Issue of Securities

ASX - RNS Announcement

17 December 2020

ASX: OEX

AIM: OEX

Re: Issue of Securities

Oilex Ltd (Oilex or the Company) advises that it has issued 42,500,000 ordinary shares at 0.20 pence (New Ordinary Shares), as part consideration, to Burgate Exploration and Production Ltd ("Burgate") following completion of the East Irish Sea Transaction P2446 as announced by the Company on 14 December 2020. The issue of these securities was first announced on 19 May 2020 and approved by shareholders at the AGM on 16 December 2020.

As announced on 31 July 2020, the Company issued, subject to shareholder approval, 113,636,364 unlisted options exercisable at GBP0.0011 on or before 29 January 2021 to Republic Investment Management Pte Ltd. The issue of these options was also approved by shareholders at the AGM on 16 December 2020.

An Appendix 2A pursuant to the issue of the 42,500,000 shares is attached to this announcement.

http://www.rns-pdf.londonstockexchange.com/rns/0103J_1-2020-12-17.pdf

AIM Admission and Total Voting Rights

Application has been made to the London Stock Exchange plc for the admission of 42,500,000 ordinary shares to trading on AIM (Admission). Admission of the shares is expected to become effective and dealings to commence at 8.00 a.m. on 23 December 2020. Following Admission of the shares, the Company will have 4,162,129,999 shares in issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 4,162,129,999.

Section 708A(5)(e) Statement

Pursuant to the issue of the Subscription Shares, Oilex gives notice under section 708A(5)(e) of the Corporations Act (Cth) (Act) that:

1) Oilex issued the Shares without disclosure to investors under Part 6D.2 of the Act;

2) As at the date of this notice, Oilex has complied with:

a) the provisions of Chapter 2M of the Act as they apply to Oilex; and

b) section 674 of the Act; and

3) As at the date of this notice, there is no information that is 'excluded information' within the meaning of sections 708A(7) and 708(8) of the Act.

For and on behalf of Oilex Ltd

Mark Bolton

Executive Director and Company Secretary

For further information, please contact: