Cambay-77H - Production Test Complete

1 December 2014

· Successful recovery of downhole gauges and downloaded data sent for analysis

Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to announce the completion of the Cambay-77H production test on 29 November 2014. The instrumentation deployed downhole to record pressure data for the duration of the test has been successfully recovered. The downloaded data has been sent to RISC, a specialist oil & gas consulting company, for analysis.

The test was designed and executed to acquire long term performance data which is essential for assessment of reservoir properties and will supplement surface data collected during flowback. A 5 day shut-in period preceded the test to allow the well to stabilise after ~ 85 days of flowback production.

The two (2) distinct sections of the formal test are now complete:

ü 300 hour (12.5 days) flow period, where the well was flowed on a constant choke size after achieving stable flow soon after opening

ü 300 hour shut-in period, where data continued to be recorded and monitored

Oilex intends to announce the flowback and test results after a preliminary analysis of the data has been completed.

Managing Director of Oilex, Ron Miller, said;

"Completion of the Cambay-77H production test and successful retrieval of the downhole data is very pleasing. The production test is now complete and we look forward to the preliminary analysis of all acquired data."

For and on behalf of Oilex Ltd

Ron Miller

Managing Director

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