sep 2010 13:49:00 +1000 1 day, 12 hours ago

6th September 2010 Company Announcements Office ASX Limited 4th Floor 20 Bridge Street Sydney NSW 2000 SIGNIFICANT RESERVES IDENTIFIED AT CAMBAY FIELD, INDIA Summary • Cambay Field Reserves and Contingent Resources significantly upgraded • Successful completion of detailed technical studies to unlock potential of “tight” reservoirs using leading-edge North American “shale gas” industry technology • Studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville “tight/shale” plays in the USA • Drilling and production tests through the first half of 2011 Oilex Ltd (“Oilex”, ASX: OEX, AIM: OEX) an oil & gas exploration and production company listed on AIM and ASX, is pleased to announce a significant upgrade to its Reserves and Contingent Resources for the Cambay Field low permeability (“tight”) Eocene reservoirs in Gujarat, India. This follows a nine month program of extensive technical studies on the Cambay Field “tight” reservoirs using proprietary low permeability reservoir technologies derived from similar “tight/shale gas” projects in North America. The following summary of Reserves (net recoverable to Oilex’s 45% interest, unaudited) is provided: • P90 – 248 billion cubic feet (BCF) of gas and 11 million barrels (MMbbls) of condensate • P50 – 384 BCF of gas and 17 MMbbls of condensate • P10 – 591 BCF of gas and 27 MMbbls of condensate In its evaluation of the reserves and resources the Company was advised by two North American companies; NuTech Energy Alliance (“NuTech”) a leader in advanced petrophysical, geological and fracture stimulation solutions for “tight” and “shale gas” reservoirs, and Morning Star LLC (“Morning Star”), a worldwide petroleum consulting group with expertise in reserve certification of “tight” reservoir projects.

The studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville reservoirs, two of the most prolific “tight/shale gas” plays in North America. The Cambay Eocene reservoirs that have been analysed display relatively good porosity for "tight' reservoirs” and with a gross thickness of 200 to 500 metres these zones are substantially thicker than most North American “tight/shale” reservoirs. The studies have modelled Estimated Ultimate Recoveries (EUR’s) of between 6 and 11 BCF gas with associated condensate per well.

Forward Plan Oilex expects to submit data in October 2010 for independent reserves certification in early 2011. Oilex will, subject to Joint Venture and Indian Government approval, further evaluate the “tight” reservoir potential with drilling and production testing ....

[ToBeMe]

06.09.2010 08:02
Oilex Ltd Australian Stock Exchange Trading Halt

6 September 2010

AIM Market

London Stock Exchange
10 Paternoster Square
London EC4M 7LS

Dear Sirs,

Oilex Ltd ("the Company") wishes to announce that trading in its ordinary
shares on the Australian Securities Exchange ("ASX") has been halted pending an
announcementon resources. Such announcement is currently expected to be made
within the next two days, after which trading in the Company's shares will
resume on the ASX. The Company's shares will continue to trade on the AIM
market during this period.

Yours sincerely,

Max D.J. Cozijn

Chairman

RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser - contact Stuart
Laing [phone].

END

OILEX LTD

[ToBeMe]

Oilex Identifies Significant Reserves at Cambay Field, India

Monday, September 06, 2010

• Cambay Field Reserves and Contingent Resources significantly upgraded
• Successful completion of detailed technical studies to unlock potential of 'tight' reservoirs using leading-edge North American 'shale gas' industry technology
• Studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville 'tight/shale' plays in the USA
• Drilling and production tests through the first half of 2011

Oilex Ltd, an oil & gas exploration and production company listed on AIM and ASX, announces a significant upgrade to its Reserves and Contingent Resources for the Cambay Field low permeability ('tight') Eocene reservoirs in Gujarat, India. This follows a nine month program of extensive technical studies on the Cambay Field 'tight' reservoirs using proprietary low permeability reservoir technologies derived from similar 'tight/shale gas' projects in North America.

The following summary of Reserves (net recoverable to Oilex's 45% interest, unaudited) is provided:
• P90 - 248 billion cubic feet (BCF) of gas and 11 million barrels (MMbbls) of condensate
• P50 - 384 BCF of gas and 17 MMbbls of condensate
• P10 - 591 BCF of gas and 27 MMbbls of condensate

In its evaluation of the reserves and resources the Company was advised by two North American companies; NuTech Energy Alliance ('NuTech') a leader in advanced petrophysical, geological and fracture stimulation solutions for 'tight' and 'shale gas' reservoirs, and Morning Star LLC ('Morning Star'), a worldwide petroleum consulting group with expertise in reserve certification of 'tight' reservoir projects.

The studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville reservoirs, two of the most prolific 'tight/shale gas' plays in North America. The Cambay Eocene reservoirs that have been analysed display relatively good porosity for "tight' reservoirs' and with a gross thickness of 200 to 500 metres these zones are substantially thicker than most North American 'tight/shale' reservoirs. The studies have modelled Estimated Ultimate Recoveries (EUR's) of between 6 and 11 BCF gas with associated condensate per well.

Forward Plan
Oilex expects to submit data in October 2010 for independent reserves certification in early 2011.

Oilex will, subject to Joint Venture and Indian Government approval, further evaluate the 'tight' reservoir potential with drilling and production testing using modern, multi-stage fracture stimulation technology. These operations are expected to continue through the first half of 2011 as equipment and materials become available.

Oilex's Managing Director, Dr Bruce McCarthy (ex-Cairn Energy), who has been based in India to lead the 'tight' reservoir project, said:
'The Company has renewed its focus on India and has made significant progress in unlocking the potential of the Cambay 'tight' Eocene reservoirs that extend over the 40,000 acre contract area. Key to this success has been applying leading-edge North American tight/shale gas industry expertise and proven technology to the extensive database on the Cambay Eocene reservoirs which includes: modern 3D seismic, wire line logs from 36 wells, drilling data, production and well test data and cores.'

'Two years ago Oilex conducted well tests on the Eocene section that flowed hydrocarbons to surface from conventional vertical wells, a very encouraging result for 'tight' reservoirs. Oilex now intends to apply horizontal drilling and multi-stage fracture stimulation technology to improve on the flow rates and confirm commerciality of the Eocene tight reservoirs.'

Oilex (45%) operates the Cambay Field Production Sharing Contract on behalf of its Joint Venture with Gujarat State Petroleum Corporation Ltd (55%, 'GSPC'). GSPC is India's most active State Government-owned oil and gas company.

[ToBeMe]

Oilex shares up on reserve upgrade
aap

*
Share
*
retweet
* Email
* Print

*
Topics:
o Commodities Market

On Monday 6 September 2010, 18:22 EST

Shares in Oilex Ltd jumped by more than 32 per cent after the oil and gas producer reported upgraded reserves and contingent resources for "tight" reservoirs at its Cambay Field in India.

Oilex shares closed up 4.5 cents at 18.5 cents, a level not seen since January 20 this year.

Oilex said reserves attributable to its 45 per cent net working interest in the field totaled 248 billion cubic feet (bcf) of natural gas and 11 million barrels (mmbbls) of condensate.

These were in the P90 category - the highest classification under Australia's oil reporting code.

Oilex said P90 contingent resources, again attributable to its 45 per cent net working interest in the field, amounted to 186 bcf of natural gas and eight mmbbls of condensate, which is a form of light crude oil.

Reserves have been "proved up" more than resources.

The company plans to unlock the potential of the tight reservoirs by utilising cutting-edge technology used by North America's shale gas sector.

[ToBeMe]

06.09.2010 11:07
UPDATE 1-Oilex soars 153 pct after India reserves upgrade

LONDON, Sept 6 (Reuters) - Oil and gas exploration company Oilex said by applying new technology to its exploration block in India it has significantly upgraded its gas reserves, sending its shares soaring by as much as 153 percent.

Australia-based Oilex said on Monday it estimates the Cambay field in Gujarat in the West of India holds 248 billion cubic feet of gas with a 90 percent certainty of being produced, up from the negligible amounts previously cited.

Shares in Oilex gained 131 percent to 18.5 pence at 0835 GMT, their highest level since last November, making the company the biggest riser in London, and valuing it at about 41.2 million pounds ($63.7 million).

The company drilled a number of wells on the field between 2006 and 2008 and found hydrocarbons but they were in tight reservoirs which meant they were not at that time commercial.

By applying technology used by companies extracting shale gas in North America, Oilex believes the block now has significant commercial gas reserves.

Oilex said it will in October submit the data for independent reserves certification and then look to develop a drilling plan for 2011.

(Reporting by Sarah Young; editing by James Davey)

($1=.6465 Pound) Keywords: OILEX

([e-mail]; [phone]; Reuters Messaging: [e-mail])

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.



© 2010 AFX News


Klicken Sie hier, um weitere aktuelle Nachrichten zum Unternehmen zu finden:

OILEX LIMITED News

[ToBeMe]

The boost in estimates was a result of a nine-month project to apply leading-edge technology from North America's shale gas industry that can unlock the potential of 'tight' reservoirs.

The Australian-based firm now estimates the Cambay field in Gujarat in the West of India holds 248 billion cubic feet of gas with a 90% certainty of it being produced, up from chances being negligible before.
Oilex shares up 150% on gas reserves boost
By Andrew Oxlade & Reuters
6 September 2010, 10:34am



Shares in oil and gas exploration company Oilex exploded 150% higher in early trading today after the company announced a 'significant upgrade' to its gas reserves.


Read more: http://www.thisismoney.co.uk/markets/article.html?in_article…

The company had drilled a number of wells on the field between 2006 and 2008 and found hydrocarbons but they were in tight reservoirs which meant they were not at that time commercial.

Oilex said it will submit the data for independent reserves certification in October and then look to develop a drilling plan for 2011.

Oilex owns 45% of the Cambay field with the remainder held by its operating partner, the Gujarat State Petroleum Corporation.

The company's shares rocketed to 19.50p in early trading before easing back to be up 10.5p at 18.50p by 10.30am - a rise of 131.25%.


Read more: http://www.thisismoney.co.uk/markets/article.html?in_article…

[ToBeMe]

Oilex strikes huge gas reserves in Gujarat
September 06, 2010 15:36 IST
Tags: Oilex, NuTech Energy Alliance and Morning Star LLC, Gujarat State Petroleum Corp, Cambay Field, Niko
Share
this
Ask
Users
Write a
Comment

Australia's Oilex on Monday said it has made huge natural gas discovery in Gujarat that may hold over 1.5 Trillion cubic feet of recoverable reserves. Industry estimates put the total resource base or inplace reserves in the Cambay basin discoveries near the town of Khambat, 160-km south of Ahmedabad [ Images ], at between 20-30 Trillion cubic feet, almost equivalent to inplace reserves of Reliance Industries' [ Get Quote ] eastern offshore KG-D6 fields.

However, KG-D6 fields have a higher recovery factor with almost 12 Tcf of gas likely to be produced over life of the field while in Oilex's case only 1.5 Tcf can be produced as the reservior is 'tight' with low permeability.

Oilex had drilled many wells on the Cambay Field and it announced "a significant upgrade to its Reserves and Contingent Resources" based on evaluation by North American consultants NuTech Energy Alliance and Morning Star LLC.

In a press statement, Oilex said the Cambay Field may hold 853 billion cubic feet of Reserves Justified for Development plus another 720 bcf of Contingent Resources, totaling the recoverable reserves at 1.5 Tcf.

Oilex holds 45 per cent interest in the Cambay Field while Gujarat State Petroleum Corp holds the rest 55 per cent. The field was awarded to GSPC and Canada's [ Images ] Niko Resources in pre-New Exploration Licensing Policy rounds in the 1990s and Oilex steped-in upon exit of Niko.

"This (reserve estimation) follows a nine month program of extensive technical studies on the Cambay Field 'tight' reservoirs using proprietary low permeability reservoir technologies derived from similar 'tight/shale gas' projects in North America," Oilex said.

Besides gas, the field also holds 31 million barrels of condensate.

"The estimates have not been endorsed by the Government of India [ Images ] or the (oil regulator) Directorate General of Hydrocarbons," it said.

Oilex said it will submit data next month for independent reserves certification in early 2011.

"In its evaluation of the reserves and resources Oilex was advised by two North American companies - NuTech Energy Alliance, a leader in advanced petrophysical, geological and fracture stimulation solutions for 'tight' and shale gas reservoirs, and Morning Star LLC, a worldwide petroleum consulting group with expertise in reserve certification of 'tight' reservoir projects," the statement said.

"The company has renewed its focus on India and has made significant progress in unlocking the potential of the Cambay 'tight' Eocene reservoirs that extend over the 40,000 acre contract area," Oilex Managing Director Bruce McCarthy said.

[ToBeMe]

Oilex Updates Cambay Field Ops
Oilex Ltd.
|
Monday, September 06, 2010
change text size

* Printer Friendly Version

* Email this Page

* Save to Favorites

* Create PDF

* Share on Social Bookmarking Sites
* DiggDigg It
* StubleuponStumble it!
* NewsvineNewsvine
* DiggDel.icio.us
* TechnoratiTechnorati
* RedditReddit
* FacebookFacebook

Oilex announced a significant upgrade to its Reserves and Contingent Resources for the Cambay Field low permeability ("tight") Eocene reservoirs in Gujarat, India. This follows a nine month program of extensive technical studies on the Cambay Field "tight" reservoirs using proprietary low permeability reservoir technologies derived from similar "tight/shale gas" projects in North America.

The following summary of Reserves (net recoverable to Oilex's 45% interest, unaudited) is provided:

* P90 - 248 billion cubic feet (BCF) of gas and 11 million barrels (MMbbls) of condensate
* P50 - 384 BCF of gas and 17 MMbbls of condensate
* P10 - 591 BCF of gas and 27 MMbbls of condensate

In its evaluation of the reserves and resources the Company was advised by two North American companies; NuTech Energy Alliance ("NuTech") a leader in advanced petrophysical, geological and fracture stimulation solutions for "tight" and "shale gas" reservoirs, and Morning Star LLC ("Morning Star"), a worldwide petroleum consulting group with expertise in reserve certification of "tight" reservoir projects.

The studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville reservoirs, two of the most prolific "tight/shale gas" plays in North America. The Cambay Eocene reservoirs that have been analyzed display relatively good porosity for "tight reservoirs" and with a gross thickness of 200 to 500 meters these zones are substantially thicker than most North American "tight/shale" reservoirs. The studies have modeled Estimated Ultimate Recoveries (EUR's) of between 6 and 11
BCF gas with associated condensate per well.
Forward Plan

Oilex expects to submit data in October 2010 for independent reserves certification in early 2011.

Oilex will, subject to Joint Venture and Indian Government approval, further evaluate the "tight" reservoir potential with drilling and production testing using modern, multi-stage fracture stimulation technology. These operations are expected to continue through the first half of 2011 as equipment and materials become available.
Commentary

Oilex's Managing Director, Dr Bruce McCarthy (ex-Cairn Energy), who has been based in India to lead the "tight" reservoir project, said, "The Company has renewed its focus on India and has made significant progress in unlocking the potential of the Cambay "tight" Eocene reservoirs that extend over the 40,000 acre contract area. Key to this success has been applying leading-edge North
American tight/shale gas industry expertise and proven technology to the extensive database on the Cambay Eocene reservoirs which includes: modern 3D seismic, wire line logs from 36 wells, drilling data, production and well test data and cores."

"Two years ago Oilex conducted well tests on the Eocene section that flowed hydrocarbons to surface from conventional vertical wells, a very encouraging result for "tight" reservoirs. Oilex now intends to apply horizontal drilling and multi-stage fracture stimulation technology to improve on the flow rates and confirm commerciality of the Eocene tight reservoirs."

Oilex will commission an independent reserves certification after completion of further technical studies, well designs and well locations, in October, 2010.

Oilex (45%) operates the Cambay Field Production Sharing Contract on behalf of its Joint Venture with Gujarat State Petroleum Corporation Ltd (55%, "GSPC"). GSPC is India's most active State Government-owned oil and gas company. It is a large vertically integrated energy company with assets across India and overseas.

[ToBeMe]

Small caps round-up: Oilex, Bellzone, Bond Int'l...

Mon 06 Sep 2010
OEX - Oilex Ltd
chart
Latest Prices
Name Price %
Oilex Ltd 14.50p -24.68%
Bond International Software 46.50p -4.12%
Bellzone Mining 68.00p +4.62%
Empyrean Energy 6.25p 0.00%
Symphony Environmental Technologies 12.00p -4.00%

FTSE AIM 100 3,275 +0.22%
FTSE AIM All-Share 716 +0.18%
General Industrials 2,714 -0.51%
Industrial Metals & Mining 6,017 -3.52%
Oil & Gas Producers 7,057 -0.58%
Software & Computer Services 652 -0.13%
LONDON (SHARECAST) - Shares in Oilex almost tripled on Monday after the oil and gas explorer announced a “significant” upgrade to its gas for the Cambay field in Gujarat, India.

Following a nine-month drill programme of studies, it now believes the field holds 248bn cubic feet (BCF) of gas and 11m barrels (MMbbls) of condensate with a 90% probability of being produced.

The company, which has a 45% stake in the project, watched its shares trade at 21.5p each after closing at just 8p on Friday.

“The studies indicate a very good correlation between the Cambay Eocene reservoirs and the Eagle Ford and Haynesville reservoirs, two of the most prolific "tight/shale gas" plays in North America,” the company said.

Iron ore explorer Bellzone Mining has increase and upgraded the magnetite JORC resource on eth central zone of the Kalia I deposit in Guinea, West Africa, to 2.4bn tonnes to 3.74bn tonnes.

“These results from the magnetite extension and upgrade clearly demonstrates this resource on Kalia I has more than sufficient iron ore to support the Company's current development plans for the next 60 years and clearly indicates the considerable potential for increasing production and mine life from other sections of the strike,” said managing director Nik Zuks.

Recruitment software provider Bond International is sharply lower after warning that revenues for the first six months of the year fell 11% on 2009 as it sold less software than expected.

Bosses are cutting costs and are “very optimistic” about the prospects for signing new business between now and the end of the year. If things continued as they were, the group would fall short of expectations, they said.

The firm believes results for the six months to 30 June, due on or before 24 September, will reveal turnover of not less than £15.1m and a loss before tax of £0.68m.

Empyrean Energy has inched higher on news that the construction of the pipeline to connect the BP America A-740 well at the Hercules prospect, onshore Texas, to the nearby sales pipeline has been completed.

The well, in which Empyrean has a 10% working interest, was turned on to sales at the weekend and achieved achieve a gas rate of 210,000 cubic feet of gas per day. It will be walked up to a stable production rate.

“Empyrean expects that as revenue kicks in from its interest in the Sugarloaf Project and the Hercules Project over the coming months the outlook for the company will dramatically improve," said executive director Tom Kelly.

Environmental plastics and waste-to-value group Symphony Environmental Technologies is down despite interim results that showed revenue rose 6% to £3.9m and pre-tax profit edged ahead to £0.42m.

[ToBeMe]

Mit Exoten lässt sich meiner Meinung nach das beste geld verdienen! Auch wenn der Handel zu wünschen übrig lässt!

[ToBeMe]

[ToBeMe]

[silvodin]

Unser Alleinunterhalter hat einen neuen Nick

[profit_or_loss]

Antwort auf Beitrag Nr.: 40.115.573 von silvodin am 08.09.10 09:14:38

Heyhey,

also es wurde etwas gefunden richtig? und es wird auch produziert iwann ab 2011 ne?
ich wollte zu 0,139 rein aber die order wurde nicht ausgeführt. Bis wohin wird der Kurs denn gehen - deine Prognose?!

[ToBeMe]

Antwort auf Beitrag Nr.: 40.115.573 von silvodin am 08.09.10 09:14:38

Ja, ich stehe mit meinen Dingern immer etwas alleine da! Aber mein Invest in China Locomotive war bisher ein absoluter Goldgriff! Was soll ich machen, wenn alle nur mit dem Strom schwimmen. Dient für mich auch der Selbstinfo, muss nur zurückblättern und ich hab alles in einem Thread!

[ToBeMe]

Antwort auf Beitrag Nr.: 40.115.688 von profit_or_loss am 08.09.10 09:29:50

Bis Anfang nächstes Jahr vielleicht 25cent, aber ich denke die wird nochmal billiger...siehe heute.....dauert erstmal bis das unter Dach und Fach ist. Ist recht schnell nach oben geschnellt nach dem Fund. Für mich war das perfekt, da billig rein, aber man sollte im Ausland handeln. In Dtl. geht da fast gar nichts!

[profit_or_loss]

Antwort auf Beitrag Nr.: 40.116.257 von ToBeMe am 08.09.10 10:35:57

worüber bekomm ich die denn ?

[ToBeMe]

zum beispiel:

http://www.captrader.de/home.html

[profit_or_loss]

Antwort auf Beitrag Nr.: 40.119.816 von ToBeMe am 08.09.10 17:31:16

thx

[ToBeMe]

Oilex Trading Halt Wed, 8 Sep 2010 14:18:00 +1000 1 day, 15 hours ago

Good Oil Conference 8 September 2010 India Focus Cambay Reserves Upgrade 1 2 Oilex Snapshot • India focus • Large reserves in Cambay • High impact exploration assets in Australia and Timor Sea • Cash at 30 June A$16.8 million, no debt Capital Structure ASX and AIM-listed 220 million shares 21 million unlisted options Market Cap ~ A$53million @24c Oilex developed a diversified portfolio of growth opportunities around the Indian Ocean Rim. With success in the Cambay Field, Oilex will increase its focus in India. 3 Reserve and Resource Estimates d i Summary of Reserves y Reserves Justified for Development Attributable to Oilex Net Working Interest (45%) Probability Natural gas (BCF) Condensate (MMbbls) P90 248 11 P50 384 17 P10 591 27 Summary of Contingent Resources Contingent Resources Development Pending Attributable to Oilex Net Working Interest (45%) Probability Natural gas (BCF) Condensate (MMbbls) P90 186 8 P50 324 14 P10 568 26 Net reserves contingent resources presented above include Government share of production applicable under the PSC.

The estimates have been prepared in accordance with generally accepted engineering and evaluation principles set forth by the Society of Petroleum Engineers (SPE) PRMS guidelines. The probabilistic unaudited estimates have been prepared by Oilex with advice from NuTech and Morning Star. Its is the Company’s view that the P90, P50, P10 reserves estimates correspond to proved, proved plus probable and proved plus provable plus possible reserves respectively under the ASX Listing Rules.

The estimates have not been endorsed by the Government of India or the Directorate General of Hydrocarbons, India. 4 Cambay Eocene Reserves Upgraded Condensate (million barrels, Oilex 45% interest) Natural Gas (billion cubic feet, Oilex 45% interest) 17 14 384 324 P50 Reserves P50 Contingent Resources P50 Reserves P50 Contingent Resources Conventional wisdom – Cambay Eocene reservoirs tight • 9 month program of technical studies completed • Oilex built platform to progress: built relationships acquired technology completing research planning operating solutions 5 Oilex in India • Cambay Basin – the heart of Gujarat’s Industrial Area • 3 Production Sharing Contracts (PSC’s) • Joint Ventures with Gujarat State Petroleum Corporation (GSPC) • Low initial production • Good PSC terms • 5 years in country Location of Oilex PSC assets: Cambay (45%), Sabarmati (40%), Bhandut (40%), Oilex Operator.

[ToBeMe]

08.09.2010 08:03
Oilex Presentation - RIU Good Oil Conference 8 Sept 10

8 September 2010


AIM Market
London Stock Exchange
10 Paternoster Square
London EC4M 7LS

Dear Sir/Madam,

RE: OILEX PRESENTATION - RIU GOOD OIL CONFERENCE 8 SEPTEMBER 2010

A copy of an Oilex presentation from the RIU Good Oil Conference 8 September
2010 can be viewed on the Company's website.

For and on behalf of Oilex Ltd

Jay Laurie

Company Secretary

cc: Directors - MC/RB/BC/LLB/RM


END

OILEX LTD

[ToBeMe]

Friday 10 September, 2010Oilex Ltd
Financial Report for Year Ended 30 June 2010

10 September 2010

Dear Sir,



Subject: Financial Report for Year Ended 30 June 2010


Oilex Ltd advises that the Financial Report for Year Ended 30 June 2010 can now
be inspected on the Company's website and on the Australian Stock Exchange
whilst the report is in the process of being uploaded on AIM.

Yours sincerely,

Jay Laurie

Company Secretary


For further information, please contact:
Ray Barnes Technical Director, Oilex Ltd Tel. [phone] (Western
Australia)

Paul Youens Conduit PR Tel. [phone] (UK)

Jonathan Charles Conduit PR Tel [phone] (UK)

[ToBeMe]

Oilex Ltd
Appendix 3B

15 September 2010

Dear Sir,

APPENDIX 3B

We enclose an Appendix 3B in relation to the issuance of unlisted Oilex Ltd
Options to advisors.

For and on behalf of Oilex Ltd

Jay Laurie

Company Secretary

cc: Directors - BMc/RB/MC/LLB/BC/RM

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002, 1/1/2003.

Name of entity

OILEX LTD

ABN

50 078 652 632

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).

+Class of +securities issued Unlisted options
or to be issued

Number of +securities issued 3,000,000
or to be issued (if known)
or maximum number which may
be issued

Principal terms of the Unlisted Oilex Ltd Options
+securities (eg, if options,
exercise price and expiry 3,000,000 Options @ $0.30 expiring 15
date; if partly paid September 2012
+securities, the amount
outstanding and due dates
for payment; if +convertible
securities, the conversion
price and dates for
conversion)

Do the +securities rank Yes once exercised
equally in all respects from
the date of allotment with
an existing +class of quoted
+securities?

If the additional securities
do not rank equally, please
state:

* the date from which they
do

* the extent to which they
participate for the next
dividend, (in the case
of a trust,
distribution) or
interest payment

* the extent to which they
do not rank equally,
other than in relation
to the next dividend,
distribution or interest
payment

Issue price or consideration Nil

Purpose of the issue Issue of unlisted options to advisors
as part of the terms of agreement for
(If issued as consideration corporate advisory services
for the acquisition of
assets, clearly identify
those assets)

Dates of entering 15 September 2010
+securities into
uncertificated holdings or
despatch of certificates

Number +Class

Number and +class of all 220,074,885 Ordinary Shares
+securities quoted on ASX
(including the securities
in clause 2 if applicable)

Number +Class

Number and +class of all 500,000 $2.00 Options due 31/10/2010
+securities not quoted on
ASX (including the
securities in clause 2 if 2,500,000 $2.00 Options due 31/03/2011
applicable)

300,000 $2.25 Options due 31/03/2011

350,000 $2.70 Options due 30/04/2011

900,000 $1.75 Options due 30/06/2011

900,000 $2.25 Options due 30/06/2011

2,000,000 $0.30 Options due 30/06/2011


3,900,000 $2.00 Options due 01/07/2011

3,900,000 $2.50 Options due 01/07/2011

500,000 $1.57 Options due 30/09/2011


300,000 $2.75 Options due 31/03/2012


900,000 $2.75 Options due 30/06/2012

3,000,000 $0.30 Options due 15/09/2012


4,350,000 $0.30 Options due 01/07/2014

2006 Performance Rights

15,000 Tranche 1 expire 1/07/2011


2007 Performance Rights

120,000 Tranche 1 expire 1/07/2012


120,000 Tranche 2 expire 1/07/2012

120,000 Tranche 3 expire 1/07/2012



2008 Performance Rights

21,000 Tranche 1 expire 1/07/2013
22,000 Tranche 2 expire 1/07/2013

22,000 Tranche 3 expire 1/07/2013



Dividend policy (in the N/A
case of a trust,
distribution policy) on
the increased capital
(interests)

Part 2 - Bonus issue or pro rata issue [Item 11 to 33 - Not Applicable]

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities

34 Type of securities

(tick one)

(a) Securities described in Part 1

(b) All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a) [Items 35 to 42 - Not Applicable]

Additional securities forming a new class of securities

Quotation agreement

1. +Quotation of our additional +securities is in ASX's absolute discretion.
ASX may quote the +securities on any conditions it decides.

2. We warrant the following to ASX.

* The issue of the +securities to be quoted complies with the law and is not
for an illegal purpose.

* There is no reason why those +securities should not be granted +quotation.

* An offer of the +securities for sale within 12 months after their issue
will not require disclosure under section 707(3) or section 1012C(6) of the
Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty

* Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any +securities to be quoted and
that no-one has any right to return any +securities to be quoted under
sections 737, 738 or 1016F of the Corporations Act at the time that we
request that the +securities be quoted.

* We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the +securities to be quoted, it has been
provided at the time that we request that the +securities be quoted.

* If we are a trust, we warrant that no person has the right to return the
+securities to be quoted under section 1019B of the Corporations Act at the
time that we request that the +securities be quoted.

3. We will indemnify ASX to the fullest extent permitted by law in respect of
any claim, action or expense arising from or connected with any breach of
the warranties in this agreement.

4. We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before
+quotation of the +securities begins. We acknowledge that ASX is relying on
the information and documents. We warrant that they are (will be) true and
complete.

Sign here: .............................................. Date: 15 September
2010

(Company Secretary)

Print name: Jay Laurie

[ToBeMe]

[ToBeMe]

Zweimal hält besser!

[ToBeMe]

[ToBeMe]

Also wer hier Anfang September eingekauft hat, kann sich freuen!

[profit_or_loss]

Antwort auf Beitrag Nr.: 40.198.809 von ToBeMe am 23.09.10 14:48:47

was ist dein EK? weis nicht ob ich das schon gefragt hatte...bisher habe ich mich nochmal zurückgezogen mit dem einkauf...wollte ja ansich rein für 13, aber die wollten meine order nicht mh mal sehen

[ToBeMe]

Bin in Australien für 0,145 rein! In Deutschland würd ich mir die nicht zulegen, die wirst nicht mehr los, weil kein Handel!

[ToBeMe]

[ToBeMe]

OILEX LTD

ABN 50 078 652 632

NOTICE OF ANNUAL GENERAL MEETING

OF SHAREHOLDERS

10 NOVEMBER 2010

AT 4pm

AT

THE CELTIC CLUB,

48 ORD STREET, WEST PERTH

WESTERN AUSTRALIA

NOTICE OF ANNUAL GENERAL MEETING

Annexure A "Explanatory Memorandum" (attached)

should be read in conjunction with this Notice of Meeting.

NOTICE IS HEREBY GIVEN that the Annual General Meeting of Shareholders of Oilex
Ltd ABN 50 078 652 632 (Company) will be held at First Floor, The Celtic Club,
48 Ord Street, West Perth, Western Australia on 10 November 2010 at 4pm, to
conduct the following business:

BUSINESS OF THE MEETING

Financial and other reports

To receive and consider the financial report, together with the directors'
report (including the remuneration report) and the auditor's report for the
financial year ended 30 June 2010.

RESOLUTIONS

1. Adoption of Remuneration Report

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That for the purpose of section 250R(2) of the Corporations Act and for all
other purposes, the remuneration report for the period ended 30 June 2010 be
adopted."

Note: The vote on Resolution 1 will be advisory only and will not bind the
Directors or the Company.

2. To Re-elect Mr Raymond Barnes as a Director

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That Mr Raymond Barnes, who retires by rotation as a Director in accordance
with the Constitution and, being eligible, offers himself for re-election, be
and is hereby re-appointed as a director of the Company."

3. To Re-elect Mr Laxmi Bhandari as a Director

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That Mr Laxmi Bhandari, who retires by rotation as a Director in accordance
with the Constitution and, being eligible, offers himself for re-election, be
and is hereby re-appointed as a director of the Company."

4. Issue of Options to Director - Mr Max Cozijn or nominee

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That for the purposes of Chapter 2E of the Corporations Act, ASX Listing Rule
10.11 and for all other purposes, Shareholders approve and authorise the
allotment and issue of a total of 1,000,000 Options to Mr Max Cozijn or his
nominee in accordance with the terms and conditions set out in the Explanatory
Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 4 by Mr Cozijn or his nominee and by any associate of Mr Cozijn or
his nominee.

However, the Company need not disregard a vote on Resolution 4, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

5. Issue of Options to Director - Dr Bruce McCarthy or nominee

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That for the purposes of Chapter 2E of the Corporations Act, ASX Listing Rule
10.11 and for all other purposes, Shareholders approve and authorise the
allotment and issue of a total of 5,000,000 Options to Dr Bruce McCarthy or his
nominee in accordance with the terms and conditions set out in the Explanatory
Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 5 by Dr McCarthy or his nominee and by any associate of Dr McCarthy
or his nominee.

However, the Company need not disregard a vote on Resolution 5, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

6. Issue of Options to Director - Mr Raymond Barnes or nominee

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That, subject to Resolution 2 being passed, for the purposes of Chapter 2E of
the Corporations Act, ASX Listing Rule 10.11 and for all other purposes,
Shareholders approve and authorise the allotment and issue of a total of
4,000,000 Options to Mr Raymond Barnes or his nominee in accordance with the
terms and conditions set out in the Explanatory Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 6 by Mr Barnes or his nominee and by any associate of Mr Barnes or
his nominee.

However, the Company need not disregard a vote on Resolution 6, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

7. Issue of Options to Director - Mr Laxmi Bhandari or nominee

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That, subject to Resolution 3 being passed, for the purposes of Chapter 2E of
the Corporations Act, ASX Listing Rule 10.11 and for all other purposes,
Shareholders approve and authorise the allotment and issue of a total of
750,000 Options to Mr Laxmi Bhandari or his nominee in accordance with the
terms and conditions set out in the Explanatory Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 7 by Mr Bhandari or his nominee and by any associate of Mr Bhandari
or his nominee.

However, the Company need not disregard a vote on Resolution 7, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

8. Issue of Options to Director - Mr Ronald Miller or nominee

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That for the purposes of Chapter 2E of the Corporations Act, ASX Listing Rule
10.11 and for all other purposes, Shareholders approve and authorise the
allotment and issue of a total of 1,500,000 Options to Mr Ronald Miller or his
nominee in accordance with the terms and conditions set out in the Explanatory
Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 8 by Mr Miller or his nominee and by any associate of Mr Miller or
his nominee.

However, the Company need not disregard a vote on Resolution 8, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

9. Issue of Options to Director - Mr Benedict Clube or nominee

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That for the purposes of Chapter 2E of the Corporations Act, ASX Listing Rule
10.11 and for all other purposes, Shareholders approve and authorise the
allotment and issue of a total of 2,000,000 Options to Mr Benedict Clube or his
nominee in accordance with the terms and conditions set out in the Explanatory
Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 9 by Mr Clube or his nominee and by any associate of Mr Clube or his
nominee.

However, the Company need not disregard a vote on Resolution 9, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

10. Issue of Options to Director - Dr Bruce McCarthy or nominee (India
expatriate allowance)

To consider and, if thought fit, to pass the following resolution as an
ordinary resolution:

"That for the purposes of Chapter 2E of the Corporations Act, ASX Listing Rule
10.11 and for all other purposes, Shareholders approve and authorise the
allotment and issue of a total of 2,500,000 Options to Dr Bruce McCarthy or his
nominee in accordance with the terms and conditions set out in the Explanatory
Memorandum."

Voting exclusion statement: The Company will disregard any votes cast on
Resolution 10 by Dr McCarthy or his nominee and by any associate of Dr McCarthy
or his nominee.

However, the Company need not disregard a vote on Resolution 10, if:

(a) it is cast by a person as proxy for a person who is entitled to vote, in
accordance with the directions on the proxy form; or

(b) it is cast by the person chairing the meeting as proxy for a person who is
entitled to vote, in accordance with a direction on the proxy form to vote as
the proxy decides.

All members are invited to attend.

An Explanatory Memorandum to Shareholders (Annexure A) accompanies this Notice
of Meeting.

By Order of the Board

J.W.R. Laurie

Company Secretary

4 October 2010

PROXIES - The Notice of Annual General Meeting can be viewed in hardcopy form
(including proxy form) on the Company's website

1. A Proxy Form is enclosed with this Notice of Meeting.

2. Each member who is entitled to attend and cast a vote at the Annual General
Meeting may appoint a proxy. A proxy need not be a member.

3. A member who is entitled to cast 2 or more votes at the Annual General
Meeting may appoint either 1 or 2 proxies. If you wish to appoint 2 proxies
you must use a separate proxy form for each proxy and indicate the
percentage of your voting rights or the number of shares that each proxy is
appointed in respect of on the proxy forms. If you wish to appoint more
than 1 proxy you should photocopy the enclosed proxy form or request an
additional proxy form to be sent to you. Where a member appoints 2 proxies
and does not specify the proportion or number of the member's votes, each
proxy may exercise half of the member's rights.

4. An instrument appointing a proxy may not be treated as valid unless the
instrument, and the power of attorney or other authority (if any) under
which the instrument is signed or proof of the power or authority to the
satisfaction of the Directors, is or are:

* deposited at the Company's registered office at Level 2, 50 Kings Park
Road, West Perth, Western Australia;

* sent by facsimile to the Company at fax number [phone]; or

* deposited at the Company's share registry, Security Transfer Registrars Pty
Ltd, 770 Canning Highway, Applecross, Western Australia, 6153;

not less than 48 hours before the time for the holding of the Annual General
Meeting (or any adjournment of that meeting), as the case may be, at which the
person named in the instrument proposes to vote.

5. An instrument appointing a proxy must be in writing under the hand of the
appointer or of the appointer's attorney duly authorised in writing or, if
the appointer is a body corporate, either under its common seal if it has a
common seal, or under the hand of an officer or duly authorised attorney or
duly authorised representative.

6. A body corporate which is a Shareholder, or which has been appointed as a
proxy, may appoint an individual to act as its representative at the Annual
General Meeting. The appointment must comply with section 250D of the
Corporations Act. The representative should bring evidence of their
appointment to the Annual General Meeting, including authority under which
their appointment is signed, unless previously given to the Company.

7. In accordance with regulation 7.11.37 of the Corporations Regulations 2001,
the Company has determined that the shareholding of each person for the
purposes of determining entitlements to attend and vote at the Annual
General Meeting will be the entitlement of that person set out in the
Company's register as at 7.00pm (Sydney time) on 8 November 2010.
Accordingly, transactions registered after this time will be disregarded in
determining entitlements to attend and vote at the Annual General Meeting.

GLOSSARY

Words which are defined in the Explanatory Memorandum have the same meaning
when used in this Notice of Meeting unless the context requires otherwise. For
assistance in considering the Notice of Meeting the following words are defined
here:

"Annual General Meeting" means the annual general meeting of the Company
convened under the Notice of Meeting.

"ASX" means ASX Limited ACN 008 624 691 and where the context requires, the
financial market operated by ASX Limited trading as the Australian Securities
Exchange.

"Board" means the board of Directors of the Company.

"Company" means Oilex Ltd ABN 50 078 652 632.

"Constitution" means the constitution of the Company.

"Corporations Act" means the Corporations Act 2001 (Cth).

"Director" means a director of the Company from time to time.

"Explanatory Memorandum" means the explanatory memorandum accompanying this
Notice of Meeting at Annexure A.

"Listing Rules" means the listing rules of ASX.

"Notice of Meeting" means this notice of annual general meeting.

"Option" means an option to subscribe for a Share.

"Proxy Form" means the proxy form accompanying the Notice of Meeting.

"Resolution" means a resolution set out in the Notice of Meeting.

"Share" means a fully paid ordinary share in the capital of the Company.

"Shareholder" means a holder of Shares.

"Tranche 1 Option" has the meaning given in the Explanatory Memorandum on page
8.

"Tranche 2 Option" has the meaning given in the Explanatory Memorandum on page
8.

ANNEXURE A

OILEX LTD

EXPLANATORY MEMORANDUM

This Explanatory Memorandum has been prepared for the information of
Shareholders in connection with the business to be conducted at the Annual
General Meeting to be held on 10 November 2010.

This Explanatory Memorandum should be read in conjunction with the accompanying
Notice of Meeting.

BUSINESS OF THE MEETING

Financial and other reports

Section 317 of the Corporations Act requires the Directors of the Company to
put before the Annual General Meeting the financial report, directors' report
(including the remuneration report) and the auditor's report for the last
financial year that ended before the Annual General Meeting.

In accordance with section 250S of the Corporations Act, Shareholders will be
provided with a reasonable opportunity to ask questions or make statements in
relation to those reports but no formal resolution to adopt the reports will be
put to Shareholders at the Annual General Meeting (save for Resolution 1 in
respect of the adoption of the remuneration report).

Shareholders will also be given a reasonable opportunity to ask the auditor
questions about the conduct of the audit and the preparation and content of the
auditor's report. In addition to taking questions at the Annual General
Meeting, written questions to the Chairman about the management of the Company,
or the Company's auditor about:

* the preparation and content of the auditor's report;

* the conduct of the audit;

* accounting policies adopted by the Company in relation to the preparation
of the financial statements; and

* the independence of the auditor in relation to the conduct of the audit,

may be submitted no later than 5 business days before the Annual General
Meeting to the registered office of the Company.

A copy of Oilex Ltd's Annual Report 2010 is available in the Investor
Information section of the Company's website at: www.oilex.com.au.

RESOLUTIONS

1. Resolution 1 - Adoption of Remuneration Report

Section 250R of the Corporations Act requires that a resolution to adopt the
remuneration report must be put to the vote at the Annual General Meeting. The
vote on this Resolution is advisory only and does not bind the Directors or the
Company.

The remuneration report is set out in pages 33 to 41 of the Company's Annual
Report 2010, which is available on the Investor Information section of the
Company's website at www.oilex.com.au.

In accordance with section 250SA of the Corporations Act, Shareholders will be
provided with a reasonable opportunity to ask questions concerning, or make
comments on, the remuneration report at the Annual General Meeting.

2. Resolution 2 - Re-election of Mr Raymond Barnes as a Director

In accordance with Rule 5 of the Company's Constitution and ASX Listing Rule
14.4, a Director cannot hold office for more than 3 years without retiring by
rotation. Having been last re-appointed as a Director on 22 November 2007, Mr
Barnes is to retire by rotation at the Annual General Meeting, and being
eligible, offers himself for re-election as a Director.

Mr Barnes was appointed as an executive director of Oilex Ltd in September 2005
and is based in Perth, Western Australia. He has held the position of Technical
Director since being appointed to the Company. Mr Barnes has over 37 years
experience in the petroleum industry. He is not a director of any other public
company.

Full Name: Raymond George Barnes

Qualifications: BSc (Hons) Geology

Professional Membership: AICD. EAGE

The Board, with the exception of Mr Barnes, unanimously recommends that members
vote in favour of Mr Barnes' re-election as a Director.

3. Resolution 3 - Re-election of Mr Laxmi Bhandari as a Director

In accordance with Rule 5 of the Company's Constitution, one third of the
directors on the Board are required to retire each year. Having been last
re-appointed as a Director on 20 November 2008, Mr Bhandari is to retire by
rotation at the Annual General Meeting, and being eligible, offers himself for
re-election as a Director.

Mr Bhandari was appointed as a non-executive director of Oilex Ltd in November
2006 and is based in Delhi, India. Mr Bhandari has over 50 years experience in
the petroleum industry. He is not a director of any other public or private
company.

Full Name: Laxmi Bhandari

Qualifications: BSc Geology and MSc Geology

Professional Memberships: Geological Society of India, India Energy Forum.
Geoscientists Association of Rajasthan, Governing Council of University of
Petroleum Studies

The Board, with the exception of Mr Bhandari, unanimously recommends that
members vote in favour of Mr Bhandari's re-election as a Director.

4. Resolution 4 - Issue of Options to Director - Mr Cozijn or nominee

Resolution 4 seeks Shareholder approval for the Company to issue a total of
1,000,000 Options to Mr Max Cozijn or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 10 of this Explanatory Memorandum.

5 Resolution 5 - Issue of Options to Director - Dr McCarthy or nominee

Resolution 5 seeks Shareholder approval for the Company to issue a total of
5,000,000 Options to Dr Bruce McCarthy or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 11 of this Explanatory Memorandum.

6 Resolution 6 - Issue of Options to Director - Mr Raymond Barnes or nominee

Resolution 6 seeks Shareholder approval for the Company to issue a total of
4,000,000 Options to Mr Ray Barnes or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 11 of this Explanatory Memorandum.

Resolution 6 is subject to and dependent on Resolution 2 being passed. That is,
Resolution 6 will not be effective unless Resolution 2 is passed and Mr Raymond
Barnes is re-elected to the Board.

7 Resolution 7 - Issue of Options to Director - Mr Laxmi Bhandari or nominee

Resolution 7 seeks Shareholder approval for the Company to issue a total of
750,000 Options to Mr Laxmi Bhandari or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 11 of this Explanatory Memorandum.

Resolution 7 is subject to and dependent on Resolution 3 being passed. That is,
Resolution 7 will not be effective unless Resolution 3 is passed and Mr Laxmi
Bhandari is re-elected to the Board.

8 Resolution 8 - Issue of Options to Director - Mr Ronald Miller or nominee

Resolution 8 seeks Shareholder approval for the Company to issue a total of
1,500,000 Options to Mr Ronald Miller or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 11 of this Explanatory Memorandum.

9 Resolution 9 - Issue of Options to Director - Mr Benedict Clube or nominee

Resolution 9 seeks Shareholder approval for the Company to issue a total of
2,000,000 Options to Mr Benedict Clube or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 11 of this Explanatory Memorandum.

10 Resolution 10 - Issue of Options to Director - Dr McCarthy or nominee (India
expatriate allowance)

Resolution 10 seeks Shareholder approval for the Company to issue a total of
2,500,000 Options to Dr Bruce McCarthy or his nominee.

Details as to the purpose of the proposed issue of Options and the key terms of
the Options, together with the other information required to be provided by
regulation (including the ASX Listing Rules and the Corporations Act) are set
out below at numbered paragraph 11 of this Explanatory Memorandum.

The Board, with the exception of Dr McCarthy, unanimously recommends that
members vote in favour of Resolution 10.

11 Disclosures required for Resolutions 4 to 10

Shareholder approval for the issue of the Options the subject of Resolutions 4
to 10 is sought for the purposes of:

a. Chapter 2E of the Corporations Act - which governs the giving of financial
benefits to "related parties" which include directors of a public company;
and

b. ASX Listing Rule 10.11 - which generally provides that except in certain
circumstances (which do not apply in the present case), a company listed on
ASX cannot issue or grant securities to a related party without prior
shareholder approval.

As approval of Shareholders is being sought for Resolutions 4 to 10 pursuant to
ASX Listing Rule 10.11, shareholder approval under Listing Rule 7.1 is not
required, in accordance with Exception 14 of Listing Rule 7.2.

The following information is provided to assist Shareholders in assessing
Resolutions 4 to 10. This information has been provided in an aggregated form
for ease of understanding as the information in respect of each Resolution is
materially similar and to avoid the Notice being unnecessarily long. However,
each of Resolutions 4 to 10 is independent of the other Resolutions and will be
voted on separately.

Purpose of Issue of Options and Key Terms

The purpose of the issue of Options to each Director proposed in Resolutions 4
to 9 is in recognition of each Director's contribution to the Company's
development to date, and to provide an added incentive to the Directors to
contribute to increasing Shareholder value.

The purpose of the issue of the further 2,500,000 Options to Dr McCarthy
proposed in Resolution 10 is in lieu of an annual expatriate hardship monetary
allowance for Dr McCarthy living in India for the year commencing 31 March
2010.

Subject to adjustments in accordance with their terms, each Option proposed to
be issued is exercisable into one Share upon payment of the applicable exercise
price which is: (a) for Tranche 1 Options the amount equal to 135% of the 5 day
volume weighted average Share price for the 5 business days immediately prior
to the date of the Annual General Meeting; and (b) for Tranche 2 Options the
amount equal to 170% of the 5 day volume weighted average Share price for the 5
business days immediately prior to the date of the Annual General Meeting. The
Options will vest and be exercisable on the date of grant. but must be
exercised before their expiry date which is: (a) for Tranche 1 Options - 2
years after the date of grant and (b) for Tranche 2 Options - 4 years after the
date of grant. Unexercised Options will lapse on their expiry date. Details of
the key terms of the Tranche 1 Options and the Tranche 2 Options are set out in
Appendix 1 to this Explanatory Memorandum. Both the Tranche 1 Options and the
Tranche 2 Options will be issued on the same terms (as set out in Appendix 1 to
this Explanatory Memorandum) other than with respect to the exercise price and
the exercise period of the Options.

The Company will inform Shareholders of the actual exercise price for Tranche 1
and Tranche 2 Options, calculated by reference to the formulae set out in the
preceding paragraph, by both publishing that information on its website at
www.oilex.com.au and announcing the exercise price to the market on the ASX
electronic announcements platform prior to the Annual General Meeting.

The Board (excluding the relevant recipient Director) has made the decision to
issue the Options to each Director on the basis of an assessment of the
individual Director's contribution to the Company and also considered that each
Director's continuing involvement and contribution to the Company, taking into
account the fact that the Company operates with a relatively small number of
Directors, will be significant in achieving sustainable growth in Shareholder
value. The Board also took into account each Director's existing remuneration
package (details of which are set out in paragraph (f) on page 10 & 11 of this
Explanatory Memorandum).

Resolution Director Number of Options

4 Mr Cozijn 1,000,000 (500,000 Tranche 1 & 500,000
Tranche 2 Options)

5 Dr McCarthy 5,000,000 (3,000,000 Tranche 1 &
2,000,000 Tranche 2 Options)

6 Mr Barnes 4,000,000 (2,500,000 Tranche 1 &
1,500,000 Tranche 2 Options)

7 Mr Bhandari 750,000 (375,000 Tranche 1 and 375,000
Tranche 2 Options)

8 Mr Miller 1,500,000 (Tranche 1 Options)

9 Mr Clube 2,000,000 (Tranche 1 Options)

10 Dr McCarthy 2,500,000 (Tranche 1 Options)

Information required by Listing Rule 10.13

Listing Rule 10.11 provides that a company must not issue or agree to issue
securities to a related party without first obtaining the approval of
shareholders by ordinary resolution. As Resolutions 4 to 10 relate to the issue
of securities to Directors, Shareholder approval must be obtained.

Listing Rule 10.13 requires the following information to be provided to
Shareholders for the purpose of obtaining Shareholder approval pursuant to
Listing Rule 10.11.

References to Tranche 1 Options below means options which (Tranche 1 Options):

(a) vest on the date of grant;

(b) expire on the date which is 2 years after the date of grant; and

(c) have an exercise price in an amount equal to 135% of the 5 day volume
weighted average Share price for the 5 business days immediately prior to the
date of the Annual General Meeting.

References to Tranche 2 Options below means options which (Tranche 2 Options):

(a) vest on the date of grant;

(b) expire on the date which is 4 years after the date of grant; and

(c) have an exercise price in an amount equal to 170% of the 5 day volume
weighted average Share price for the 5 business days immediately prior to the
date of the Annual General Meeting.

Resolution: Recipient of Number, Other terms and Use of funds
Options and date Consideration, conditions: raised:
of grant: exercise price,
vesting and
expiry dates:

Resolution The Options will 1,000,000 The Options There will be
4 - Issue be issued to Mr Options will be issued no funds raised
of Options Cozijn or his comprising on the terms from the issue
to Mr nominee(s) as 500,000 Tranche and conditions of the Options.
Cozijn soon as 1 Options & set out in Any funds
practicable after 500,000 Tranche Appendix 1 to raised from the
the date of the 2 Options this exercise of the
Annual General Explanatory Options will be
Meeting, but in No cash Memorandum. All used for the
any event no consideration Shares issued working capital
later than 1 will be payable upon exercise purposes of the
month after the on issue of the of any Options Company.
date of the Options. will rank
meeting equally with
all existing
Shares.

Resolution The Options will 5,000,000 As above. As above.
5 - Issue be issued to Dr Options
of Options McCarthy or his comprising
to Dr nominee(s) as 3,000,000
McCarthy soon as Tranche 1
practicable after Options &
the date of the 2,000,000
Annual General Tranche 2
Meeting, but in Options
any event no
later than 1 No cash
month after the consideration
date of the will be payable
meeting on issue of the
Options.

Resolution The Options will 4,000,000 As above As above
6 - Issue be issued to Mr Options
of Options Barnes or his comprising
to Mr nominee(s) as 2,500,000
Barnes soon as Tranche 1
practicable after Options &
the date of the 1,500,000
Annual General Tranche 2
Meeting, but in Options
any event no
later than 1 No cash
month after the consideration
date of the will be payable
meeting on issue of the
Options.

Resolution The Options will 750,000 Options As above As above
7 - Issue be issued to Mr comprising
of Options Bhandari or his 375,000 Tranche
to Mr nominee(s) as 1 Options &
Bhandari soon as 375,000 Tranche
practicable after 2 Options
the date of the
Annual General No cash
Meeting, but in consideration
any event no will be payable
later than 1 on issue of the
month after the Options.
date of the
meeting.

Resolution The Options will 1,500,000 As above As above
8 - Issue be issued to Mr Options
of Options Miller or his comprising
to Mr nominee(s) as 1,500,000
Miller soon as Tranche 1
practicable after Options
the date of the
Annual General No cash
Meeting, but in consideration
any event no will be payable
later than 1 on issue of the
month after the Options.
date of the
meeting

Resolution The Options will 2,000,000 As above As above
9 - Issue be issued to Mr Options
of Options Clube or his comprising
to Mr Clube nominee(s) as 2,000,000
soon as Tranche 1
practicable after Options
the date of the
Annual General No cash
Meeting, but in consideration
any event no will be payable
later than 1 on issue of the
month after the Options.
date of the
meeting

Resolution The Options will 2,500,000 As above. As above.
10 - Issue be issued to Dr Tranche 1
of Options McCarthy or his Options
to Dr nominee(s) as
McCarthy soon as No cash
practicable after consideration
the date of the will be payable
Annual General on issue of the
Meeting, but in Options.
any event no
later than 1
month after the
date of the
meeting

Chapter 2E of the Corporations Act

Chapter 2E of the Corporations Act prohibits the Company from giving a
financial benefit (which includes the issue of an Option) to a related party of
the Company, unless either:

(a) the giving of the financial benefit falls within one of the nominated
exemptions in Chapter 2E of the Corporations Act; or

(b) prior Shareholder approval is obtained for the giving of the financial
benefit.

For the purposes of Chapter 2E, each Director is considered to be a related
party of the Company. The proposed issue of Options to Directors involves the
provision of a financial benefit to a related party of the Company and,
therefore, requires prior Shareholder approval.

In accordance with the requirements of Chapter 2E of the Corporations Act, the
following information is provided to Shareholders to allow them to assess the
proposed issue of Options:

(a) The related parties of the Company to whom the financial benefit would be
given if Shareholders approve Resolutions 4 to 10 are Mr Cozijn, Dr McCarthy,
Mr Barnes, Mr Bhandari, Mr Miller and Mr Clube.

(b) The nature of the financial benefit to be given is the issue of Options to
each Director. If the Company's Shares are trading on the ASX at a higher price
than the exercise price of the Options at the time of the exercise of the
Options, the effect will be to give an immediate financial benefit to each
Director at the time they each exercise the Options.

(c) Directors' abstentions:

(i) Mr Cozijn declines to make a recommendation about Resolution 4 as he has a
material personal interest in the outcome of the Resolution. The remaining 5
Directors decline to make a recommendation about Resolution 4 due to their
interest in Resolutions 5 to 10 respectively.

(ii) Dr McCarthy declines to make a recommendation about Resolutions 5 and 10
as he has a material personal interest in the outcome of the Resolutions. The
remaining 5 Directors decline to make a recommendation about Resolution 5 due
to their interest in Resolutions 4 and 6 to 9 respectively.

(iii) Mr Barnes declines to make a recommendation about Resolution 6 as he has
a material personal interest in the outcome of the Resolution. The remaining 5
Directors decline to make a recommendation about Resolution 6 due to their
interest in Resolutions 4, 5 and 7 to 10 respectively.

(iv) Mr Bhandari declines to make a recommendation about Resolution 7 as he has
a material personal interest in the outcome of the Resolution. The remaining 5
Directors decline to make a recommendation about Resolution 7 due to their
interest in Resolutions 4 to 6 and 8 and 10 respectively.

(v) Mr Miller declines to make a recommendation about Resolution 8 as he has a
material personal interest in the outcome of the Resolution. The remaining 5
Directors decline to make a recommendation about Resolution 8 due to their
interest in Resolutions 4 to 7 and 10 respectively.

(vi) Mr Clube declines to make a recommendation about Resolution 9 as he has a
material personal interest in the outcome of the Resolution. The remaining 5
Directors decline to make a recommendation about Resolution 9 due to their
interest in Resolutions 4 to 8 and Resolution 10 respectively.

(d) No cash consideration will be payable upon issue of the Options. The other
key terms of the Options are:

(i) Tranche 1 Options:

* vest on the date of grant;

* expire on the date which is 2 years after the date of grant; and

* have an exercise price in an amount equal to 135% of the 5 day volume
weighted average Share price for the 5 business days immediately prior to
the date of the Annual General Meeting.

(ii) Tranche 2 Options:

* vest on the date of grant;

* expire on the date which is 4 years after the date of grant; and

* have an exercise price in an amount equal to 170% of the 5 day volume
weighted average Share price for the 5 business days immediately prior to
the date of the Annual General Meeting.

(e) An estimate of the value of the Options proposed to be issued pursuant to
Resolutions 4 to 10 using the Black Scholes option pricing model has been
calculated as set out below:

Resolution Name of Number of Total Value using Black
Related Party Options Scholes Model based on
grant date of 4 Oct 2010

4 Mr Cozijn 1,000,000 $98,889

5 Dr McCarthy 5,000,000 $480,652

6 Mr Barnes 4,000,000 $381,764

7 Mr Bhandari 750,000 $74,167

8 Mr Miller 1,500,000 $127,646

9 Mr Clube 2,000,000 $170,194

10 Dr McCarthy 2,500,000 $212,743

This has been calculated with the following assumptions:

(i) risk free interest rate of 4.5%;

(ii) current Share price of $0.19, being the average closing price of the
Company's Shares on ASX over the last 5 trading days prior to 4 October 2010;

(iii) dividend yield of 0%;

(iv) forecast volatility of 95.2%;

(v) Option exercise price of: Tranche 1 Options $0.26; and Tranche 2 Options
$0.32; and

(vi) Option term of: Tranche 1 Options - 2 years from 4 October 2010; and
Tranche 2 Options - 4 years from 4 October 2010.

(f) Details of the remuneration received by each of the Directors during the
year ended 30 June 2010 is as follows:

Director Remuneration in year ended 30 June 2010

Mr Cozijn Mr Cozijn received a remuneration package of $87,200
from the Company during the year ended 30 June 2010 for
his role as Chairman and no direct or indirect share
based payments. As at the date of this Notice of
Meeting, the total remuneration package for Mr Cozijn
is $87,200 per annum. This package consists of a
remuneration package of $87,200 and no share based
payments. The remuneration relating to his unexpired
existing Options comprising 250,000 Options previously
issued at the exercise price of $2.00 and 250,000
Options previously issued at the exercise price of
$2.50 has been expensed in prior years. Any Options
issued in accordance with Resolution 4 will be in
addition to that remuneration package.

Dr McCarthy Dr McCarthy received a remuneration package of $399,996
from the Company during the year ended 30 June 2010 for
his role as Managing Director (provided through his
company Macuale Consultancy Pty Ltd), plus $50,637 in
non-monetary benefits, and no direct or indirect share
based payments. As at the date of this Notice of
Meeting, the total remuneration package for Dr McCarthy
is $400,000 per annum. This package consists of a
remuneration package of $400,000 and no share based
payments. The remuneration relating to his unexpired
existing 2,000,000 Options previously issued at the
exercise price of $2.00 and 2,000,000 Options
previously issued at an exercise price of $2.50 has
been expensed in prior years. Any Options issued in
accordance with Resolution 5 and 10 will be in addition
to that remuneration package.

Mr Barnes Mr Barnes received a remuneration package of $348,000
from the Company during the year ended 30 June 2010 for
his role as Technical Director (provided through his
company Ad Valorem Resource Consultants Pty Ltd) and no
direct or indirect share based payments. As at the date
of this Notice of Meeting, the total remuneration
package for Mr Barnes is $396,000 per annum. This
package consists of a remuneration package of $396,000
and no share based payments. The remuneration relating
to the unexpired existing 1,500,000 Options previously
issued at the exercise price of $2.00 and 1,500,000
Options previously issued at an exercise price of $2.50
has been expensed in prior years. Any Options issued in
accordance with Resolution 6 will be in addition to
that remuneration package.

Mr Bhandari Mr Bhandari received a remuneration package of $34,880
from the Company during the year ended 30 June 2010 for
his role as Non-executive Director and no direct or
indirect share based payments. As at the date of this
Notice of Meeting, the total remuneration package for
Mr Bhandari is $43,600 per annum. This package consists
of a remuneration package of $43,600 and no share based
payments. The remuneration relating to the unexpired
existing 150,000 Options previously issued at the
exercise price of $2.00 and 150,000 Options previously
issued at an exercise price of $2.50 has been expensed
in prior years. Any Options issued in accordance with
Resolution 7 will be in addition to that remuneration
package.

Mr Miller Mr Miller received $34,880 for his services as a
Director of the Company during the year ended 30 June
2010 in addition to $164,552 in direct or indirect
share based payments. The Company and its subsidiaries
also used the services of Ematvil Pty Ltd, a company
associated with Mr Miller. Rates charged by Ematvil Pty
Ltd were at market rate and Mr Miller received indirect
remuneration of $66,608 from the Company for
consultancy services provided by Ematvil Pty Ltd for
the year ended 30 June 2010. These services are not
connected with his duties as a Director and the Company
continues to use these consultancy services. As at the
date of this Notice of Meeting the total remuneration
package for Mr Miller in his capacity as a Director is
$34,880 per annum inclusive of superannuation plus $762
share based payments relating to 750,000 Options
previously issued at the exercise prices of $0.30. Any
Options issued in accordance with Resolution 8 will be
in addition to that remuneration package.

Mr Clube Mr Clube received a remuneration package of $323,549
from the Company during the year ended 30 June 2010 for
his role as Finance Director in addition to $450,287 in
share based payments. As at the date of this Notice of
Meeting, the total remuneration package for Mr Clube is
$419,950 per annum. This package consists of a
remuneration package of $370,600 and $49,350 share
based payments relating to 500,000 Options previously
issued at the exercise prices of $2.75 and 1,500,000
Options previously issued at an exercise price of
$0.30. The remuneration relating to the unexpired
existing 500,000 Options previously issued at an
exercise price of $1.75 and 500,000 Options previously
issued at an exercise price of $2.25 has been expensed
in prior years. Any Options issued in accordance with
Resolution 9 will be in addition to that remuneration
package.

(g) Neither the Directors nor the Company are aware of any other information
that would be reasonably required by Shareholders to make a decision whether it
is in the best interests of the Company to pass Resolutions 4 to 10 other than
as follows:

(i) Following the passage of Resolutions 4 to 10, the direct and indirect
interest of each Director in Shares and Options will be as follows:

Director Shares Options

Number Grant Vesting Exercise Expiry
date date Price

Mr Cozijn 1,500,000 250,000 22/11/07 30/11/07 $2.00 01/07/11

250,000 22/11/07 01/07/08 $2.50 01/07/11

500,000 Note 1 Note 1 Note 2 2 yrs from grant
date
500,000 Note 1 Note 1 Note 3
4 yrs from grant
date

Dr 1,150,000 2,000,000 22/11/07 30/11/07 $2.00 01/07/11
McCarthy
2,000,000 22/11/07 01/07/08 $2.50 01/07/11

5,500,000 Note 1 Note 1 Note 2 2 yrs from grant
date
2,000,000 Note 1 Note 1 Note 3
4 yrs from grant
date

Mr Barnes 798,871 1,500,000 22/11/07 30/11/07 $2.00 01/07/11

1,500,000 22/11/07 01/07/08 $2.50 01/07/11

2,500,000 Note 1 Note 1 Note 2 2 yrs from grant
date
1,500,000 Note 1 Note 1 Note 3
4 yrs from grant
date

Mr - 150,000 22/11/07 30/11/07 $2.00 01/07/11
Bhandari
150,000 22/11/07 01/07/08 $2.50 01/07/11

375,000 Note 1 Note 1 Note 2 2 yrs from grant
date
375,000 Note 1 Note 1 Note 3
4 yrs from grant
date

Mr Miller 2,524,436 750,000 26/11/09 01/07/10 $0.30 01/07/14

1,500,000 Note 1 Note 1 Note 2 2 yrs from grant
date

Mr Clube 52,174 500,000 01/05/08 30/04/09 $1.75 30/06/11

500,000 01/05/08 30/04/10 $2.25 30/06/11

500,000 01/05/08 30/04/11 $2.75 30/06/12

1,500,000 26/11/09 01/07/10 $0.30 01/07/14

2,000,000 Note 1 Note 1 Note 2 2 yrs from grant
date

Notes:

Note 1: The grant date will be within 1 month of the date of obtaining
Shareholder approval to issue the Options. The Options will vest on the same
date.

Note 2: The exercise price will be an amount equal to 135% of the 5 day volume
weighted average Share price for the 5 business days immediately prior to the
date of the Annual General Meeting.

Note 3: The exercise price will be an amount equal to 170% of the 5 day volume
weighted average Share price for the 5 business days immediately prior to the
date of the Annual General Meeting.

(ii) Directors currently hold 11,550,000 Options as follows:

* 8,800,000 Options have exercise prices ranging from $1.75 to $2.50 and are
due to expire between 30 June 2011 and 1 July 2011;

* 500,000 Options have an exercise price of $2.25 and are due to expire on 30
June 2012;

* 2,250,000 Options have an exercise price of $0.30 and are due to expire on
1 July 2014;

(iii) During the year ending 30 June 2010 4,500,000 Options held by Directors
expired;

(iv) If all of the Options (which in aggregate amount to 16,750,000 Options)
are issued and are exercised, the Company's Share capital will be diluted by
approximately 7.07%. This calculation:

* is based on the number of Shares on issue at the date of the Notice of
Meeting (which is 220,074,885); and

* assumes that no other options are exercised;

(v) The primary purpose of the issue of the Options is to recognise each
Director's contribution to the Company's development to date and to provide an
added incentive to each Director to contribute to increasing Shareholder value;
and

(vi) For information purposes, the Company intends to issue approximately
5,500,000 Options (comprising Tranche 1 and Tranche 2 Options) to employees
under the Employee Performance Rights Plan Rules, following the Annual General
Meeting.

(h) Over the last 12 months prior to the date of this Notice of Meeting, the
Company's Shares have traded as follows on the ASX:

Cents Date

High $0.38 12 November 2009

Low $0.07 18 June 2010

Last $0.195 1 October 2010

Australian International Financial Reporting Standards

Under AASB 2 Share-based Payments, pursuant to the adoption of Australian
International Financial Reporting Standards (AIFRS), the Company is required to
recognise the fair value of Options granted to Directors, employees,
consultants and other advisors as an expense on a pro-rata basis over the
vesting period of each Option in the Company's income statement with a
corresponding adjustment to equity on the Company's balance sheet.

Using the assumed Option value derived from the Black Scholes option pricing
calculations set out above in this Explanatory Memorandum, the impact of the
issue of Options on the Company's income statement for the financial year ended
30 June 2011 under each of Resolution 4 to 10 would be as follows:

Resolution number Director name Assumed value 30 June 2011
of Options Income Statement

Resolution 4 Mr Cozijn $98,889 $98,889

Resolution 5 Dr McCarthy $480,652 $480,652

Resolution 6 Mr Barnes $381,764 $381,764

Resolution 7 Mr Bhandari $74,167 $74,167

Resolution 8 Mr Miller $127,646 $127,646

Resolution 9 Mr Clube $170,194 $170,194

Resolution 10 Dr McCarthy $212,743 $212,743

It should be noted that the actual expense amounts may differ from those set
out above if the assumptions underlying the Black Scholes pricing model at the
date of issue of the Options vary from those set out above.

APPENDIX 1 TO ANNEXURE A

OILEX LTD

ABN 58 078 652 632

OPTIONS TERMS & CONDITIONS

1. Subject to clause 12, each Option entitles the holder, when exercised, to
one (1) Share.

2. The Options are exercisable at any time between the vesting date (insert
grant date) (Vesting Date) and 5.00 pm WST on the expiry date (insert
expiry date) by notice in writing to the Company accompanied by payment of
the exercise price.

3. Should the Director resign after the Vesting Date, then the Director
retains the Options until the earlier of their expiry or exercise.

4. An Option will lapse if the Director has resigned or his employment ceased
prior to the Option's Vesting Date.

5. The Options can be exercised in whole or in part, and if exercised in part
multiples of 10,000 must be exercised on each occasion, except where the
number of Options held is less than 10,000, in which case all such Options
must be exercised at the same time.

6. The exercise price of each Option shall be $(insert price).

7. The Options can be transferred and will be unlisted.

8. All Shares issued upon exercise of the Options will rank pari passu in all
respects with the Company's then existing fully paid Shares. The Company
will apply for Official Quotation by the ASX of all Shares issued upon
exercise of the Options.

9. There are no participating rights or entitlements inherent in the Options
to participate in any new issue of securities (including any pro-rata
issue) which may be offered to Shareholders of the Company from time to
time prior to the Options expiry date. However at least 10 business days
before the record date to determine entitlements to any such new issue of
securities, the Company will notify the Option holder(s) of the proposed
new issue. This will afford the Option holder(s) an opportunity to exercise
all or some of the Options prior to the record date of any such new issue
and then participate in that new issue (with respect to the Shares issued
on exercise of the Options).

10. The Options do not confer on the Option holder any right to a change in the
exercise price, or a change to the number of Shares to be issued on
exercise of the Options for any new issue of securities (including any
pro-rata issues).

11. The Options do not confer on the Option holder any right to participate in
dividends until Shares are allotted pursuant to the exercise of the Options
after which such Shares will qualify for any dividend paid on the fully
paid ordinary shares in the Company with a record date after the date of
allotment.

12. In the event of a reorganisation of the issued capital of the Company, the
Options will be reorganised in accordance with the Listing Rules of the ASX
(if applicable) and in any case in a manner which will not result in any
benefits being conferred on Option holders which are not conferred on
Shareholders.

13. The number of Shares to be issued pursuant to the exercise of Options will
be adjusted for bonus issues made prior to exercise of the Options so that,
upon exercise of the Options, the number of Shares received by the Option
holder will include the number of bonus Shares that would have been issued
if the Options had been exercised prior to the record date to determine
entitlements for the bonus issues. The exercise price of the Options shall
not change as a result of any such bonus issues.

NOTICE OF EXERCISE OF OPTIONS

To: The Directors Share Registry: Security Transfer
Registrars Pty Ltd
Oilex Ltd
Suite 1, 770 Canning Highway
Level 2
APPLECROSS WA 6153
50 Kings Park Road
Email: [e-mail]
WEST PERTH WA 6005
Website: www.securitytransfer.com.au

Ph: (618) 9315 2333 Fax: [phone]

I/We Shareholder Number:

Of

Being the registered holder of Options hereby exercise such Options to
subscribe for Ordinary fully paid

shares at $(insert exercise price) per share. I/We enclose application money of
$ and authorise you to register me/us as the holder of the shares to be
allotted to me/us and I/we agree to accept such shares subject to the Rules of
the Constitution of the Company

Security Security Holder Security Holder 3 Date:
Holder 1 2

Director Director/ Sole Director/ Day / Month / Year
Secretary Secretary

Contact Name Contact
Telephone Number

This application, with application money in Australian Currency, should be
lodged at the Company's Share Registry on or before the Expiry Date. Cheques
should be made payable to Oilex Ltd and forwarded to Security Transfer
Registrars Pty Ltd.

[ToBeMe]

Wednesday 06 October, 2010Oilex Ltd
Annual Report to Shareholders 30 June 2010

6 October 2010

AIM Market

London Stock Exchange
10 Paternoster Square
London EC4M 7LS

Dear Sir,

Oilex Ltd Annual Report to Shareholders 30 June 2010


A copy of the Oilex Ltd Annual Report for year ending 30 June 2010 can be
viewed on the Company's website www.oilex.com.au.

Yours sincerely,

Jay Laurie

Company Secretary



For further information, please contact:

Oilex Ltd [phone] (Western Australia)

Bruce McCarthy Managing Director

Ben Clube, Finance Director

[e-mail]

Read Corporate [phone] (Western Australia)

Nicholas Read

[e-mail]

Conduit PR [phone] (UK)

Paul Youens [phone] (UK)

Jonathan Charles [phone] (UK)

[e-mail]

[e-mail]


END