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FORM 605- CEASING TO BE A SUBSTANTIAL SHAREHOLDER (ASX)

23rd Aug 2006 10:27

OILEX NL23 August2006Alternative Investment MarketLondon UKDear Sir/Madam,RE: FORM 605 - CEASING TO BE SUBSTANTIAL SHAREHOLDER (5%)Oilex NL ("the Company") advises that it received notification on 22 August2006 from Orion Equities Limited, Queste Communications Ltd, Farooq Khan,Island Australia Pty Ltd, Skin-Plex Laboratories Pty Ltd and the EssentialEarth Pty Ltd, that due to the recent share issues by the Company theircombined shareholding of 2,984,668 ordinary shares in the Company had beendiluted to a percentage interest of less than 5%, being 3.9%.For and on behalf of the BoardMax D.J. CozijnDirector/Company Secretarycc: Directors: BMc/GIJ/RGB Level 3, 50 Kings Park Road West Perth Western Australia 6005 P.O. Box 588 West Perth Western Australia 6872 Telephone (61 8) 9226 5577 Facsimile (61 8) 9226 2108 email: [email protected] www.oilex.com.au ENDOILEX NL

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