fishing operations resume

Finally !!!!!!!!!!!

17 February 2012


Cambay-76H Well Operations Update - Fishing Operations Resume

Further to its release of 18 January 2012, Oilex Ltd ("Oilex" ASX: OEX, AIM:
OEX) advises that operations to retrieve the stuck milling assembly from the
Cambay-76H horizontal well in the Cambay Field, onshore Gujarat, India have
resumed.

Retrieval operations were interrupted in December due to high bottom hole
pressure conditions and an influx of gas and fracture stimulation fluids. As a
result well control operations were initiated to stabilise the well.

While initial well control operations resulted in a reduction in pressure, the
well continued to flow. As a consequence, procedures were revised and a denser
mud system, additional chemicals and equipment were mobilised and the well has
now been stabilised. Operations to retrieve the milling assembly and coil
tubing are now underway.

Approximately 331 metres of coiled tubing has been recovered to date and 38
metres of coiled tubing and milling assembly (12 metres) remain to be
recovered.

Further releases will be made upon completion of significant events.

The participating interests in the Cambay PSC are:

Joint Venture Party Participating Interest

Oilex Ltd (Operator) 30%

Oilex NL Holdings (India) Limited 15%

Gujarat State Petroleum Corporation Ltd 55%



For further information, please contact:

Oilex Ltd +61 (0)8 9485 3200 (Western
Australia)
Bruce McCarthy Managing Director
[email protected]

Ben Clube Finance Director
[email protected]

Ambrian Partners Limited (Nominated Adviser and AIM Broker)

Matthew Einhorn +44 (0) 20 7634 4860 (UK)
[email protected]

Samantha Harrison +44 (0) 20 7634 4712 (UK)
[email protected]

Read Corporate

Nicholas Read
[email protected] +61 (0)8 9388 1474 (Western
Australia)

Tavistock Communications +44 (0)207 920 3150 (UK)

Ed Portman
[email protected] +44 (0)7733 363 501 (UK)


Paul Youens
[email protected] +44 (0)7843 260 623 (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 statements 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.




END