APPENDIX 3Y

27th Feb 2008 07:47

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 Max Dirk Jan Cozijn Date of last notice 30/11/07

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 Diplomat Holdings Pty Ltd (Indirect)

(including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. Date of change 27/02/07 No. of securities held prior to change 500,000 Ordinary Shares - (Indirect)

1,000,000 Options 20c by 28/2/08 - (Direct) 500,000 Options $1.50 by 31/12/09 - (Direct) 250,000 Options $2.00 by 1/7/2011 - (Indirect) 250,000 Options $2.50 by 1/7/2011 - (Indirect) Class ORDINARY SHARES Number acquired (1) 1,000,000 Shares - (Direct) Number disposed (2) 200,000 Shares- (Direct) Value/Consideration 1. $200,000

Note: If consideration is non-cash, 2. $280,000 provide details and estimated valuation No. of securities held after change 800,000 Ordinary Shares - (Direct)

500,000 Ordinary Shares - (Indirect) 500,000 Options $1.50 by 31/12/09 (Direct) 250,000 Options $2.00 by 1/7/2011 (Indirect) 250,000 Options $2.50 by 1/7/2011 (Indirect) Nature of change 1. Exercised Options

Example: on-market trade, off-market 2. Selling 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 27.2.08Appendix 3Y

Change of Director's Interest Notice

Appendix 3Y Change of Director's Interest Notice

+ See chapter 19 for defined terms.

Appendix 3Y Page 2 11/3/2002

+ See chapter 19 for defined terms.

11/3/2002 Appendix 3Y Page 1

OILEX LTD

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Related Shares:

OEX.L