RELEASE OF SECURITIES FROM VOLUNTARY ESCROW

5th Dec 2006 07:00

OILEX LTD

5 December 2006

Centralised Company Announcement Office

Australian Stock Exchange Limited

10th Floor, 20 Bond StreetSydney, NSW 2000Dear Sir,

RE: RELEASE OF SECURITIES FROM VOLUNTARY ESCROW

We herewith advise that the following securities will be released from voluntary escrow on 7 December 2006.

1. 1,000,100 Ordinary Shares

2. 1,000,100 unlisted options exercisable @ 50c expiring 7/12/08

As the Ordinary Shares are already treated as listed securities and currently included in the total of listed securities, a related Appendix 3B is not required.

For and on behalf of the Board

Max CozijnCompany Secretary/Directorcc: Directors 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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Related Shares:

OEX.L