Appendix 3B

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

Approximately 169,476,510 fully paid ordinary shares in Oilex Ltd (Oilex) pursuant to a renounceable rights issue (Rights Issue).

3

Principal terms of the +securities (e.g. 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 +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

Yes.

5

Issue price or consideration

A$0.041 per share for eligible shareholders registered on the ASX.

£0.02 per share for eligible Depository

Interest holders.

6

Purpose of the issue

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

The net proceeds of the Rights Issue will be used to fund part of the Cambay and Bhandut Field work programmes for the 2015/16 year, minimum work commitments in the Canning Basin and working capital.

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

No.

6b

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

N/A.

6c

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

N/A.

6d

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

N/A.

6e

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

N/A.

6f

Number of +securities issued under an exception in rule 7.2

N/A.

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.

N/A.

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

N/A.

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

N/A.

7

+Issue dates

Note: 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.

5 August 2015

Number

+Class

8

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

After the Rights Issue there will be approximately 892,776,015 shares on issue, this includes 45,393,466 Tranche 1 shares to be issued on or about 14 July 2015

The exact number is still to be finalised and is subject to rounding of securityholder entitlements.

188,596,471

Fully paid ordinary shares

Listed options exercisable at $0.15 each by 7/9/15

Number

+Class

9

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

75,000

3,000,000

5,000,000

500,000

2,000,000

2,000,000

3,000,000

250,000

500,000

1,325,000

1,500,000

2,000,000

5,000,000

500,000

250,000

1,075,000

500,000

4,000,000

1,500,000

$0.63 options due 1/8/15

$0.15 options due 17/12/15

$0.25 options due 08/3/16

$0.15 options due 27/6/16

$0.15 options due 04/11/16

0.15 options due 11/11/16

$0.15 options due 5/12/16

$0.15 options due 10/3/17

$0.25 options due 27/6/17

$0.25 options due 5/8/17

$0.25 options due 25/8/17

$0.25 options due 11/11/17

$0.10 options due 22/12/17

$0.25 options due 16/2/18

$0.25 options due 10/3/18

$0.35 options due 5/8/18

$0.35 options due 16/2/19

$0.15 options due 29/4/19

$0.35 options due 25/8/19

10

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

N/A.

11

Is security holder approval required?

No.

12

Is the issue renounceable or non-renounceable?

Renounceable.

13

Ratio in which the +securities will be offered

1:4

14

+Class of +securities to which the offer relates

Fully paid ordinary shares.

15

+Record date to determine entitlements

5.00pm (AWST) 14 July 2015

16

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

No.

17

Policy for deciding entitlements in relation to fractions

Where fractions arise in the calculation of ordinary share entitlements under the Rights Issue they will be rounded up to the next whole number of new ordinary shares.

18

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

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

Cross reference: rule 7.7.

Only shareholders with a registered address in Australia, New Zealand and the United Kingdom will receive the offer documentation.

19

Closing date for receipt of acceptances or renunciations

5.00pm (AWST) 28 July 2015

20

Names of any underwriters

Patersons Securities Limited

21

Amount of any underwriting fee or commission

6%

22

Names of any brokers to the issue

N/A.

23

Fee or commission payable to the broker to the issue

N/A.

24

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

N/A.

25

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

N/A.

26

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

17 July 2015

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

8 July 2015

28

Date rights trading will begin (if applicable)

10 July 2015

29

Date rights trading will end (if applicable)

21 July 2015

30

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

By completing the "Instructions to Stockbroker" section within the Entitlement and Acceptance Form, which accompanies the Offer Booklet, and providing it to their Stockbroker.

31

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

As noted in Part 2, No. 30 of this Appendix 3B above.

32

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

By completing a Renunciation Form (obtainable through their stockbroker or Oilex's share registry) with the Entitlement and Acceptance Form, completed by the transferee, together with a cheque for the appropriate application monies and providing them to Oilex's share registry.

33

+Issue date

5 August 2015

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

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

38

Number of +securities for which +quotation is sought

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)

Number

+Class

42

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

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

Add the following:

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

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

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

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

"A"

Step 2: Calculate 15% of "A"

"B"

0.15

[Note: this value cannot be changed]

Multiply "A" by 0.15

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

"C"

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

Subtract "C"

Note: number must be same as shown in Step 3

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

[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

Step 2: Calculate 10% of "A"

"D"

0.10

Note: this value cannot be changed

Multiply "A" by 0.10

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

"E"

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

Subtract "E"

Note: number must be same as shown in Step 3

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

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