13 March 2012

Dear Sirs

Appendix 3B

We enclose an Appendix 3B detailing the cancellation, due to cessation of employment, the following unlisted Employee Options:

75,000 options exercisable @ $0.50 expiry date 1 August 2013

75,000 options exercisable @ $0.63 expiry date 1 August 2015

For and on behalf of Oilex Ltd

Ben Clube

Finance Director / Company Secretary

cc: Directors - BMc/RB/MC/SB/RM

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96.  Origin: Appendix 5.  Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

Part 2 - Bonus issue or pro rata issue [Item 11 to 33 - Not Applicable]

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

Entities that have ticked box 34(a) [Items 35 to 42 - Not Applicable]

Additional securities forming a new class of securities

Quotation agreement

1. +Quotation of our additional +securities is in ASX's absolute discretion.  ASX may quote the +securities on any conditions it decides. 

2. We warrant the following to ASX.

·    The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

·    There is no reason why those +securities should not be granted +quotation.

·    An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act. 

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

·    Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

·    We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted. 

·    If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

3.   We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4.   We give ASX the information and documents required by this form.  If any information or document not available now, will give it to ASX before +quotation of the +securities begins.  We acknowledge that ASX is relying on the information and documents.  We warrant that they are (will be) true and complete.

Sign here:         ..............................................                                      Date:  13 March 2012

                        (Finance Director / Company Secretary)

Print name:       Ben Clube