17th Apr 2007 08:21
OILEX LTD HIGHLIGHTS
* Cambay Field (Oilex 45%, Operator) "Best Estimate" for in-place resources
upgraded to 62 million barrels oil and condensate and 356 billion cubic
feet gas
* Oligocene OS II flowed oil and no formation water on test in Cambay-72
before test was aborted.
* Eocene EP IV flowed oil at initial rate of 70 barrels per day after
fracture stimulation in Cambay-72 with no formation water.
* 22 locations selected for potential phase 2 drilling programme of up to 8
wells in 2007 and the work programme has been approved
* Award of rig contract for 9 month Cambay Field programme imminent.
* 2-3 wells planned in Block 56, Oman Q3 2007
* Negotiations continuing for drilling rig for EPP 27, offshore Otway Basin
* Retain cash resources of approximately A$9.8 million
CORPORATE Board of Directors Principal & Registered Office DETAILS Max D.J. Cozijn Non-Executive Level 3, 50 Kings Park Road Chairman West Perth WA 6005,
Australia
Bruce McCarthy Managing Director Telephone: +61 8 9226 5577 Ray Barnes Technical Director Facsimile: +61 8 9226 2108 L. L. Bhandari Non-Executive Director Email: [email protected] Capital Structure Website: www.oilex.com.au Ordinary Shares 76,883,885 Share Registry Unlisted Options 29,925,100 Security Transfer
Registrars Pty
Ltd Stock Exchange Listing 770 Canning Highway Australian Stock Exchange Applecross WA 6153, Australia ASX Code: OEX Telephone: +61 8 9315 2333 AIM Market of London Stock Exchange Facsimile: +61 8 9315 2233 AIM Code: OEX Email:
OPERATIONS REVIEW INDIA assignment of interest - cambay, bhandut, sabarmati Oilex holds Oilex acquired interests in three fields onshore Gujarat material from Niko Resources under an agreement made in 2006. All interests in 3 conditions were fulfilled in February 2007 and final
oil and gas field settlement took place.
redevelopment Interests in each of the PSC's is:
projects onshore India acquired Joint Venture Party from Niko Resources Cambay PSC1 Bahandut PSC Sabarmati PSC Oilex (Operator) 45% 40% 40% GSPC 55% 60% 60% 1. Oilex acquired an additional 23.33% equity interest in the Cambay PSC from Niko and GSPC acquired an additional 8.33% equity interest in the Cambay PSC from Oilex. Major upgrade of operations - CAMBAY FIELD, Gujarat Cambay resource based on 3D OILEX OPERATOR 45% seismic and new
well data resource estimate upgraded
Best estimate now The Cambay Joint Venture submitted the annual in-place 62 mmstb oil and resource estimate for the Cambay Field, in accordance with 356 bcf gas the regulations, to the Directorate General of Hydrocarbonsresource in (DGH), the representative of the Government of India in theplace. Cambay Production Sharing Contract. This estimate (Table 1) incorporated the interpretation of the recently acquired
Testing of Cambay 3D seismic survey and new well data and is confined Cambay-72 Eocene to the OS II and EP IV reservoir intervals in the Cambay
Field. potential reservoir RESOURCES successfully completed ORIGINAL VOLUME-IN-PLACE* Oil to surface in Low Estimate Best Estimate High Estimate tests of both potential OIL (MSTB) 26 48 91reservoir GAS (BCF) 186 356 702 intervals in CONDENSATE (MSTB) 7 14 28 Cambay-72 8 wells approved for Phase 2 drilling in 2007 Award of rig contract imminent * Reported as proved, probable and possible resources to DGH per regulation # Includes approximately 52 BCF of gas produced to date. Table 1 - Total discovered hydrocarbon-resource-in-place estimation, March 07. Depth structure mapping of the Cambay 3D seismic survey, data acquired recently from the latest drilling and the substantial existing well data base were integrated to quantify the discovered hydrocarbon-in-place resources identified to date in the Oligocene OS II and Eocene EP IV sandstones in each of several major hydrocarbon-bearing structural compartments. The presence and distribution of in-place hydrocarbons is demonstrated by test and production data combined with wireline log responses from approximately 65 wells drilled in the Contract Area. The hydrocarbon distribution is now better defined by more accurate fault mapping and seismic amplitude extraction from 3D data and is supported by well data in the field area. The remaining uncertainty in calculating hydrocarbon volumes rests with the definition of hydrocarbon fluid boundaries and reservoir net pay. These uncertainties were accommodated in the resource estimate by applying probability analysis to generate a range of oil and gas volumes which will be addressed during the Phase 2 drilling campaign. As illustrated in Table 1, the evaluation has resulted in redistribution of some of the oil resources compared to the May 2006 estimate. The recognition of additional gas resources based on seismic attribute analysis is reflected by a substantial increase in gas and condensate volumes. An estimate of undiscovered (exploration) resources of 60 million barrels of oil and 120 billion cubic feet of gas was also provided to the DGH to account for potential resources mainly in deeper stratigraphic units. PHASE 1 DRILLING PROGRAMME - well tests The Cambay-72 well (see Figure 1) was tested successfully at the level of the Eocene EP IV and the Oligocene OS II, both zones flowing oil to surface at unstabilised rates due to limitations on the test equipment and reservoir characteristics. The first test was conducted on the Eocene EP IV interval, a secondary objective in the well. Significantly, although the flow rate was modest, no formation water was produced and the formation characteristics are such that close study of various engineering options to produce the oil at commercial rates will be undertaken. Further testing of the EP IV in areas where seismic data indicate better quality reservoir are planned for the next drilling campaign. The second test in Cambay-72 was conducted at the OS II interval where it was expected the well would produce oil at rates that would be restricted by the tendency to also produce sand from the friable reservoir unit. The test was designed to limit the inflow of sand and the fact that the test was being conducted in a cased hole should limit the problem. On opening the well slowly during normal cleanup operations when completion water flowed back to surface and the oil flow commenced, sand influx caused erratic flow by blocking downhole equipment and the test was ultimately terminated. Cambay-72 flowed oil, completion water and natural gas at variable, unstabilised rates until the test was prematurely terminated. An average flow rate calculated from a period of actual flow and volume produced was about 200 barrels per day of which we estimate about 60% is oil and the balance 40% is completion water. The indications are that no formation water was being produced, oil volume was increasing with time and that the flow was restricted by sand incursion into the well bore. While there have been operational difficulties which required some compromise to the test program, results to date indicate that the OS II reservoir is capable of producing at significant, commercial rates and that the oil rim with overlying gas cap fluid model interpreted in this part of the Cambay field is valid. Sand influx is a common problem in friable sandstone reservoirs and we are confident that with the application of conventional completion techniques, the problem will be mitigated. The test will be resumed when suitable equipment is imported later in April. 3d seismic survey Oilex acquired a 3D seismic survey over the entire Cambay contract area at the end of 2006. The final processed data were received in March and we have revised the original mapping of 10 horizons that were produced from the interim processed data. The quality of the data is excellent. Fault patterns and deep seismic events are much more clearly defined on the new data and indicate some significant new plays that were not identifiable on the old data. Work continues on developing the application of the seismic attributes as direct indicators of hydrocarbons. Phase 2 drilling programme A selective drilling programme designed to prove a reserves base by the end of 2007 is the centrepiece of the 2007-2008 Cambay Field Work Program that was approved in March at a series of meetings in India. The main element is a drilling programme of 8 wells, with 6 firm wells currently approved by the Cambay Joint Venture for immediate drilling. More than 22 possible locations have been selected for future wells in Cambay Field that will constitute the core of the phase 2 drilling programme. A Letter of Award for a rig on a 9 month continuous contract is expected to be awarded in April following the completion of a successful tender process. A combination of re-entry, sidetrack and new wells has been sanctioned with the primary objective of acquiring new reservoir and fluid data for the Oligocene and Eocene hydrocarbon zones that have been identified from the field's production and well testing history. Along with data from existing wells, this information will be used to determine oil and gas reserves in the major compartments of the field and will form the basis for planning the re-development of the Cambay field. A number of wells are also planned to be extended to target deeper exploration objectives in settings analogous to nearby oil discoveries. [REFER WEBSITE: www,oilex.com.au] Figure 1 - Cambay-72 well appraising oil resource in OS II sand, Central High, Cambay Field
Sabarmati Field sabarmati Field, gujarat on trend with large producing OILEX OPERATOR 40%
fields The work programme and budget has been approved by the Workover of Joint Venture and the Government of India. The main Sabarmati-1 well elements of the work programme are workover of Sabarmati-1 to start April well with the expectation of increasing the production rate from the current average 2-5 bopd to a sustainable rate of 75-90 bopd and acquiring a seismic survey over the block. The field is located on the southern culmination of a trend of producing oil fields on the outskirts of Ahmedabad, the largest city in Gujarat. Oil has been produced from the one well in the Sabarmati Field Contract Area at very low rates on an intermittent basis since 2001 when the Niko-GSPC Joint Venture intervened in the well. Planned Workover - The workover is planned to start by mid-April 2007 and the rig is under contract, ready to mobilise when work on Cambay-72 is completed. Sabarmati-1 has produced, in total, about 9,800 barrels of oil since it started producing in 2001 and is currently producing at 5-10 barrels of fluid (2-5 barrels of oil) per day under natural flow from an Eocene age reservoir which is about 5m thick, through 2m of perforations. The results of an influx study indicate that the flow rate could be increased to an average sustainable rate of about 75-90 barrels of oil per day with the installation of a hydraulic sucker rod pump. Existing production facilities at Sabarmati Field are capable of handling more than 600 barrels of fluid (oil plus water) per day. Planned Seismic - Work to procure appropriate seismic acquisition equipment is progressing. In the event that the seismic survey and estimates of potential reserves justify further work, the intent is to drill additional wells, subject to Joint Venture approval, later this year.
3D seismic survey bhandut field, gujarat completed - excellent quality OILEX OPERATOR 40%
Drilling and Approval from all parties has been received for the
workover planned proposed 2007 work programme and budget. The main element
for 2007 of the work programme is drilling two wells including the sidetrack or workover of Bhandut-6 and drilling of one Structural additional well. The second well location is defined by theclosure and new, high resolution seismic data that was acquired by amplitude Geofizyka Toru...„, in February over the Bhandut block area. anomalies mapped Acquisition is expected to be completed by the end of Aprilat deeper level 2007. A structural interpretation has been carried out on
these data and work is currently underway to integrate a number of seismic amplitude anomalies (see Figure 2) with the available well data to identify targets for drilling later in 2007. The Bhandut Field has produced about 700,000 barrels of oil since 1993. In 2002, Bhandut Field was producing oil at rates of about 400 barrels per day ("bopd") before suffering likely formation damage incurred during workover activities at which time the average daily rate declined to the current rate of about 20 bopd per well from 2 wells. The workover at the time had the objective of doubling the production rate to 800 bopd and we expect that objective could be achieved from the current production interval. [REFER WEBSITE: www.oilex.com.au] Figure 2 Amplitude anomalies identified on preliminary Bhandut 3D seismic data, Miocene reservoir level OMAN Block 56 south oman (OILEX OPERATOR - 25%)
Seismic to be Reprocessing of the existing seismic data base was awarded acquired in Q2 to Fugro Seismic Imaging Pty Ltd and the project to
reprocess about 1,000 km of data is about 25% complete. 2-3 wells planned Results have been used in preparing specifications for the to be drilled acquisition programme for which tenders close on 30 April, early in 3rd to commence as soon as possible thereafter. Work on the quarter 2007 Environmental Impact Assessment and Environmental and Social Management Framework has begun. Prospects developing very Further work to delineate drilling locations in the westernwell part of the block, on the flank of the South Oman Salt Basin, has made good progress. There is a significant area covered by 3D and dense 2D seismic surveys and mapping of those data indicates several targets that could be drilled on the existing data base. Seven potential well locations in this area and along the main salt wall trend in the east central part of the block are being confirmed with 2-3 of those locations to be drilled in Q3 2007. Oilex has appointed a Project Office Manager, Adil Said and a Finance Manager V, Ganesh, based in the Project Office in Muscat which is now being fitted out. The commercial registration certificate enabling Oilex to conduct business in Oman was received in March. AUSTRALIA EPP 27 - OTWAY BASIN OFFSHORE SOUTH AUSTRALIA 8 prospects (OILEX OPERATOR earning 20%)
mapped with range
of potential Seismic Acquisition and Interpretation - Eight prospects in volumes of 40-150 water depths of 70-105 metres have been mapped in the
million barrels southeastern sector of the block and a preferred drilling of oil in place location has been selected on a prospect that may contain 80 mmstboip. Permit term extended to Rig Contract - Oilex is a member of a consortium of February 2008 Operators led by Apache that have drilling commitments in the southeastern Australian basins. The consortium is
Drilling contract negotiating to deliver a rig that would guarantee a slot
has been for a well in EPP 27 in early to mid-2008. The contract has submitted to the been submitted to the rig owner.
rig owner
Permit Term - An application for extension of the suspension period of the permit term has been approved by the Designated Authority in South Australia (PIRSA). The basis of the request for seeking a further extension to the EPP 27 permit was the difficulty in securing a rig. Oilex, GSPC and Videocon Industries Ltd ("Videocon") are conducting as part of the farmin agreement signed with Great Artesian Oil & Gas Ltd ("GOG") in February, 2006. Oilex, Videocon and GSPC are funding the seismic
programme
33.3% each as part of their commitment to earn 20% each in the permit. GOG holds the balance of 40% equity in the permit. WA-388-P carnarvon basin, offshore western australia (OILEX OPERATOR - 20%) Seismic Work has commenced on the data base and seismic
acquisition to reprocessing activities that will assist in planning of the start late 2007 seismic survey later this year or early next year. The
or early 2008 block is located to the north of the Goodwyn / North Rankin gas fields trend and to the northeast of the Jansz-Io gas discoveries in the Exmouth Sub-basin. The commitment work programme comprises reprocessing of existing seismic data and acquisition of 3D seismic over parts of the block, anticipated to commence in 2008.
Joint petroleum JPDA 06-103, FLAMINGO BASIN OFFSHORE Joint petroleum development area development area between TIMOR-LESTE AND (OILEX OPERATOR - 25%)
AUSTRALIA Oilex has established an office in Dili, Timor-Leste and has appointed a Corporate Adviser, Ms Felicidade Guterres and a Finance Manager Mr P. Rajesh. It is the first company awarded a Production Sharing Contract (PSC) or operating in the Joint Petroleum Development Area to do so. Planning is well advanced for the acquisition of a 3D seismic survey covering a large part of the block and preliminary investigations on the availability of a rig to commence drilling in 2008 have begun. The block was offered in a competitive bidding round that closed on 26 May 2006. It is located immediately to the east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang discoveries/oil and gas fields and to the north of the Bayu-Undan gas condensate field. As part of its training obligation under the PSC, Oilex and the Joint Venture have established a medical assistance and training programme in conjunction with the Ministry of Health. This scheme is being run by Australian Aid International with professional doctors and nurses attending the needs of rural communities concentrating on the south coast of Timor-Leste. CORPORATE linq mezzanine finance facility In March, Oilex reached agreement with LinQ Resources Fund to extend the term of the existing A$5 million finance facility provided by last year and to provide an additional A$5 million mezzanine finance facility to assist Oilex in funding the development of its Indian production and exploration interests including the drilling of wells in Cambay Field. The term of the existing facility has been extended by 12 months and the additional facility is to be repaid in 24 months. ONSHORE QUEENSLAND The shareholders of Bow Energy Limited approved the purchase of Oilex's Queensland assets at a meeting of shareholders held on 31 October 2006. All of the assets have been transferred with the exception of ATP 548P for which pre-emptive rights pertaining to Oilex's interest (11.35%) remain to be resolved. Contingent liability - interest formerly held by Oilex Ltd in ATP 794P, queensland Further to the information provided in its Half Yearly Accounts released by Oilex Ltd in February 2007, Oilex Ltd advises that Abrolhos Oil & Gas Pty Ltd and Pacific & Oriental Investments Ltd (Claimants) continue to threaten legal action against Oilex. One of the Claimants (Abrolhos) was the vendor of an interest in the permit area known as Barcoo Junction Prospect Area in ATP 794P (formerly ATP 589P) (Title). An agreement entered into by the other Claimant (P&O) and Oilex provided that P&O was entitled to recover 5% of the net profit interest in oil recovered by or on behalf of Oilex in the Barcoo Junction Prospect Area. The Claimants allege that, as part of the contract for the sale of the interest in the Title to Oilex Ltd, Oilex was obliged to use best endeavours to drill the Barcoo Junction North #1 Well in the Barcoo Junction Prospect Area and that Oilex breached its agreement because it did not drill the well within the specified time frame. The Claimants allege that had Oilex drilled the well a commercial oil reserve would have been discovered and produced. To date they have given 3 different sizes for that reserve: not less than 36 million barrels, alternatively 11.3 million barrels or 6 million barrels. The Claimants allege that they would have received 5% of the net profit interest in the recovered oil had the well been drilled. Oilex rejected drilling the well, and maintains it was not required to drill the well, because of the high technical risk and lack of a commercially viable target. Oilex maintains that the Claimants are not entitled to any compensation. Oilex no longer has an interest in the Title, having sold its interest in the Title to Bow Energy Ltd in 2006. Oilex will vigorously defend any legal action initiated by the Claimants.
Implementation of company structure rights plan attracts new The Company presently has 76,883,885 shares on issue. Theseemployees shares are traded on the ASX in Australia and on the AIM market of the London Stock Exchange under the code: OEX. Net cash
resources of Oilex also has 29,925,100 unlisted options on issue, the A$9.8 million majority of these being held by executive staff.
In January Oilex instituted a new Employee Performance Rights Plan that is designed to provide an incentive to all staff to perform to the best of their abilities and to align the interests of shareholders and employees. The new plan allows greater flexibility to reward the efforts of employees at all levels in the organization on the basis of individual performance and the performance of the company as measured by its share price. We believe that the scheme has provided a very significant incentive for new employees to join Oilex at a time when most companies in our business are suffering attrition. At 31 March, 2007 the Company retained net cash resources of approximately A$9.8 million.
Oilex regularly updates its website at www.oilex.com.au
For and on behalf of the Board
Dr B. H. McCarthyManaging Director17 April 2007The information in this report has been compiled by the Managing Director ofOilex Ltd, Bruce McCarthy B.Sc. Hons. PhD (Geology) who has over 27 yearsexperience in petroleum geology. The estimates of hydrocarbons in place werereviewed by Ray Barnes, the Technical Director of Oilex Ltd who has over 35years experience in petroleum geology and is a member of the AAPG. Mr Barnesreviewed this announcement and consents to the inclusion of the estimatedhydrocarbons in place in the form and context in which they appear. PERMIT SCHEDULE
Offshore Australian Joint Ventures:
WA-388-PCarnarvon OffshoreOilex
PERMIT BASIN PARTIES % HELD OPERATOR EPP 27 Otway Oilex Ltd 20.00 Oilex Offshore Note 1 Gujarat State Petroleum 20.00 Corporation Ltd Videocon Industries Ltd 20.00 Great Artesian Oil & Gas Ltd 40.00 Oilex Ltd 20.00 Gujarat State Petroleum 20.00 Corporation Ltd Videocon Industries Ltd 20.00 Bharat Petroleum Corporation 20.00 Ltd Hindustan Petroleum 20.00 Corporation Ltd Note 1: Oilex, Gujarat State Petroleum Corporation Ltd and Videocon Industries Ltd are each earning 20% interest in return for funding 33.3% each of an agreedwork programme. International Joint Ventures:
Bhandut FieldIndia / GujaratOilexSabarmati FieldIndia / GujaratOilex
PERMIT COUNTRY/ PARTIES % HELD OPERATOR STATE Cambay Field India / Oilex NL Holdings (India) Ltd 45.00 Oilex Gujarat Note 1, 2 Gujarat State Petroleum 55.00 Corporation Ltd Oilex NL Holdings (India) Ltd 40.00 Note 1 Gujarat State Petroleum 60.00 Corporation Ltd Oilex NL Holdings (India) Ltd 40.00 Note 1 Gujarat State Petroleum 60.00 Corporation Ltd Block Oman Oilex Ltd 25.00 Oilex 56 Videocon 25.00 Industries Limited Hindustan 12.50 Petroleum Corporation Ltd Bharat 12.50 Petroleum Corporation Ltd GAIL (India) 25.00 JPDA Joint Oilex 25.00 Oilex Ltd 06-103 Petroleum (JPDA Development 06-103) Area Ltd between Note 1 Timor Leste and Australia Videocon 25.00 Industries Limited Gujarat State 25.00 Petroleum Corporation Ltd Bharat 25.00 Petroleum Corporation Ltd
Note 1: wholly owned subsidiary of Oilex Ltd
Note 2: pending approval by Government of India of the assignment of 30% participating interest held by Oilex Ltd to Oilex NL Holdings (India) Ltd.
Rule 5.3 Appendix 5B Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity OILEX LTD ABN Quarter ended ("current quarter") 50 078 652 632 31 MARCH 2007
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date $A'000 (9 months) $A'000 1.1 Receipts from product sales and related - 35 debtors 1.2 Payments for (a) exploration and (4,405) (9,219) evaluation (net) - - (b) development - - (c) production (644) (2,605)
(d) administration (net) 1.3 Dividends received - - 1.4 Interest and other items of a similar 117 581 nature received 1.5 Interest and other costs of finance paid (124) (389) 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (5,056)
(11,597)
Cash flows related to investing activities 1.8 Payment for purchases of:(a)prospects (4,723)
(4,723) (b)equity investments - - (c) other fixed assets (117) (394)
1.9 Proceeds from sale of: (a)prospects -
- (b)equity investments - - (c)other fixed assets - - 1.10 Loans to other entities - -
1.11 Loans repaid by other entities -
-
1.12 Other (provide details if material) -
-
Net investing cash flows (4,840)
(5,117)
1.13 Total operating and investing cash flows (9,896) (16,714)
(carried forward) 1.13 Total operating and investing cash (9,896) (16,714) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, -
18,346 options, etc
1.15 Proceeds from sale of forfeited -
- shares 1.16 Proceeds from borrowings (net) 4,900
4,900
1.17 Repayment of borrowings -
- 1.18 Dividends paid - -
1.19 Other (provide details if -
- material) Net financing cash flows 4,900
23,246
Net increase (decrease) in cash (4,996) 6,532 held 1.20 Cash at beginning of quarter/year 14,794 3,266 to date
1.21 Exchange rate adjustments to item -
- 1.20 1.22 Cash at end of quarter 9,798 9,798
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the relatedentities Current quarter $A'000 1.23 Aggregate amount of payments to the parties 183 included in item 1.2 1.24 Aggregate amount of loans to the parties included - in item 1.10 1.25 Explanation necessary for an understanding of the transactions -
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used $A'000 $A'000 3.1 Loan facilities 10,000 10,000 3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A'000 4.1 Exploration and evaluation
6,500 4.2 Development - Total 6,500 Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated statement of cash flows) to the related $A'000 $A'000 items in the accounts is as follows. 5.1 Cash on hand and at bank 1,923 1,271 5.2 Deposits at call 7,875 13,523 5.3 Bank overdraft - - 5.4 Other (provide details) Bonds - - Total: cash at end of quarter 9,798
14,794
(item 1.22)
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest reference at at end of (note (2)) beginning quarter of quarter 6.1 Interests in mining - Refer to Permit - - tenements Schedule in Quarterly relinquished, Report reduced or lapsed 6.2 Interests in mining Refer to Permit tenements acquired Schedule in Quarterly or increased Report
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number Number quoted Issue price per Amount paid up security (see per security note 3) (cents) (see note 3) (cents) 7.1 Preference + - - - securities (description) 7.2 Changes during - - - quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions 7.3 +Ordinary 76,883,885 76,883,885 Various securities 7.4 Changes during - - - - quarter - - - - (a) Increases through issues (b) Decreases through returns of capital, buy-backs 7.5 +Convertible - - - - debt securities (description) 7.6 Changes during - - - - quarter (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options 2,200,000 - Exercise price Expiry date (description 500,000 - $0.20 28/02/2008 and conversion 3,000,000 - $1.00 31/12/2009 factor) 1,000,100 - $1.50 31/12/2009 2,000,000 - $0.50 07/12/2008 3,250,000 - $0.40 14/12/2008 4,250,000 - $0.50 14/12/2008 1,000,000 - $0.80 14/12/2008 4,500,000 - $0.50 16/02/2009 775,000 - $0.50 31/03/2010 775,000 - $0.50 31/07/2009 775,000 - $0.65 31/07/2009 250,000 - $0.90 31/07/2010 250,000 - $0.45 31/07/2009 500,000 - $0.55 31/07/2009 500,000 - $1.50 31/10/2009 500,000 - $1.75 31/10/2009 500,000 - $2.00 31/10/2010 450,000 - $1.40 31/01/2010 450,000 - $2.00 31/01/2010 2,500,000 - $2.50 31/01/2011 $2.00 31/03/2011 269,000 Performance Rights Tranche 1 expire 1/07/2011 294,000 Performance Rights Tranche 2 expire 1/07/2011 294,000 Performance Rights Tranche 3 expire 1/07/2011 7.8 Issued during 500,000 - $1.40 31/01/2010 quarter 450,000 - $2.00 31/01/2010 450,000 - $2.50 31/01/2011 2,500,000 - $2.00 31/03/2011 269,000 Performance Rights Tranche 1 expire 1/07/2011 294,000 Performance Rights Tranche 2 expire 1/07/2011 294,000 Performance Rights Tranche 3 expire 1/07/2011 7.9 Exercised - - - - during quarter 7.10 Expired during - - - - quarter 7.11 Debentures Nil Nil (totals only) 7.12 Unsecured Nil Nil notes(totals only) Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX .
2 This statement doesgive a true and fair view of the matters disclosed.
Sign here: Date: ... 17 April 2007....
(Director/Company Secretary)
Print name: .........Max D.J. Cozijn...............
== == == == == ABN 50 078 532 632 Level 3, 50 Kings Park Road, West Perth WA 6005 Telephone: +61 8 9226 5577 Facsimile: +61 8 9226 2108 E-mail: [email protected] Web Site: www.oilex.com.au
OILEX LTDRelated Shares:
OEX.L