ASX Price & Volume Query

18 January 2013

ASX Limited

Exchange Plaza

2 The Esplanade

PERTH WA 6000

Attention Mr Wade Baggott

Dear Mr Baggott,

RE: PRICE AND VOLUME QUERY

Further to your letter dated 17 January 2013 concerning the price change and increase in volume of trading in the Company's securities during recent days, we advise the following;

1. Is the Company aware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company? No

2. If the answer to question 1 is yes, can an announcement be made immediately? If not, why not and when is it expected that an announcement will be made? N/A

3. Is there any other explanation that the Company may have for the price and volume change in the securities of the Company? The Company has no explanation for the increase in price change and increase in volume in the trading of its securities.

The Company refers to its recent September quarterly report and the letter to shareholders in December 2012 wherein it advised that a high-impact work programme was being designed to determine the commercial potential of zones within the Cambay reservoir in Gujarat India for drilling and flow testing an offset well near to the Cambay 76H well. Budgets have been presented and currently approval is awaited from our JV partner and the Authorities. In addition, the JPDA 06-103 Timor Sea JV is awaiting approval of the request for extension of its term from 15 January 2013. In relation to both of the above matters, the Company will advise when these are finalised.

4. Please confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1. The Company is in compliance.

For and on behalf of the Oilex Ltd Board

Ron Miller

Acting Managing Director

For further information, please contact:

ASX Compliance Pty Limited

ABN 26 087 780 489

Level 8 Exchange Plaza

2 The Esplanade

PERTH WA 6000

GPO Box D187

PERTH WA 6840

Telephone 61 8 9224 0000

Facsimile 61 8 9221 2020

www.asx.com.au

17 January 2013

David Peterson

Company Secretary

Oilex Limited

Level1,

 660 Newcastle StreetLEEDERVILLE WA 6007

By email

Dear David

Oilex Limited (the "Company")

PRICE AND VOLUME QUERY

We have noted a change in the price of the Company's securities from a closing price of $0.068 on Thursday 10 January 2013 to $0.10at the close of trading today. We have also noted an increase in the volume of trading in the securities over this period.

In light of the price and volume change, please respond to each of the following questions.

1. Is the Companyaware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company?

Please note that as recent trading in the Company's securities could indicate that information has ceased to be confidential, the Company is unable to rely on the exceptions to listing rule 3.1 contained in listing rule 3.1A when answering this question.

2. If the answer to question 1 is yes, can an announcement be made immediately? If not, why not and when is it expected that an announcement will be made?

Please note, if the answer to question 1 is yes and an announcement cannot be made immediately, you need to contact us to discuss this and you need to consider a trading halt (see below).

3. Is there any other explanation that the Company may have for the price change in the securities of the Company?

4. Please confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1.

Your response should be sent to me by email to [email protected] or on facsimile number +61 8 9221 2020.  It should not be sent to ASX Market Announcements.

Unless the information is required immediately under listing rule 3.1, a response is requested as soon as possible and, in any event, not later than half an hour before the commencement of trading (6:30am WST) tomorrow.

Under listing rule 18.7A, a copy of this query and your response will be released to the market, so your response should be in a suitable form and separately address each of the questions asked. If you have any queries or concerns, please contact me immediately.

Listing rule 3.1

Listing rule 3.1 requires an entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. The exceptions to this requirement are set out in listing rule 3.1A.

In responding to this letter you should consult listing rule 3.1 and Guidance Note 8 - Continuous Disclosure: listing rule 3.1.

If the information requested by this letter is information required to be given to ASX under listing rule 3.1 your obligation is to disclose the information immediately.

Your responsibility under listing rule 3.1 is not confined to, or necessarily satisfied by, answering the questions set out in this letter.

Trading halt

If you are unable to respond by the time requested, or if the answer to question 1 is yes and an announcement cannot be made immediately, you should consider a request for a trading halt in the Company's securities. As set out in listing rule 17.1 and Guidance Note 16 - Trading Halts, we may grant a trading halt at your request. We may require the request to be in writing. We are not required to act on your request. You must tell us each of the following:

·; the reasons for the trading halt;

·; how long you want the trading halt to last;

·; the event you expect to happen that will end the trading halt;

·; that you are not aware of any reason why the trading halt should not be granted; and

·; any other information necessary to inform the market about the trading halt, or that we ask for.

The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted. If a trading halt is requested and granted and you are still unable to reply to this letter before the commencement of trading, suspension from quotation would normally be imposed by us from the commencement of trading if not previously requested by you. The same applies if you have requested a trading halt because you are unable to release information to the market, and are still unable to do so before the commencement of trading.

If you have any queries regarding any of the above, please do not hesitate to contact me.

Yours sincerely

[sent electronically without signature]

Wade Baggott

Senior Adviser, Listings Compliance (Perth)