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20 November, 2009

Company Announcements Office

OILEX SPUDS FIRST TIMOR SEA WELL

Oilex Ltd advises that the Loré-1 well, the first well of a 2 well program in
the Timor Sea contract area JPDA 06-103, was spudded at 13:15 hours (WST) on 20
November 2009.

The Loré-1 well is targeting a prospect with mean prospective oil resources of
195 million barrels (100% basis). The planned total depth of the well is
approximately 3,670 metres and is anticipated to be completed by late December
2009.

The "Songa Mercur" drilling rig arrived on location in JPDA 06-103 on 18
November and laid anchors ahead of schedule after mobilising from Dampier. The
rig is contracted to drill two wells in JPDA 06-103 (with an option of one
additional well). After drilling the Loré-1 well the rig will drill the Lolotoe
prospect which is targeting mean prospective oil resources of 90 million
barrels respectively (100% basis).

JPDA 06-103 is a highly prospective offshore oil exploration block and has the
potential to host significant oil reserves. It is located near to a number of
existing producing fields as well as Eni's recent Kitan oil discovery currently
under development.

Oilex is the Operator of the JPDA 06-103 Joint Venture. The participating
interests are:

Joint Venture Party Participating Interest

Oilex (JPDA 06-103) Ltd (Operator) 10%

Global Energy Limited (Videocon) 25%(1)

GSPC (JPDA) Ltd 25%(1)

Bharat PetroResources JPDA Limited 25%(1)

Japan Energy E&P JPDA Pty Ltd 15%

1. Pan Pacific Petroleum has recently signed conditional farmin deals with
Global Energy Limited, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Ltd
to acquire a 15% participating interest in JPDA 06-103.


Yours sincerely,

B. H. McCarthy

Managing Director