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NOTICE OF INITIAL SUBSTANTIAL HOLDER

1st May 2007 07:12

OILEX LTD1 May 2007Alternative Investment MarketLondon UKDear Sir/Madam,

RE: NOTICE OF INITIAL SUBSTANTIAL HOLDER

A Form 603 "Notice of Initial Substantial Holder" was received today from India Hydocarbons Limited a long term supporter and shareholder, pertaining to a holding of 5.500,000 shares held in Oilex Ltd representing 6.93% of the issued capital.

The holder became a substantial holder on 30 April 2007.

For and on behalf of the Board

M.D.J. CozijnDirector/Company SecretaryAttach.cc: Directors - BMc/RB/LLB 2 ABN 50 078 652 632

Level 3, 50 Kings Park Road West Perth WA 6005 Australia, PO Box 588 West Perth

WA 6872 Australia Telephone: (+61 8) 9226 5577 Facsimile: (+61 8) 9226 2108

Email: [email protected] Web: www.oilex.com.au

OILEX LTD

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