OILEX LTD : Cambay-76H "Tight" Reservoir Well Report 8

27th July 2011

Company Announcements Office

ASX Limited

4th Floor

20 Bridge Street

Sydney NSW 2000

CAMBAY-76H ?TIGHT? RESERVOIR WELL REPORT NO 8

Oilex Ltd (?Oilex? ASX: OEX, AIM: OEX) advises that the mobilization for the large volume multi- stage fracture stimulation of the horizontal Cambay-76H well has been completed with all equipment now on site and rigged up. The Black Pearl drilling rig has been fully demobilised from site.

In preparing for the start of the fracture stimulation program; a test of all surface equipment has been conducted, mixing of chemicals and loading of proppant and water to tanks is underway and coiled tubing operations are being completed.

The fracture stimulation program will comprise eight stages with two fracture initiation points per stage. The well will then be flowed to surface to remove stimulation fluids and clean up the well bore prior to conducting the flow test.

The Cambay-76H ?proof of concept? horizontal well is evaluating the production potential of the Y Zone interval of the extensive Eocene ?tight? reservoirs in the onshore Cambay Production Sharing Contract (?PSC?), Gujarat, India.

Report date	26th July 2011
Status	Preparing for fracture stimulation operations
Past Week?s Operations	? Demobilising drilling rig ? Mobilising and rigging up fracture stimulation equipment
Objective	Cambay Eocene ?tight? reservoir Y Zone
Total Depth (TD)	2,740 metres including 610 metres horizontal section

Note: All depths refer to measured depth below rig rotary table (?MD?)

The participating interests in the Cambay PSC are:

JOINT VENTURE PARTY	PARTICIPATING INTEREST
Oilex Ltd (Operator) Oilex NL Holdings (India) Limited Gujarat State Petroleum Corporation Ltd	30% 15% 55%

ABN 50 078 652 632

Ground Floor, 26 Colin Street, West Perth WA 6005 Australia, PO Box 588 West Perth WA 6872 Australia

Telephone: [phone] Facsimile: ([phone]

Email: [e-mail] Web: www.oilex.com.au

For further information, please contact:

Oilex Ltd [phone] (Western Australia) Bruce McCarthy Managing Director [e-mail]

Ben Clube Finance Director [e-mail]

Ambrian Partners Limited (Nominated Adviser and AIM Broker)

Matthew Einhorn Anthony Rowland	[e-mail] [e-mail]	[phone] [phone]	(UK) (UK)
Read Corporate Nicholas Read	[e-mail]	[phone]	(Western Australia)
Tavistock Communications Paul Youens	[e-mail]	[phone] [phone]	(UK) (UK)
Ed Portman	[e-mail]	[phone]	(UK)

This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Oilex Ltd?s planned exploration program and other statements that are not historic facts. When used in this document, the words such as ?could?, ?plan?, ?estimate? ?expect?, ?intend?, ?may?, ?potential?, ?should? and similar expressions are forward-looking statements. Although Oilex Ltd believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.?

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