APPENDIX 3Y

5th Dec 2007 07:00

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 Bruce Henry McCarthy Date of last notice 14/12/2005

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 A. Indirect B. Direct C. Indirect Nature of indirect interest A. B.H. McCarthy ATF McCarthy Family (including registered holder) Superannuation Fund Note: Provide details of the B. Bruce Henry McCarthy circumstances giving rise to the relevant interest. C. R.M. McCarthy ATF The Eden Trust Date of change 30/11/2007 No. of securities held prior to (A) 800,000 Shares change (B) 6,000,000 Options Class (A) Ordinary Shares (B) Unlisted Options $0.40 / $0.50 / $0.80 (C) Unlisted Options $2.00 / $2.50 Number acquired (C) 4,000,000 Number disposed Nil Value/Consideration Nil Note: If consideration is non-cash, provide details and estimated valuation No. of securities held after A. 800,000 Ordinary Shares change 1,000,000 options @ $0.40 expiring on 14/12/2008 (B) 2,000,000 options @ $0.50 expiring on 14/12/2008 3,000,000 options @ $0.80 expiring on 14/12/2009 2,000,000 Options @ $2.00 expire (C) 1/07/2011 2,000,000 Options @ $2.50 expire 1/07/2011 Nature of change As approved by shareholders at AGM on 14/11/2005 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 5/12/07Appendix 3Y

OILEX LTD

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