http://www.finanznachrichten.de/nachrichten-2010-12/18800732-oile...

http://www.finanznachrichten.de/nachrichten-2010-12/18800732-oilex-placing-raises-uk-gbp-6-0-million-for-india-project-008.htm

10.12.2010 11:14
Oilex Placing Raises UK?6.0 Million for India Project

10 December 2010

OILEX PLACING RAISES UK?6.0 MILLION FOR INDIA PROJECT

Oilex Ltd ("the Company or "Oilex", AIM: OEX, ASX: OEX) is pleased to announce
the conditional placing (the "Placing") of a total of 30,000,000 new ordinary
shares (the "New Shares") at a price of 20p pence each (the "Placing Price") to
sophisticated professional investors in the UK. The Placing will result in
gross proceeds of ?6.0million (approximately ?5.7million or A$9.1million net of
expenses). Ambrian Partners Limited acted as broker to the Placing.

The New Shares of 30,000,000 have been placed within the Company's existing
authority to issue shares conditional upon admission to trading on AIM and the
ASX ("Admission"). Application for Admission will be made to the London Stock
Exchange and the ASX and is expected to occur on or around 15th December 2010
pending receipt of cleared funds and allotment of the New Shares.

Upon completion of the Placing, the New Shares will represent approximately 12%
of the enlarged share capital of the Company.

The net proceeds of the Placing will be applied primarily to further drilling
on the Cambay Production Sharing Contract "tight" Eocene reservoirs in Gujarat,
India, and for working capital. This drilling will be in addition to the
Company's first proof-of-concept horizontal well on the Cambay Eocene
reservoirs planned for Q1 2011.

This is the announcement that was referred to in the Company's request for an
ASX trading halt on 9th December 2010.

Commentary

Oilex's Managing Director, Dr Bruce McCarthy, said, "Over the past 12 months
the Company has made significant progress in unlocking the potential of the
Cambay "tight" Eocene reservoirs that extend over the 160 km2 (approximately
40,000 acres) contract area. Key to this success has been applying leading-edge
North American tight reservoir industry expertise in assessing the contract
area's reserves and resources. Oilex will be applying horizontal drilling and
multi-stage fracture stimulation technology to improve flow rates and confirm
commerciality of the Eocene tight reservoirs. The placement announced today
will assist in providing funds to drill a further 2 wells to assess reservoir
quality and distribution after the Company's initial proof-of-concept well in
the Cambay contract area."

For further information, please contact:

Oilex Ltd +61 (0)8 9485 3200 (Western Australia)

Bruce McCarthy Managing Director
[email protected]