Acquisition in Cooper-Eromanga Basins

Investor Enquires

Oilex Ltd

Joe Salomon

Managing Director

Email: [email protected]

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

Broker

Colin Rowbury

Email: [email protected]

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer

Email: [email protected]

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: [email protected]

[email protected]

Tel:+ 44 20 7390 0230

UK

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: [email protected]

Tel: +618 6160 4900

Australia

Name of entity

OILEX LTD

ABN

50 078 652 632

1

+Class of +securities issued or to be issued

Fully Paid Ordinary Shares

2

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

24,250,150

3

Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully Paid Ordinary Shares

4

Do the +securities rank 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

Yes

5

Issue price or consideration

Deemed issue price of $0.003 per share

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

Acquisition of Holloman Petroleum Pty Ltd

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

Yes

6b

The date the security holder resolution under rule 7.1A was passed

29 November 2018

6c

Number of +securities issued without security holder approval under rule 7.1

24,250,150 shares

6d

Number of +securities issued with security holder approval under rule 7.1A

Not applicable

6e

Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

Not applicable

6f

Number of +securities issued under an exception in rule 7.2

Not applicable

6g

If +securities issued under rule 7.1A was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation.

Not applicable

6h

If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

Not applicable

6i

Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

Listing Rule 7.1: 111,356,096

Listing Rule 7.1A: 237,355,731

7

+Issue dates

Notes: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in appendix 7A.

Cross reference: item 33 of Appendix 3B.

7 August 2019

8

Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)

Number

+Class

2,611,568,151

Fully Paid Ordinary Shares

9

Number and +class of all +securities not quoted on ASX (including the securities in section 2 if applicable)

Number

+Class

60,664,887

2,222,222

6,666,667

Options

($0.004121, 1/10/2019)

Options

(£0.00225, 22/05/2020)

Options

(£0.0036, 24/12/2020)

10

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

Not applicable

11

Is security holder approval required?

Not applicable

12

Is the issue renounceable or non-renounceable?

13

Ratio in which the +securities will be offered

14

+Class of +securities to which the offer relates

15

+Record date to determine entitlements

16

Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

17

Policy for deciding entitlements in relation to fractions

18

Names of countries in which the entity has security holders who will not be sent new issue documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.

19

Closing date for receipt of acceptances or renunciations

20

Names of any underwriters

21

Amount of any underwriting fee or commission

22

Names of any brokers to the issue

23

Fee or commission payable to the broker to the issue

24

Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders

25

If the issue is contingent on security holders' approval, the date of the meeting

26

Date entitlement and acceptance form and offer documents will be sent to persons entitled

27

If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

28

Date rights trading will begin (if applicable)

29

Date rights trading will end (if applicable)

30

How do security holders sell their entitlements in full through a broker?

31

How do security holders sell part of their entitlements through a broker and accept for the balance?

32

How do security holders dispose of their entitlements (except by sale through a broker)?

33

+Issue date

34

Type of securities

(tick one)

(a)

ü

+Securities described in Part 1

(b)

o

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)

Tick to indicate you are providing the information or documents

35

If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36

If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 - 1,000

1,001 - 5,000

5,001 - 10,000

10,001 - 100,000

100,001 and over

37

A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

38

Number of securities for which +quotation is sought

Not applicable

39

+Class of +securities for which quotation is sought

40

Do the +securities rank equally in all respects from the +issue date 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

41

Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another +security, clearly identify that other +security)

42

Number and +class of all +securities quoted on ASX (including the securities in clause 38)

Number

+Class

Rule 7.1 - Issues exceeding 15% of capital

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

Insert number of fully paid +ordinary securities on issue 12 months before the +issue date or date of agreement to issue

2,001,968,379 shares

Add the following:

• Number of fully paid +ordinary securities issued in that 12 month period under an exception in rule 7.2

90,190,999 shares (Issued 16/11/18)

10,000,000 shares (Issued 5/12/18)

·; Number of fully paid +ordinary securities issued in that 12 month period with shareholder approval

157,894,737 shares (Issued 17/09/2018)

10,843,344 shares (Issued 26/09/2018)

91,222,451 shares (Issued 26/09/2018)

3,467,070 shares (Issued 26/09/2018)*

1,724,904 shares (Issued 29/11/2018)*

2,772,864 shares (Issued 01/04/2019)^

3,472,569 shares (Issued 18/06/2019)^

* approved by shareholders on 29/11/2017

^ approved by shareholders on 29/11/2018

• Number of partly paid +ordinary securities that became fully paid in that 12 month period

Nil

Note:

• Include only ordinary securities here - other classes of equity securities cannot be added

• Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed

• It may be useful to set out issues of securities on different dates as separate line items

Subtract the number of fully paid +ordinary securities cancelled during that 12 month period

Nil

"A"

2,373,557,317

Step 2: Calculate 15% of "A"

"B"

0.15

[Note: this value cannot be changed]

Multiply "A" by 0.15

356,033,597

Step 3: Calculate "C", the amount of placement capacity under rule 7.1 that has already been used

Insert number of +equity securities issued or agreed to be issued in that 12 month period not counting those issued:

• Under an exception in rule 7.2

• Under rule 7.1A

• With security holder approval under rule 7.1 or rule 7.4

Note:

• This applies to equity securities, unless specifically excluded - not just ordinary securities

• Include here (if applicable ) the securities the subject of the Appendix 3B to which this form is annexed

• It may be useful to set out issues of securities on different dates as separate line items

29,120,559 shares (Issued 14/12/2018)

71,527,778 shares (Issued 21/12/2018)

4,291,667 options (Issued 21/12/2018)

39,583,333 shares (Issued 21/12/2018)

2,375,000 options (Issued 21/12/2018)

55,555,556 shares (Issued 21/12/2018)

13,888,889 shares (Issued 18/01/2019)

1,760,000 shares (Issued 01/04/2019)

2,324,569 shares (Issued 18/06/2019)

24,250,150 shares (Issued 07/08/2019)

"C"

244,677,501

Step 4: Subtract "C" from ["A" x "B"] to calculate remaining placement capacity under rule 7.1

"A" x 0.15

Note: number must be same as shown in Step 2

356,033,597

Subtract "C"

Note: number must be same as shown in Step 3

244,677,501

Total ["A" x 0.15] - "C"

111,356,096

[Note: this is the remaining placement capacity under rule 7.1]

Rule 7.1A - Additional placement capacity for eligible entities

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

"A"

Note: number must be same as shown in Step 1 of Part 1

2,373,557,317

Step 2: Calculate 10% of "A"

"D"

0.10

Note: this value cannot be changed

Multiply "A" by 0.10

237,355,731

Step 3: Calculate "E", the amount of placement capacity under rule 7.1A that has already been used

Insert number of equity securities issued or agreed to be issued in that 12 month period under rule 7.1A

Notes:

• This applies to equity securities - not just ordinary securities

• Include here - if applicable - the securities the subject of the Appendix 3B to which this form is annexed

• Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained

• It may be useful to set out issues of securities on different dates as separate line items

Nil

"E"

Nil

Step 4: Subtract "E" from ["A" x "D"] to calculate remaining placement capacity under rule 7.1A

"A" x 0.10

Note: number must be same as shown in Step 2

237,355,731

Subtract "E"

Note: number must be same as shown in Step 3

Nil

Total ["A" x 0.10] - "E"

237,355,731

Note: this is the remaining placement capacity under rule 7.1A