27 Apr 2011 07:12
QUARTERLY REPORT TO SHAREHOLDERS 31 March 2011 Highlights
Cambay PSC (45% Operator), onshore Gujarat, India
* Rig mobilisation commenced for the Cambay-76H well which will evaluate the
production potential of the extensive Eocene "tight" Y zone reservoir. * The Cambay-76H well is anticipated to spud in May 2011.
* An Independent Reserves Certification of the Eocene "tight" reservoirs is
progressing and is anticipated to be completed in May 2011, subject to further meetings with the certifier. * A revised Oil Sales Agreement was concluded which increases by
approximately 34% the price received for crude oil sales and fixes future
prices to an international benchmark. The new price structure applies to
future oil and condensate production from the "tight" Eocene reservoirs.
WA-388-P (14% pre farm-in / 8.4% post farm in) North West Shelf, Australia
* The first exploration well is anticipated to spud in late April / early May
2011.
* The well will target the "La Rocca" prospect in the Intra Mungaroo channel
zone.
JPDA 06-103 (10% Operator) Timor Sea, Joint Petroleum Development Area
* A contract has been awarded for the 220km2 Tutuala seismic survey. The 3D
survey is anticipated to commence in late April 2011 and will provide
infill coverage across the Tutuala lead located in the north of the
contract area.
Financial
* Cash at end of the Quarter of A$22.4 million.
* No corporate debt at the end of the Quarter.
Overview
During the March Quarter Oilex Ltd took further important steps towards unlocking the value of its onshore "tight" gas and condensate reservoir play in the Cambay Production Sharing Contract (PSC) in the industrial state of Gujarat in India, as well as progressing its other offshore exploration assets in Australia and the Timor Sea.
In India, the Company concluded a contract for a rig and services to drill the"proof-of-concept" Camba-76H well, which will evaluate the production potentialof the extensive Eocene "tight" Y-zone reservoir that extends across the 161km2 Cambay PSC contract area. A production test will be conducted aftermulti-stage fracture stimulation of the Y zone using modern technologydeveloped in North America. During the Quarter well site construction wascompleted and substantial progress was made in procuring remaining drilling andfracture stimulation equipment and services.Offshore Australia, in WA-388-P, the Company expects the first exploration wellto spud in late April / early May targeting the "La Rocca" prospect. Fundingfor drilling and testing of this well has been secured under the terms of apreviously announced farm-out with Apache. In the Timor Sea, the Company hasawarded the contract for an infill 3D seismic acquisition covering the Tutualalead. The Joint Venture plans to drill an exploration well during the 4thQuarter 2011. OPERATIONS REVIEW
CAMBAY FIELD, Gujarat, India
(Oilex Operator - 45%)
* A drilling rig contract has been concluded with Black Pearl Drilling
Services. The mobilisation of the "Black Pearl Rig 1" and related services,
to the Cambay-76H well location has started. The rig is mobilising from
another location in Gujarat and the well is expected to spud in May 2011.
* Construction work at the Cambay-76H well site has been completed.
Procurement of remaining drilling and fracture stimulation equipment and
services for the well is substantially complete and those materials and services are in various stages of mobilization to the well location. * The detailed design for the Cambay 76H well has been completed. The Cambay-76H well will evaluate the production potential of the extensive Eocene "tight" Y-zone reservoir. The well includes a 610 metre lateral section and is expected to take approximately 35 days to drill and
complete. A two month production test will then be conducted following an 8
stage fracture stimulation.
* With the support of its consultants, the Company has prepared and submitted
a data package to an Independent Reserves Certifier Netherland Sewell
Associates Inc. ("NSAI"). This data package includes further technical
studies incorporating the petrophysical evaluation of 36 well logs that
penetrated the Eocene section using NuTech's proprietary low permeability
software applications. * Oilex is being advised by two North American companies, NuTech Energy Alliance ("NuTech"), a leader in advanced petrophysical, geological and
fracture stimulation solutions for "tight" and "shale gas" reservoirs, and
Morning Star LLC ("Morning Star"), a worldwide petroleum consulting group
with expertise in reserve certification of "tight" reservoir projects.
* The NSAI Independent Reserves Certification is anticipated to be concluded
in May 2011 after further meetings are held with NSAI and the Company's North American advisers. * As announced on 21 January 2011, Oilex has agreed with Indian Oil
Corporation (IOC) to revise the existing Cambay Field Crude Offtake Sales
Agreement. The revised agreement includes a new price structure whereby the
price paid by IOC to the Cambay Field Joint Venture for Cambay crude oil
and condensate will be based on new international benchmark crude of
similar assay quality. The new price structure will be applied
retrospectively so that the Cambay Joint Venture will receive an adjustment
payment of approximately US$0.7 million for a portion of the field's past
production.
* The Joint Venture will sell any future condensate and crude production from
the Cambay Eocene "tight" reservoirs under the favourably revised
agreement. The agreement is subject to the final signature of ONGC, which
facilitates transportation of the crude on behalf of IOC.
Background
* Oilex's principal focus is on unlocking the value of the Eocene tight
reservoirs that extend across the 161km2 Cambay PSC contract area onshore
Gujarat.
* The Cambay PSC is located in the heart of Gujarat's industrial area, close
to significant unsatisfied demand.
* Reserves and Contingent Resources were significantly upgraded in September
2010 (see previous Company announcements) following completion of detailed
technical studies assessing the potential of the Cambay "tight" reservoirs
using leading-edge North American "tight gas" industry technology from
NuTech and Morning Star.
WA-388-P, Australia
(Oilex - 14% pre farm in / 8.4% post farm in)
* The first exploration well will target the "La Rocca" prospect in the Intra
Mungaroo channel zone and is expected to spud in late April or early May
2011. The well will be operated by Apache, which has had extensive success
in exploring this play in the outer Northwest Shelf.
* Oilex expects the rig, "Ocean Patriot" which is under contract to Apache,
to start mobilisation by the end of April.
* During the Quarter an amendment to the farm-in agreement has been concluded
at Apache's request to address commercial issues specific to Apache. Under
the amendment Oilex has sold its 5.6% farm-out interest to Apache for cash
consideration equivalent to the value of being carried through the well and
testing under the original farm-in agreement. The amendment does not
materially alter Oilex's commercial position under the farm-in agreement.
The farm-in agreement and amendment are subject to Government approval.
Background
* The WA-388-P permit is located outboard of the North West Shelf, Pluto,
Wheatstone, and Gorgon fields, offshore Western Australia.
* The WA-388-P permit contains a range of play types and a portfolio of seven
prospects has been identified ranging in potential size from 0.3 to 2.8 trillion cubic feet (TCF) of prospective gas resource (recoverable 100% best estimate basis). * In November 2010 Apache Northwest Pty Ltd ("Apache") entered a farm-in agreement with the Joint Venture.
* Apache will earn a 40% interest in the WA-388-P permit by paying 100% of
the first exploration well (up to an agreed cap) and 100% of the well test
costs (up to an agreed cap) if the Joint Venture approves testing the well.
Under the farm-in agreement, Oilex farmed out 5.6% of its 14% interest to
Apache. Apache has replaced Oilex as the permit operator.
* The farm in agreement and amendment are subject to Government approval.
JPDA 06-103, TIMOR SEA(Oilex Operator - 10%)
* The JPDA 06-103 Joint Venture has awarded the contract for the acquisition
of the Tutuala 3D seismic to Petroleum Geo-Services ("PGS"). The acquisition of this survey is expected to commence in late April 2011. * The Tutuala Survey will comprise 220 km2 of 3D seismic data across the previously identified Tutuala lead at the Top Plover Formation
stratigraphic level. The Tutuala lead is presently only partially covered
by 3D data and the new survey will provide infill coverage between the existing adjacent 3D surveys. * Additional reprocessing of existing 3D seismic data is also being undertaken to confirm the size and shape of an alternative structure,
Bazartete, which may also be considered as a drilling target for the next
well.
* The Joint Venture expects to drill the next exploration well in JPDA 06-103
during Q4 2011.
West Kampar PSC, Central Sumatra
(Oilex - 45% + further 22.5% secured*)
* Oilex continues to seek a commercial resolution to the dispute and recent
discussions are making progress to that end. At the same time, Oilex
intends to protect its participating interest in the West Kampar PSC and to
pursue enforcement of its Arbitration Award as appropriate.
Background
* On 24 June 2010, the International Court of Arbitration of the ICC
(International Chamber of Commerce) found in favour of Oilex's wholly owned
subsidiary, Oilex (West Kampar) Limited, in its claim against PT Asiabumi
Petroleo (Asiabumi) for the recovery of US$4.6 million that is owed to
Oilex. Asiabumi is the parent company of the Operator (PT Sumatera Persada
Energi - SPE).
* Oilex commenced the ICC Arbitration against Asiabumi in Singapore in April
2009 following the failure of SPE in early 2009 to repay a debt owing to
Oilex under a previous agreement between Oilex and SPE. SPE's obligations
to repay the debt were secured by a parent company guarantee granted by Asiabumi to Oilex in 2008. * The Award granted in Oilex's favour took effect immediately. Oilex is pursuing the recovery of the monies owing under the Award.
* Oilex maintains that it is further entitled to have assigned an additional
22.5% to its 45% holding through the exercise of its rights under a Power
of Attorney granted by SPE following the failure of SPE to repay the funds
due referred to above. The assignment has been provided to BPMigas but has
not yet been approved or rejected. If the debt due to Oilex is satisfied,
it will not pursue this assignment.
Block 56, Oman(Oilex Operator - 25%)
* The Block 56 Joint Venture has given notice to the Oman Ministry of Oil and
Gas (MOG) of its intention to relinquish all of the Block 56 Contract Area
in accordance with the Exploration and Production Sharing Agreement (EPSA).
* On behalf of the Block 56 Joint Venture, Oilex Oman Limited (as Operator)
has completed the relinquishment work programme at well sites to the
satisfaction of the MOG and is completing the remaining administrative
requirements.
Financial
* Cash at the end of the Quarter of A$22.4 million.
* No corporate debt at the end of the Quarter.
Health, Safety, Security and Environment
* Oilex recorded over 1,000,000 manhours worked in India without a Lost Time
Incident.
On 19 March 2011 Oilex recorded 1,007,828 manhours worked by Oilex employeesand contractors in its India operations since the last Lost Time Incident. Inall respects this is an excellent achievement. It covers manhours worked duringdrilling, production and workover operations as well as office basedactivities. No lost-time incidents have been recorded from other Oilexlocations.Further information can be found on the Company's website www.oilex.com.au.
For further information, please contact:
Oilex Ltd Bruce McCarthy - Managing Director +61 (0)8 9485 3200 Western Australia oilex@oilex.com.au
Ben Clube - Finance Director & Company +61 (0)8 9485 3200 Western Australia Secretary: oilex@oilex.com.au
Read Corporate Nicholas Read: +61 (0)8 9388 1474 Western Australia
nicholas@readcorporate.com.au
Tavistock Communications +44 (0)20 79203150 UK
Paul Youens: pyouens@tavistock.co.uk +44 (0)7843 260 623
UK
Ed Portman: eportman@tavistock.co.uk +44 (0)7733 363 501
UK
Ambrian Partners Limited (Nominated Adviser and AIM Broker)
Richard Swindells: +44 (0) 20 7634 UKrichard.swindells@ambrian.com 4856 Matthew Einhorn: +44 (0) 20 7634 UKmatt.einhorn@ambrian.com 4860 Information in this report relating to hydrocarbon reserves or resources hasbeen compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of OilexLtd who has over 38 years' experience in petroleum geology and is a member ofthe AAPG. Mr Barnes consents to the inclusion of the information in this reportrelating to hydrocarbon reserves and resources in the form and context in whichit appears. Resource estimates contained in this report are in accordance withthe standard definitions set out by the Society of Petroleum Engineers,Petroleum Resources Management System, 2007.CORPORATE DETAILS Board of Directors Share Registry Max D.J. Cozijn Non-Executive Chairman Security Transfer Registrars Pty Ltd Bruce McCarthy Managing Director 770 Canning Highway Applecross WA 6153, Australia Ray Barnes Technical Director Telephone: +61 8 9315 2333 Ben Clube Finance Director & Facsimile: +61 8 9315 2233 Company Secretary Email: registrar@securitytransfer.com.au Laxmi Bhandari Non-Executive Director Ron Miller Non-Executive Director
Capital Structure as at 27 April 2011 Stock Exchange Listing
Ordinary Shares 253,274,885 Australian Stock Exchange Code: OEX Unlisted Options 43,375,000 AIM Market of London Stock Exchange Code: OEX
Unlisted Performance Rights 80,000
LIST OF ABBREVIATIONS AND DEFINITIONS USED HEREIN
Associated Natural gas found in contact with or dissolved in crude oil in Gas the reservoir. It can be further categorized as Gas-Cap Gas or Solution Gas. Bbls Barrels of oil or condensate BCF Billion Cubic Feet at standard temperature and pressure conditions BOE Barrels of Oil Equivalent. Converting gas volumes to the oil equivalent is customarily done on the basis of the nominal heating content or calorific value of the fuel. Common industry gas conversion factors usually range between 1 barrel of oil equivalent (BOE) = 5,600 standard cubic feet (scf) of gas to 1 BOE = 6,000 scf. (Many operators use 1 BOE = 5,620 scf derived from the metric unit equivalent 1 m³ crude oil = 1,000 m³ natural gas). BOPD barrels of oil per day
Deterministic The method of estimation of Reserves or Resources is called
deterministic if a discrete estimate(s) is made based on known Estimate geoscience, engineering, and economic data. GOR Gas to oil ratio in an oil field, calculated using measured natural gas and crude oil volumes at stated conditions. The gas/ oil ratio may be the solution gas/oil, symbol Rs; produced gas/ oil ratio, symbol Rp; or another suitably defined ratio of gas production to oil production. Volumes measured in scf/bbl. MMSCF/DAY million standard cubic feet (of gas) per day MMbbls million barrels of oil or condensate (recoverable) Contingent Those quantities of petroleum estimated, as of a given date, to Resources be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and /or characterized by their economic status. Development Pending - A discovered accumulation where project activities are ongoing to justify commercial development in the foreseeable future. Development Unclarified or on Hold - A discovered
accumulation
where project activities are on hold and/or where
justification
as a commercial development may be subject to significant delay. Prospective Those quantities of petroleum which are estimated, as of a given Resources date, to be potentially recoverable from undiscovered accumulations Reserves Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Proved Reserves are those quantities of petroleum, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. Possible Reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recoverable than Probable Reserves.3P P90 refers to the quantity for which it is estimated there is at least a 90% probability the actual quantity recovered will equal or exceed; P50 refers to the quantity for which it is estimated there is at least a 50% probability the actual quantity recovered will equal or exceed; and P10 refers to the quantity for which it is estimated there is at least a 10% probability the actual quantity recovered will equal or exceed. SCF/BBL standard cubic feet (of gas) per barrel (of oil) TCF Trillion Cubic Feet Tight Gas The reservoir cannot be produced at economic flow rates or Reservoir recover economic volumes of natural gas unless the well is stimulated by a large hydraulic fracture treatment, a horizontal wellbore, or by using multilateral wellbores Bhandut Field PSCCambay/ Gujarat / IndiaOilex NL Holdings(India) LimitedSabarmati Field PSCCambay/ Gujarat / IndiaOilex NL Holdings(India) LimitedBlock 56 EPSASouth Oman/ OmanOilex Oman LimitedWest KamparPSCCentral Sumatra/ IndonesiaPT Sumatera Persada EnergiJPDA 06-103 PSCFlamingo/Joint Petroleum Development Area / Timor-Leste & AustraliaOilex (JPDA 06-103)LtdWA-388-P (2)Carnarvon/ WA / Australia Apache Northwest Pty Ltd Asset Schedule ASSET BASIN / STATE JOINT VENTURE PARTIES EQUITY % OPERATOR / COUNTRY Cambay Cambay/ Oilex Ltd 30.0 Oilex Ltd Field PSC Gujarat / India Oilex NL Holdings (India) 15.0 Limited Gujarat State Petroleum Corp. 55.0 Ltd Bhandut Cambay/ Oilex NL Holdings (India) 40.0 Oilex NL Field PSC Gujarat Limited Holdings India (India) Limited Gujarat State Petroleum Corp. 60.0 Ltd Sabarmati Cambay/ Oilex NL Holdings (India) 40.0 Oilex NL
Field PSC Gujarat/India Limited Holdings
(India) Limited Gujarat State Petroleum Corp. 60.0 Ltd Block 56 South Oman Oilex Oman Limited 25.0 Oilex Oman EPSA Oman Limited GAIL (India) Limited 25.0 Videocon Oman 56 Limited 25.0 Bharat PetroResources Limited 12.5 Hindustan Petroleum Corp. Ltd 12.5 West Central Oilex (West Kampar) Limited 67.5 (1) PT Sumatera Kampar Sumatra/ Persada Energi PSC Indonesia PT Sumatera Persada Energi 32.5 JPDA Flamingo/Joint Oilex (JPDA 06-103) Ltd 10.0 Oilex (JPDA 06-103 Petroleum 06-103) Ltd PSC Development Japan Energy E&P JPDA Pty Ltd 15.0 Area/Timor- Leste & GSPC (JPDA) Limited 20.0 Australia Videocon JPDA 06-103 Limited 20.0 Bharat PetroResources JPDA Ltd 20.0 Pan Pacific Petroleum (JPDA 15.0 06-103) Pty Ltd WA-388-P Carnarvon/WA Oilex Ltd 8.4 Apache Northwest Pty (2) /Australia Ltd Gujarat State Petroleum Corp. 8.4 Ltd Videocon Industries Ltd 8.4 Bharat PetroResources Ltd 8.4 Hindustan Petroleum Corp Ltd 8.4 Apache Northwest Pty Ltd 40.0 Sasol Petroleum Australia Ltd 18.0
(1) Oilex (West Kampar) Limited is entitled to have assigned an additional 22.5% to its holding through the exercise of its rights under a Power of Attorney granted by SPE following the failure of SPE to repay funds due. The assignment has been provided to BPMigas but has not yet been approved or rejected. If Oilex is paid the funds due then it will not pursue this assignment.
(2) The WA-388-P Joint Venture entered into a farm-in agreement with ApacheNorthwest Pty Ltd ("Apache"). Oilex, GSPC, Videocon, Bharat PetroResources, andHPCL participating interests in the WA-388-P permit are 14% and will be 8.4%after finalisation of the farm-in. Sasol's participating interest is 30% andwill be 18% after finalisation of the farm in. Oilex subsequently entered intoa sale and farm-in amendment agreement with Apache. Oilex participatinginterest will be 8.4% after finalisation of the sale and farm in amendmentagreement. Apache is now the operator. The farm-in agreement and amendment aresubject to Government approval. Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 1/6/10, 17/12/10. Name of entityOILEX LTDABN Quarter ended ("current quarter") 50 078 652 632 31 MARCH 2011 1 Consolidated statement of cash flows Current quarter Year to date $A'000 (9 months) $A'000
Cash flows related to operating activities
1.1 Receipts from product sales and related 48 48 debtors 1.2 Payments for (a) exploration and (2,747) (5,841) evaluation (b) development - - (c) production (58) (226) (d) administration (net) (798) (1,603) 1.3 Dividends received - - 1.4 Interest and other items of a similar 82 264 nature received 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (3,473)
(7,358)
Cash flows related to investing activities
1.8 Payment for purchases of: - - (a) prospects - - (b) equity investments (40) (70) (c) other fixed assets 1.9 Proceeds from sale of: 4,572 4,572 (a) prospects - - (b) equity investments 3 3 (c) other fixed assets 1.10 Loans to other entities - - 1.11 Loans repaid by other entities 1 36 1.12 Other (provide details if material) - - Net investing cash flows 4,536 4,541 1.13 Total operating and investing cash 1,063 (2,817) flows (carried forward) Current quarter Year to date $A'000 (9 months) $A'000 1.13 Total operating and investing cash 1,063 (2,817) flows (brought forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, 931 9,885 options, etc
1.15 Proceeds from sale of forfeited shares -
-
1.16 Proceeds from borrowings (net) -
-
1.17 Repayment of borrowings -
- 1.18 Dividends paid - -
1.19 Other (provide details if material) -
-
Net financing cash flows 931
9,885
Net increase (decrease) in cash held 1,994
7,068
1.20 Cash at beginning of quarter/year to 20,092 16,809 date 1.21 Exchange rate adjustments to item 1.20 286
(1,505) 1.22 Cash at end of quarter 22,372 22,372Payments to directors of the entity and associates of the Current directors quarter
Payments to related entities of the entity and associates of the $A'000
related entities
1.23 Aggregate amount of payments to the parties included in
386 item 1.2
1.24 Aggregate amount of loans to the parties included in item
1.10
1.25 Explanation necessary for an understanding of the transactions
2 Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did not involve cash flows N/A
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest N/A 3 Financing facilities available Amount available Amount used Add notes as necessary for an $A'000 $A'000 understanding of the position. 3.1 Loan facilities - - 3.2 Credit standby arrangements - - 4 Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 7,048 4.2 Development - 4.3 Production 100 4.4 Administration 400 Total 7,548
5 Reconciliation of cash
Reconciliation of cash at the end of Current quarter Previous quarter the quarter (as shown in the
consolidated statement of cash flows) $A'000 $A'000 to the related items in the accounts is
as follows. 5.1 Cash on hand and at bank 11,470 12,828 5.2 Deposits at call 10,902 7,264 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter 22,372
20,092
(item 1.22) 6 Changes in interests in mining tenements Tenement Nature of interest Interest Interest reference at at end of (note (2)) beginning quarter of quarter 6.1 Interests in Refer to Permit/Asset mining tenements Schedule in Quarterly relinquished, Report reduced or lapsed 6.2 Interests in Refer to Permit/Asset mining tenements Schedule in Quarterly acquired or Report increased 7 Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion
rights together with prices and dates. Total number Number quoted Issue Amount paid price per up per security security
7.1 Preference +securities - - -
- (description)
7.2 Changes during quarter - - -
- (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions 7.3 +Ordinary securities 253,274,885 253,274,885 Various -
7.4 Changes during quarter 3,200,000 3,200,000 $0.30
-
(a) Increases through issues (options exercised) - - - - (b) Decreases through returns of capital, buy-backs 7.5 +Convertible debt - - - - securities (description)
7.6 Changes during quarter - - -
-
(a) Increases through issues (b) Decreases through securities matured, converted 7.107 Issued and quoted securities at end of current quarter (cont'd) Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total Number Issue Amount number quoted price per paid up security per security 7.7 Options Exercise Expiry price date (description and conversion factor) 350,000 - $2.70 30/04/2011 900,000 - $1.75 30/06/2011 900,000 - $2.25 30/06/2011 3,900,000 - $2.00 1/07/2011 3,900,000 - $2.50 1/07/2011 500,000 - $1.57 30/09/2011 300,000 - $2.75 31/03/2012 900,000 - $2.75 30/06/2012 2,000,000 - $0.30 15/09/2012 16,787,500 - $0.30 10/11/2012 4,150,000 - $0.30 1/07/2014 8,787,500 - $0.37 10/11/2014 Total 43,375,000 2006 Performance Rights 15,000 Tranche 1 expire 1/07 /2011 2008 Performance Rights 21,000 Tranche 1 expire 1/07 /2013 22,000 Tranche 2 expire 1/07 22,000 /2013 Tranche 3 expire 1/07 /2013 Total 80,000 7.8 Issued during 2,000,000 - $0.30 10/11/2012 quarter 2,000,000 - $0.37 10/11/2014 7.9 Exercised during 200,000 - $0.30 1/07/2014 quarter 2,000,000 - $0.30 30/06/2011 1,000,000 - $0.30 15/09/2012 Expired during quarter Options 2,500,000 - $2.00 31/03/2011 300,000 - $2.25 31/03/2011 2007 Performance Rights 360,000 Tranches 1, 2 and 3 cancelled 8 February 2011 7.11 Debentures Nil Nil (totals only) 7.12 Unsecured notes Nil Nil (totals only) Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.
Sign here:Date: 27 April 2011
(Director and Company Secretary)
Print name: Ben Clube ABN 50 078 652 632 Ground Floor, 26 Colin Street, West Perth WA 6005 Telephone: +61 8 9485 3200 Facsimile: +61 8 9485 3290 E-mail: oilex@oilex.com.au Web Site: www.oilex.com.au Appendix 5B Mining exploration entity quarterly
report
vendor