Oilex Ltd is pleased to provide the following update of activities at the Company's Indian Assets.

Cambay Field

Work program and budget 2015/16

Subsequent to the successful flowback and production testing of the proof of concept well, Cambay-77H, Oilex commenced planning for the 2015/16 work program year. The work program has been approved by both the Joint Venture and the Government of India. Oilex has commenced work on schedule critical tendering activities and expects to take advantage of the recent decrease in global oil & gas activity to achieve a reduction in drilling and other costs.

The work program consists of a firm 2 well drilling campaign and 2 contingent wells for which all long lead items will be procured concurrently such that a timely decision can be made to commit to the contingent wells. Additional detail regarding the wells and their locations are included in an addendum to this announcement. The first well is expected to spud late in H2 2015, subject to the finalisation of funding.

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