OEX.L Regulatory News (OEX)

25 Feb 2009 07:00

25 February 2009

SUBJECT: AL JUMD TEST PROGRAM - BLOCK 56 OMAN

Oilex advises that preparations for the Al Jumd-1 testing program are being finalised and operations are planned to commence on February 26, with the initial flow period planned to be completed around March 6-8.

The Al Jumd-1 exploration well (spudded 1 December) discovered oil in the Al Khlata Formation over the interval 1163 - 1328 metres Measured Depth with no oil-water contact identified. The well was suspended for further evaluation. Following in depth analysis of the oil zone using all available well data, 5 zones totalling 46.5 metres were selected for perforation and flow testing. A down hole pump will be run to maximise the recovery rate in the event that heavier crude oil is present.

Figure 1 - Block 56 Oman showing Al Jumd well location (please see Oilex website for full report)

Participants in the Block 56 Exploration and Production Sharing Agreement are:

Joint Venture Party Participating Interest Oilex Oman Limited (Operator) 25% Videocon Industries Limited 25% GAIL (India) Limited 25%

Hindustan Petroleum Corporation Limited 12.5%

Bharat PetroResources Limited 12.5% Yours sincerely,Raymond G. BarnesExploration Director

For further information, please contact:

Ray Barnes, Technical Director, Oilex Ltd Tel. +61 8 9485 3200 (Western Australia)

Archie Berens, Director Pelham Public Relations Tel. +44 20 7743 6679 (United Kingdom)

RFC Corporate Finance Ltd acts as Oilex's Nominated Adviser, contact Stuart Laing +618 9480 2506

The information in this report has been compiled by the Managing Director of Oilex Ltd, Bruce McCarthy B.Sc. Hons. PhD (Geology) who has over 29years experience in petroleum geology and Ray Barnes, B.Sc. Hons. the Technical Director of Oilex Ltd who has over 35 years experience in petroleum geology and is a member of the AAPG & EAGE. Estimates ofoil-in-place arereported in accordance with the standard definitions set out by the Society of Petroleum Engineers, further information on which and a glossary of terms used in the oil and gas industryis available at www.spe.org.