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APPENDIX 3Y

7th Dec 2009 08:49

Rule 3.19A.2 Appendix 3Y Change of Director's Interest Notice Information or documents not available now must be given to ASX as soon asavailable. Information and documents given to ASX become ASX's property and maybe made public.Introduced 30/9/2001.Name of entity OILEX LTD ABN 50 078 652 632 We (the entity) give ASX the following information under listing rule 3.19A.2and as agent for the director for the purposes of section 205G of theCorporations Act.Name of Director Benedict James Murray Clube Date of last notice 01/07/2009

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) ofthe definition of "notifiable interest of a director" should be disclosed inthis part.Direct or indirect interest Direct & Indirect Nature of indirect interest Clube Superannuation Fund (Indirect)

(including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. Date of change 26/11/09 No. of securities held prior 52,174 Ordinary Shares - (Indirect)

to change 500,000 $1.75 Options expiry 30/06/11 - (Direct) 500,000 $2.25 Options expiry 30/06/11 - (Direct) 500,000 $2.75 Options expiry 30/06/12 - (Direct) Class Unlisted $0.30 Options vesting 1/07/10 expiry 01 /07/14 Number acquired 1,500,000 - (Direct) Number disposed Nil Value/Consideration Nil Note: If consideration is

non-cash, provide details and estimated valuation No. of securities held after 52,174 Ordinary Shares - (Indirect)

change 500,000 $1.75 Options expiry 30/06/11 - (Direct) 500,000 $2.25 Options expiry 30/06/11 - (Direct) 500,000 $2.75 Options expiry 30/06/12 - (Direct) 1,500,000 $0.30 Options expiry 01/07/14 - (Direct) Nature of change Issuance of options pursuant to Shareholder approval at AGM 26 November 2009

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) ofthe definition of "notifiable interest of a director" should be disclosed inthis part. Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change

No. and class of securities to

which interest related prior to change Note: Details are only required for a contract in

relation to which the interest

has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is

non-cash, provide details and

an estimated valuation Interest after change 7 December 2009 Rule 3.19A.2 Appendix 3Y Change of Director's Interest Notice Information or documents not available now must be given to ASX as soon asavailable. Information and documents given to ASX become ASX's property and maybe made public.Introduced 30/9/2001.Name of entity OILEX LTD ABN 50 078 652 632 We (the entity) give ASX the following information under listing rule 3.19A.2and as agent for the director for the purposes of section 205G of theCorporations Act.Name of Director Ronald Lawrence Miller Date of last notice 01/07/2009

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) ofthe definition of "notifiable interest of a director" should be disclosed inthis part.Direct or indirect interest Indirect Nature of indirect interest (A) Miramar Superannuation Pty Ltd (Indirect)

(including registered holder) (B) Miramar Superannuation Fund Pty Ltd

(Indirect) Note: Provide details of the circumstances giving rise to (C) Miller Family Trust (Indirect) the relevant interest. (D) Ematvil Pty Ltd as trustee for the Miller Family Trust (Indirect) Date of change 26/11/09 No. of securities held prior (A) 700,000 Ordinary Shares to change (B) 1,560,000 Ordinary Shares (C) 164,436 Ordinary Shares Class Unlisted $0.30 Options vesting 1/07/10 expiry 01/07/14 Number acquired 750,000 (Indirect) Number disposed Nil Value/Consideration Nil Note: If consideration is non-cash, provide details and estimated valuation No. of securities held after (A) 700,000 Ordinary Shares change (B) 1,560,000 Ordinary Shares (C) 164,436 Ordinary Shares (D) 750,000 $0.30 options expiry 01/07/14 Nature of change Issuance of options pursuant to Shareholder approval at AGM 26 November 2009 Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) ofthe definition of "notifiable interest of a director" should be disclosed inthis part. Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change 7 December 2009Appendix 3Y

Change of Director's Interest Notice

Appendix 3Y Change of Director's Interest Notice

+ See chapter 19 for defined terms.

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