Canning Basin Airborne Gravity/Magnetics Survey

21 February 2014

· Environmental Management Plan approved by The Department of Mines and Petroleum

· Contract awarded to CGG Aviation (Australia) Pty Ltd for airborne gravity/magnetic survey

· Mobilisation scheduled to commence between 15 March and 31 March 2014.

· Data acquisition to take approximately 10 days after mobilisation according to CGG

Admiral Oil NL (a wholly owned subsidiary of Oilex Ltd) (ASX: OEX, AIM: OEX, Oilex) is pleased to announce that the Environmental Management Plan (EMP) for the acquisition of the airborne gravity/magnetics survey over Special Prospecting Authority with Acreage Option - STP-SPA-0055 has been approved by the Department of Mines and Petroleum.

The approval of the EMP together with the signing of agreements with three Traditional Owners Groups has facilitated the award of the airborne gravity/magnetic survey acquisition, processing and interpretation contract to CGG Aviation (Australia) Pty Ltd (CGG). Survey planning and preparations have commenced immediately with an expected mobilisation window between 15 March and 31 March 2014.

 Managing Director of Oilex, Ron Miller, said;

"The approval of the EMP allows us to initiate exploration in our 100%-owned Special Prospecting Authority (STP-SPA-0055) in the Canning Basin. A detailed technical and commercial evaluation of the bids for this airborne survey was undertaken to select the optimal contractor for the work and to ensure quality and cost competitiveness were maintained. We are pleased to be working with CGG Aviation on our Canning Basin acreage as they have a strong HSE record and significant experience in the Basin."

For and on behalf of Oilex Ltd

Ron Miller

Managing Director

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