CANNING BASIN SPA-0055 UPDATE

12 February 2014

AGREEMENTS WITH TRADITIONAL OWNERS

· Agreements reached with Native Title Holders and Claimants for SPA-0055.

· Tender evaluations finalised for Aerial Gravity and Magnetic Data Acquisition

Admiral Oil NL (a wholly owned subsidiary of Oilex Ltd) (ASX: OEX, AIM: OEX, Oilex) is pleased to announce the signing of agreements with three Traditional Owners Groups either holding Native Title or claiming Native Title over portions of Oilex's Special Prospecting Authority area, SPA-0055. Entering into these agreements facilitates overflight access for acquisition of the Aerial Gravity/Magnetic Survey and represents a key milestone for this asset. The data acquisition represents the first phase of exploration by Oilex over its extensive Wallal Graben acreage in the south western Canning Basin. Oilex is committed to maintaining respectful relationships with the Traditional Owner groups and will ensure that all operations are conducted following consultation with the Traditional Owners.

The tender evaluations have been completed for the aerial data acquisition programme and the service company tender responses have been very positive. Access to the specialised equipment should allow the data to be acquired during the first half of 2014. A firmer schedule will be developed upon entering into a contract with the preferred service company.

Managing Director of Oilex, Ron Miller, said

"The removal of all "objections" to the acquisition of a large airborne gravity/magnetic survey over SPA-0055 represents the first step of a multi-staged exploration programme planned for our large acreage position in the south western Canning Basin. Acquisition, processing and interpretation of this data will meet the obligations of the SPA conditions and will facilitate the conversion of a portion of the acreage into an exploration permit. We have enjoyed close consultation with the Traditional Owners and look forward to continuing the relationship for all stages of the exploration programme."

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