Canning Basin Gravity/Magnetic Survey Mobilisation

24 March 2014

· CGG Aviation (Australia) Pty Ltd to acquire, process and interpret survey data

· Mobilisation of aircraft and personnel has commenced

· Acquisition should start before 31 March 2014 and take approximately 10 days

Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to announce that the mobilisation of aircraft and personnel for the acquisition of the airborne gravity/magnetics survey (Survey) over Special Prospecting Authority ‑ STP-SPA-0055 has commenced.

Acquisition, processing and interpretation of the Survey will be undertaken by CGG Aviation (Australia) Pty Ltd (CGG). The survey acquisition should commence before 31 March 2014 and take approximately 10 days to complete subject to weather and flying conditions.

The primary Survey objective is to determine the extent to which the Wallal Graben as identified in adjacent acreage (STP-EPA-0106 and STP-EPA-0107 - also 100% held by Oilex) is present in STP-SPA-0055. The Survey will cover the entire STP-SPA-0055 area (~11,400 km2). Subsequent to acquisition the Survey data will be analysed and interpreted by CGG.

 Managing Director of Oilex, Ron Miller, said;

"The initiation of our Canning Basin exploration programme within STP-SPA-0055 is an exciting milestone for Oilex. This is a true "frontier area" with limited data coverage at present. The prospectivity of our Canning Basin acreage will be significantly enhanced should the Survey data confirm the Wallal Graben does extend into this area. Oilex extend its sincere appreciation to the Martu, Njamal and Nyangumarta peoples, with whom we have been working with closely, who have kindly consented to Survey activities. Oilex is also pleased to be working with CGG on this stage on our Canning Basin project as they have significant experience in the Basin."

Please refer to the Oilex Website to view the two Figures attached to this announcement.

Ron Miller

Managing Director

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