Magna exercise option for additional 5% in Cambay

27 December 2013

Oilex Ltd (ASX: OEX, AIM: OEX, "Oilex") is pleased to announce that Magna Energy Limited ("Magna") has exercised its option to acquire an additional 5% participating interest ("Option Interest") in the Cambay Production Sharing Contract ("PSC") for US$2 million pursuant to the Share Purchase Agreement dated 9 August 2013 ("SPA").

The acquisition of the Option Interest is subject to the non-exercise of 30 day pre-emptive rights held by the remaining joint venture participants, and receipt of Government of India approval. After receipt of such approval and assuming no pre-emptive rights are exercised, Magna will hold a 15% participating interest in the PSC with Oilex retaining a 30% participating interest.

For further information, please contact:

ABOUT MAGNA ENERGY

Magna Energy is a privately financed investment vehicle established in the UK. It is focused on oil and gas investment opportunities in emerging economies with growing energy demand and underexploited domestic hydrocarbon potential. Investors in Magna Energy have a successful track record in the Oil and Gas Industry.