Section 708 Notice

2nd Nov 2009 07:00

2 November 2009

Dear Sirs,

Notice undersection 708A(5)(e) of the Corporations Act 2001 (the "Act")

1. Oilex Ltd ("Company") advises that a further 2,083,614 fully paid ordinary

shares were allotted and issued on 2 November 2009 at an issue price of $0.23 per share. These new shares comprise the remainder of the 11,346,000 fully paid ordinary shares which the Company noted in the Appendix 3B lodged on 27 October 2009 were to be allotted on a date to be advised.

2. The allotment of the 24,000,000 fully paid ordinary shares (Tranche 1 of

the Placement) referred to in the Company's Appendix 3B lodged on 27

October 2009 therefore occurred in the period from 28 October 2009 to 2

November 2009 and is now complete.

3. As required by subsection 708A(6) of the Act, the directors of the Company

advise that:

i. the Company issued the securities without disclosure to investors under

Part 6D.2 of the Act;

ii. this Notice is being given pursuant to subsection 708A(5)(e) of the Act;

iii. as at the date of this Notice, the Company has complied with:

a. Chapter 2M of the Act as it applies to the Company; and b. section 674 of the Act; and

iv. as at the date of this Notice, the Company is not in possession of any

excluded information as defined in subsections 708A(7) and 708A(8) of the

Act.

4. A further allotment of 20,000,000 fully paid ordinary shares (Tranche 2 of

the Placement) at an issue price of $0.23 per share is subject to

shareholder approval which is to be sought at the general meeting of

shareholders scheduled for 16 November 2009.

For and on behalf of Oilex Ltd.

Jay Laurie

Company Secretary

cc: Directors - MC/BMc/RB/LLB/BC/RM

vendor

---

Related Shares:

OEX.L