Cambay-76H Well Operations Update

05 March 2012

Cambay-76H Well operations updaTE

Further to the announcement of 20 February 2012, Oilex Ltd ("Oilex" ASX: OEX, AIM: OEX) provides the following update on operations at the Cambay-76H horizontal well in the Cambay Field, onshore Gujarat, India.

Operations to retrieve the stuck milling assembly and coiled tubing have been successfully concluded with the entire assembly now having been recovered at surface.

The well is currently being prepared for resumption of milling of the seven remaining fracture stimulation stages and when this operation is completed, production tubing will be run and the well will be flowed to surface for cleanup and production testing.

The participating interests in the Cambay PSC are:

For further information, please contact:

This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Oilex Ltd's planned exploration program and other statements that are not historic facts. When used in this document, the words such as "could", "plan", "estimate" "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Oilex Ltd believes that its expectations reflected in these statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.