Placement to Raise $6.8 Million

17 February 2014

Oilex Ltd (ASX: OEX, AIM: OEX, Oilex) is pleased to announce that it has successfully raised approximately $6.8 million (gross) through the placement of 94.75 million new shares ("New Shares") to domestic and international institutions and sophisticated/professional investors ("Placement"). The Placement was undertaken by Joint Lead Managers DJ Carmichael Pty Limited, Patersons Securities Limited, and RFC Ambrian Limited acting for the UK portion of the capital raise.

The Placement was priced at $0.072 per share, a 3% discount to the 30 day VWAP and was supported by new and existing Oilex shareholders and directors, closing oversubscribed in Australia.

The Placement utilises the Company's remaining 15% placing capacity under ASX Listing Rule 7.1 as well as the additional 10% placing limit under ASX Listing Rule 7.1A, totalling 93 million shares, plus Director share participation subject to shareholder approval.

The New Shares will rank equally with existing shares from allotment. Settlement is expected to take place on Friday 21 February 2014, with allotment expected on Monday 24 February 2014. Application will be made for admission of the New Shares to trading on the ASX and AIM, with trading expected to commence on AIM on or around Monday 24 February 2014.

Funds will be used towards development of the Cambay PSC including the drilling of the 77H well scheduled to spud between the 22 February and 9 March, Aerial Gravity Survey in the Canning Basin and for working capital purposes, including potential New Ventures.

Directors' Participation in the Placing

Directors Max Cozijn, Sundeep Bhandari and Ron Miller intend to participate in the placement for an aggregate of 1,750,000 Placing Shares, subject to obtaining shareholder approval at a general meeting to be convened as soon as practicable, and any required regulatory approvals.

Following the Placement and receipt of shareholder approval Mr Cozijn's total holding will be 1,500,000 shares or 0.29% of issued capital, Mr Bhandari's total holding will be 8,600,000 shares or 1.67% of issued capital and Mr Miller's total holding will be 6,029,436 shares or 1.17% of issued capital.

Commenting on the Placement, Oilex's Managing Director, Ron Miller, said

"We are very pleased with the strong support shown for the Placement and delighted to welcome the new investors including a number of Australian based institutions. This Placement continues to support our ongoing efforts to deliver value from Cambay and Canning Basin Assets. It ensures the Company has a strong balance sheet entering into the operational phase of Cambay-77H well which is due to spud between 22 February and 9 March 2014"

For and on behalf of Oilex Ltd

Ron Miller

Managing Director

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