Resignation and Appointment of Company Secretary

30 January 2013

In accordance with Listing Rule 3.16, the Directors of Oilex Ltd hereby advise that Mr David Peterson has resigned as Company Secretary and Mr Robert Ierace has been appointed as Company Secretary with immediate effect. As previously announced, Mr Ierace will also commence employment as Chief Financial Officer from today.

Mr Ierace is a Chartered Accountant with a strong background working with listed companies in the oil and gas and resources sectors. Most recently he was CFO and Company Secretary for Amadeus Energy Ltd, an ASX-listed oil and gas company, where he was responsible for financial compliance and corporate governance as well as implementation of the Company's business plans.

Mr Ierace has proven financial management experience, including multiple joint venture accounting projects, and has also previously held senior finance roles with Kimberley Diamond Company NL, ARC Energy Ltd and Rio Tinto Iron Ore.

Mr Ierace's remuneration package includes the granting of 2,000,000 options comprising:

·; 1,000,000 options with an exercise price of 15 cents expiring on the 30 January 2016 vesting on date of grant, and

·; 1,000,000 options with an exercise price of 25 cents expiring on the 30 January 2017 vesting after 12 months service.

Oilex is pleased to welcome Mr Ierace as an employee the Group, and we look forward to his contribution in advancing the development of our projects and enhancing our ability to add significant value for shareholders.

For and on behalf of the Board

Ron Miller

Director 

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