Board Composition

16 October 2014

· Dr Bruce McCarthy to retire at the close of the Company's 2014 AGM

· Search process underway to strengthen the Board

Oilex Ltd (ASX: OEX, AIM: OEX) wishes to advise that non-executive director, Dr Bruce McCarthy, has confirmed to the Board that he will not stand for re-election at the Company's forthcoming AGM and accordingly, retires at the close of the Company's AGM on 18 November 2014.

The Board has commenced a search process to identify non-executive directors with the right mix of skills, experience and diversity which reflects the Company's strategy, which continues to be focussed on the Indian Ocean Rim, and increase the balance of independence on the Board.

 Chairman of Oilex, Max Cozijn, said;

"Dr McCarthy has been an integral part of the Company for almost ten years, having been Managing Director from 2005-2012 and following that, two years as a non-executive director. His previous experience within India led the Company to its flagship asset, Cambay. On behalf of the entire Board, I would like to thank Dr McCarthy for his significant contribution to the Company and wish him all the best for the future."

For and on behalf of Oilex Ltd

Max Cozijn

Chairman

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