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NOTICE OF INITIAL SUBSTANTIAL HOLDER

6th Dec 2006 07:58

OILEX LTD6 December 2006Alternative Investment MarketLondon UKDear Sir/Madam,

RE: NOTICE OF INITIAL SUBSTANTIAL HOLDER

A Form 603 "Notice of Initial Substantial Holder" was received today from JP Morgan Chase & Co and its affiliates pertaining to a holding of 4,255,000 shares held in Oilex Ltd representing 5.53% of the issued capital.

The holder became a substantial holder on 5 December 2006.

For and on behalf of the Board

M.D.J. CozijnDirector/Company SecretaryAttach.cc: Directors - BMc/RB/GIJ 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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