(OEX) Oilex

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Thu 07:00

Oilex Limited - Interim Financial Report half-year ended 31 Dec 11

RNS

RNS Number : 6678W

Oilex Limited

02 February 2012

OILEX LTD

CONDENSED CONSOLIDATED INTERIM

FINANCIAL REPORT

For the half-year ended 31 December 2011

CONTENTS

Directors' Report

Auditor's Independence Declaration

Condensed Consolidated Statement of Comprehensive Income

Condensed Consolidated Statement of Financial Position

Condensed Consolidated Statement of Changes in Equity

Condensed Consolidated Statement of Cash Flows

Notes to the Condensed Consolidated Interim Financial Report

Directors' Declaration

Independent Review Report

DIRECTORS' REPORT

The Directors present their report together with the interim financial report of the condensed consolidated entity, being Oilex Ltd (the "Company") and its controlled entities (the "Group") for the six months ended 31 December 2011 and the review report thereon.

DIRECTORS

The directors of the Company at any time during the interim period and until the date of this report are detailed below. All directors were in office for this entire period unless otherwise stated.

Mr Max Cozijn	Non-Executive Chairman
Mr Sundeep Bhandari	Non-Executive Vice Chairman from 9 November 2011
Dr Bruce McCarthy	Managing Director
Mr Raymond Barnes	Technical Director
Mr Ben Clube	Finance Director and Company Secretary
Mr Laxmi Bhandari	Non-Executive Director until 9 November 2011
Mr Ronald Miller	Non-Executive Director

REVIEW OF OPERATIONS

Financial Performance

The Group incurred a consolidated loss after income tax of $2,623,374 for the half-year (31 December 2010: loss of $8,497,879). The loss includes $1,747,024 incurred on exploration expenditure which largely relates to geological studies undertaken in India and the seismic processing and related timewriting in JPDA 06-103. Cash and cash equivalents held by the Group as at 31 December 2011 totalled $10,459,383 (30 June 2011: cash and cash equivalents $19,070,262).

Operations

Oilex Ltd is a dual listed (ASX and AIM) oil and gas exploration and production company. The Company's primary focus is on evaluating and commercialising the extensive Eocene low permeability ("tight") reservoirs in its onshore Cambay Field located in the state of Gujarat, India, where energy market fundamentals are attractive. The Company is applying leading-edge tight reservoir evaluation, drilling and production technologies and techniques which have been developed in recent years in the rapidly expanding "tight" and shale gas industry in North America. The Company's also has exploration assets offshore Western Australia, the Timor Sea and onshore Sumatra, Indonesia.

The main events for the Company during the period were:

· Oilex successfully drilled and completed the 2,740 metre Cambay-76H well including 610 metre horizontal section and conducted an eight stage fracture stimulation program.

· Netherland, Sewell and Associates Inc. completed an initial independent assessment of the Cambay PSC Eocene "tight" reservoirs and provided Best Estimates as set out below:

o Two shallow zones (X and Y) with combined unrisked contingent resources of 222 BCF of gas and associated gas and 37 million barrels of oil and condensate, net to Oilex,

o Four deeper zones (Z, 180-200, 200-300, 300-400) with unrisked prospective resources of 420 BCF of gas and associated gas and 63 million barrels of oil and condensate, net to Oilex.

o The net to Oilex estimates above include Government share of production applicable under the Cambay PSC.

· Completed micro-seismic and pressure data acquisition during the Cambay-76H fracture stimulation program. The preliminary interpretation of post fracture data indicates that the fracture stimulation program was effective and has stimulated a rock volume comparable to that being achieved in North American tight reservoir operations.

· Fishing operations to retrieve the stuck milling tool in Cambay-76H well were started and 246 metres of coil successfully recovered. Fishing operations were interrupted due to higher than expected reservoir pressures and an influx of hydrocarbons and fracture stimulation fluids into the wellbore. As a consequence well control operations were initiated. As soon as the well has been stabilised fishing operations will resume.

· In conjunction with the Cambay Joint Venture partner, Gujarat State Petroleum Corporation, well locations and objectives have been agreed for follow up drilling campaigns in 2012 and 2013 to confirm and develop NSAI assessed Resources.

· In JPDA 06-103 the processing of the Tutuala 3D Survey seismic data was completed. The interpretation of the Tutuala structure has indicated the presence of a technically viable prospect.

· The reprocessing of 3D seismic data across the Bazartete structure has been completed and the interpretation of these data is ongoing.

· In WA-388-P work continues on the interpretation of the pre-stack depth migration reprocessed data across the Placanica prospect by the Operator Apache Northwest Pty Ltd.

· Negotiations progressed on the West Kampar Joint Venture dispute. Oilex continues to protect its participating interest in the West Kampar PSC and to pursue enforcement of its Arbitration Award as appropriate.

Further details are contained within releases made by the Company over this period.

Significant Events After Balance Date

There are no significant subsequent events occurring after balance date.

CORPORATE MATTERS

Capital Structure

As at 31 December 2011 the company had total issued capital of 253,324,885 ordinary shares.

During the six months ended 31 December 2011 Oilex issued 1,300,000 unlisted options and 8,300,000 unlisted options expired unexercised. As at 31 December 2011 there were a total of 34,075,000 unlisted options exercisable at prices of between $0.30 and $2.75 and 22,000 performance rights.

At 31 December 2011, Oilex retained cash of $10,459,383.

LEAD AUDITOR'S INDEPENDENCE DECLARATION

The lead auditor's independence declaration is set out on page 3 and forms part of the Directors' Report for the half-year ended
31 December 2011.

Signed in accordance with a resolution of the Board of Directors.

Mr B H McCarthy Mr B Clube

Managing Director Finance Director

West Perth

Western Australia

2 February 2012

KPMG

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

To: the directors of Oilex Ltd

I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2011 there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

(ii) no contraventions of any applicable code of professional conduct in relation to the review.

KPMG

Graham Hogg

Partner

Perth, WA
2 February 2012

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

	Note	31 December 2011 $	31 December 2010 $

Revenue	6(a)	147,315	870,985
Cost of sales	6(b)	(233,241)	(174,437)

Gross profit/(loss)		(85,926)	696,548

Exploration expenditure		(1,747,024)	(2,463,286)
Administration expense	6(c)	(1,047,060)	(870,239)
Share-based payments		(63,237)	(2,553,744)
Other expenses	6(d)	(130,117)	(648,077)
Results from operating activities		(3,073,364)	(5,838,798)

Finance income		130,329	143,579
Finance costs		(25)	(30)
Foreign exchange gain/(loss)	6(e)	319,686	(2,802,630)
Net finance income/(loss)		449,990	(2,659,081)

Loss before income tax		(2,623,374)	(8,497,879)

Income tax expense		-	-
Loss for the period		(2,623,374)	(8,497,879)


Other comprehensive income
Foreign currency translation difference		1,326,880	(2,684,501)
Other comprehensive (loss)/income for the period, net of income tax		1,326,880	(2,684,501)
Total comprehensive loss for the period		(1,296,494)	(11,182,380)

Earnings per share
Basic loss per share (cents per share)		1.04	3.81
Diluted loss per share (cents per share)		1.04	3.81

The above Consolidated Statement of Comprehensive Income is to be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2011

	Note	31 December 2011 $	30 June 2011 $
Assets
Cash and cash equivalents		10,459,383	19,070,262
Trade and other receivables		2,069,285	2,833,625
Prepayments		74,604	114,915
Inventories		1,465,497	1,681,600
Total current assets		14,068,769	23,700,402

Exploration and evaluation	7	28,649,340	22,394,942
Property, plant and equipment		353,673	448,919
Total non-current assets		29,003,013	22,843,861

Total assets		43,071,782	46,544,263

Liabilities
Trade and other payables		5,633,416	7,979,542
Employee benefits		188,035	198,275
Total current liabilities		5,821,451	8,177,817

Provisions		2,314,500	2,210,708
Total non-current liabilities		2,314,500	2,210,708

Total liabilities		8,135,951	10,388,525

Net assets		34,935,831	36,155,738

Equity
Issued capital		130,057,307	130,043,957
Reserves		5,456,786	7,424,259
Accumulated losses		(100,578,262)	(101,312,478)

Total equity		34,935,831	36,155,738

The above Consolidated Statement of Financial Position is to be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

	Attributable to Equity Holders of the Company
	Issued Capital	Option Reserve	Foreign Currency Translation Reserve	Accumulated Losses	Total Equity
	$	$	$	$	$
Balance at 1 July 2010	120,158,833	9,139,884	3,885,033	(95,122,304)	38,061,446
Total Comprehensive (loss)/income for the period
Profit or loss	-	-	-	(8,497,879)	(8,497,879)
Other comprehensive income
Foreign currency translation differences	-	-	(2,684,501)	-	(2,684,501)
Total other comprehensive income	-	-	(2,684,501)	-	(2,684,501)

Total comprehensive (loss)/ income for the period	-	-	(2,684,501)	(8,497,879)	(11,182,380)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Shares issued	9,459,246	-	-	-	9,459,246
Capital raising costs	(524,717)	-	-	-	(524,717)
Transfer on exercise of options or performance rights	-	-	-	-	-
Transfers on forfeited options	-	(1,245,914)	-	1,245,914	-
Share-based payment transactions	-	2,553,744	-	-	2,553,744
Total transactions with owners	8,934,529	1,307,830	-	1,245,914	11,488,273
Balance at 31 December 2010	129,093,362	10,447,714	1,200,532	(102,374,269)	38,367,339
Balance at 1 July 2011	130,043,957	8,373,339	(949,080)	(101,312,478)	36,155,738
Total Comprehensive (loss)/income for the period
Profit or loss	-	-	-	(2,623,374)	(2,623,374)
Other comprehensive income
Foreign currency translation differences	-	-	1,326,880	-	1,326,880
Total other comprehensive income	-	-	1,326,880	-	1,326,880

Total comprehensive (loss)/ income for the period	-	-	1,326,880	(2,623,374)	(1,296,494)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Shares issued	15,000	-	-	-	15,000
Capital raising costs	(1,650)	-	-	-	(1,650)
Transfer on exercise of options or performance rights	-	(5,573)	-	5,573	-
Transfers on forfeited options	-	(3,352,017)	-	3,352,017	-
Share-based payment transactions	-	63,237	-	-	63,237
Total transactions with owners	13,350	(3,294,353)	-	3,357,590	76,587
Balance at 31 December 2011	130,057,307	5,078,986	377,800	(100,578,262)	34,935,831

The above Consolidated Statement of Changes in Equity is to be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

	31 December 2011 $	31 December 2010 $
Cash flows from operating activities
Cash receipts from customers	-	-
Payments to suppliers and employees	(1,168,437)	(972,354)
Cash outflows from operations	(1,168,437)	(972,354)
Interest received	144,885	181,564
Net cash used in operating activities	(1,023,552)	(790,790)

Cash flows from investing activities
Advances from joint ventures	185	35,375
Payments for exploration and evaluation	(7,889,785)	(3,094,579)
Acquisition of property, plant and equipment	(28,736)	(30,071)
Net cash (used in)/from investing activities	(7,918,336)	(3,094,668)

Cash flows from financing activities
Proceeds from issue of share capital	15,000	9,459,246
Payment for share issue costs	(1,650)	(505,545)
Net cash from financing activities	13,350	8,953,701

Net (decrease)/increase in cash held	(8,928,538)	5,073,636
Cash and cash equivalents at 1 July	19,070,262	16,809,095
Effect of exchange rate fluctuations on cash held	317,659	(1,790,820)

Cash and cash equivalents at 31 December	10,459,383	20,091,911

The above Consolidated Statement of Cash Flows is to be read in conjunction with the accompanying notes.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

1. REPORTING ENTITY

Oilex Ltd (the "Company") is a company domiciled in Australia. The condensed consolidated interim financial report of the Company as at and for the six months ended 31 December 2011 comprise the Company and its subsidiaries (together referred to as the "Group" and individually as "Group Entities") and the Group's interest in associates and jointly controlled entities. Oilex Ltd is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange ("ASX") and on the AIM Market of the London Stock Exchange. The Group is primarily involved in the exploration, evaluation, development and production of hydrocarbons.

The consolidated annual financial report of the Group as at and for the year ended 30 June 2011 is available upon request from the Company's registered office at Ground Floor, 26 Colin Street, West Perth, Western Australia 6005 or at www.oilex.com.au.

2. BASIS OF PREPARATION

(a) Statement of Compliance

The condensed consolidated interim financial report is a general purpose condensed financial report which has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The condensed consolidated interim financial report does not include all of the notes and information included in an annual financial report and accordingly this report should be read in conjunction with the consolidated annual financial report of the Group as at and for the year ended 30 June 2011 and any public announcements made by Oilex Ltd during the period ended 31 December 2011.

This condensed consolidated interim financial report was authorised for issue by the Board of Directors on 2 February 2012.

(b) Going Concern

As at 31 December 2011, the Group's current assets exceeded current liabilities by $8,247,318 and the Group has cash and cash equivalents of $10,459,383. The Group will continue to manage its expenditure to ensure that it has sufficient cash reserves for the next twelve months. The Group will require funds within the next twelve months to undertake further evaluation and development activities on its Cambay asset and its other assets. The evaluation and development work programme planned for the Cambay assets is discretionary and is subject to operational results.

Given the current macro-economic environment and the status of its ongoing evaluation of the Cambay asset, the Directors note that uncertainty exists in the Group's ability to access funds and realise the current value of its assets.

Notwithstanding these uncertainties, the Directors believe it is appropriate to prepare the consolidated financial statements on a going concern basis as, and in the opinion of the Directors, the Company has adequate plans in place in order that its funding requirements in the foreseeable future can be met and that the Group will be in a position to continue to meet its minimum administrative, evaluation and development expenditures for at least twelve months from the date of this report. If further funds are not able to be raised or realised, then it may be necessary to sell some assets or further reduce exploration and administrative expenditures.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied by Oilex in this condensed consolidated interim financial report are the same as those applied by the Group in its consolidated financial report as at and for the year ended 30 June 2011.

4. ESTIMATES

The preparation of an interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial report, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report as at and for the year ended 30 June 2011.

5. OPERATING SEGMENTS

The Group has identified its operating segments based upon the internal management reports that are reviewed and used by the executive management team, including the Managing Director (the Group's chief operating decision maker), in assessing performance and in determining the allocation of resources.

	India		Australia		JPDA ⁽¹⁾
Six months ended 31 December	2011	2010	2011	2010	2011	2010
	$	$	$	$	$	$
Revenue
External revenue (2)	147,315	870,985	-	-	-	-



Reportable segment profit/(loss before income tax	(1,472,171)	(1,392,092)	35,467	(49,334)	(153,879)	(45,827)

	India		Australia		JPDA ⁽¹⁾
Segment assets at 31 December	31 Dec 2011	30 June 2011	31 Dec 2011	30 June 2011	31 Dec 2011	30 June 2011
	$	$	$	$	$	$

Segment assets	24,101,983	21,343,629	-	-	356,872	681,229

	Indonesia		Corporate		Consolidated
Six months ended 31 December	2011	2010	2011	2010	2011	2010
	$	$	$	$	$	$
Revenue
External revenue (2)	-	-	-	-	147,315	870,985

Reportable segment profit/(loss before income tax	(12,437)	(4,767)	(1,470,344)	(4,346,778)	(3,073,364)	(5,838,798)

Net finance income					130,304	143,549
Foreign exchange gain/(loss)					319,686	(2,802,630)

Loss for the period					(2,623,374)	(8,497,879)


	Indonesia		Corporate		Consolidated
Segment assets at 31 December	31 Dec 2011	30 June 2011	31 Dec 2011	30 June 2011	31 Dec 2011	30 June 2011
	$	$	$	$	$	$

Segment assets	8,663,133	8,274,578	9,949,794	16,244,827	43,071,782	46,544,263

There were no significant inter-segment transactions during the year.

⁽¹⁾ Joint Petroleum Development Area.

⁽²⁾ Revenue in 2010 includes $728,333 brought to account in December 2010 upon finalisation of the Cambay Field Crude Offtake Sales Agreement.

6. REVENUE AND EXPENSES

	31 December 2011 $	31 December 2010 $


(a) Revenue
Oil sales	147,315	870,985

(b) Cost of Sales
Production costs	(220,687)	(167,209)
Amortisation of development assets	-	(4,851)
Movement in oil stocks inventory	(12,554)	(2,377)
	(233,241)	(174,437)
(c) Administration Expenses
Employee benefits expense	(347,777)	(185,398)
Administrative expense	(699,283)	(684,841)
	(1,047,060)	(870,239)
(d) Other Expenses
Depreciation expense	(64,400)	(97,456)
Impairment of development assets	-	(477,754)
Well abandonment expense	-	(11,928)
Impairment of inventory	-	(60,711)
Loss on assets	(65,717)	(228)
	(130,117)	(648,077)
(e) Foreign Exchange Gain/(Loss)
Foreign exchange gain/(loss) - realised	4,657	(274)
Foreign exchange gain/(loss) - unrealised	315,029	(2,802,356)
	319,686	(2,802,630)

7. EXPLORATION AND EVALUATION

	31 December 2011 $	Year Ended 30 June 2011 $
Exploration and evaluation

Opening balance	22,394,942	23,281,236
Expenditure capitalised	4,957,722	6,995,534
Effect of movements in foreign exchange rates	1,296,676	(5,164,939)
	28,649,340	25,111,831

Impairment of exploration and evaluation expenditure	-	(2,716,889)

Closing balance	28,649,340	22,394,942

8. SHARE-BASED PAYMENTS

The Company has an established share option program that entitles directors, key management personnel and advisors to purchase shares in the Company. The terms and conditions of the share option program are disclosed in the consolidated financial report as at and for the year ended 30 June 2011. In the six months ended 31 December 2011 further grants on similar terms were only made to employees.

The Company also has established an Employee Performance Rights Plan, approved by shareholders in 2006, which entitles employees to options and performance rights. The terms and conditions of the Plan are disclosed in the consolidated financial report as at and for the year ended 30 June 2011. No performance rights have been granted since the year ended 30 June 2009.

The basis of measuring fair value of options and performance rights granted is consistent with that disclosed in the consolidated financial report as at and for the year ended 30 June 2011.

The terms and conditions of the grants made during the six months ended 31 December 2011 are as follows:

Grant Date	Number of Instruments	Vesting Conditions	Exercise Price	Contractual Life of Options

OPTIONS
Employees
1 August 2011	150,000	Vest immediately	$0.50	2 years
1 August 2011	150,000	Vest immediately	$0.63	4 years
21 November 2011	500,000	One year	$0.36	3 years
21 November 2011	500,000	Two years	$0.46	6 years

Total Options	1,300,000

During the six months ended 31 December 2011, the following options lapsed unexercised and performance rights were forfeited due to service conditions not being met:

Grant Date	Number of Instruments	Expiry Date	Exercise Price
OPTIONS
Key Management Personnel - Directors
22 November 2007	3,900,000	1 July 2011	$2.00
22 November 2007	3,900,000	1 July 2011	$2.50
Financiers and Advisors
25 July 2007	500,000	30 September 2011	$1.57

Total Options	8,300,000

PERFORMANCE RIGHTS
Employees
11 July 2008	43,000	1 July 2013	-

Total Performance Rights	43,000

Total Options and Performance Rights	8,343,000

As at 31 December 2011 Oilex Ltd had 34,075,000 unlisted options exercisable at prices of between $0.30 and $2.75 and 22,000 performance rights on issue.

Fair value of options granted during the six months ended 31 December 2011 has been determined using the following assumptions:

Options
Fair value at measurement date	$0.14	$0.19	$0.14	$0.19
Share price	$0.37	$0.37	$0.27	$0.27
Exercise price	$0.50	$0.63	$0.36	$0.46
Expected volatility	84.50%	84.50%	86.90%	86.90%
Option life	2 years	4 years	3 years	6 years
Expected dividends	-	-	-	-
Risk-free interest rate	4.75%	4.75%	4.50%	4.50%

The fair value of the options is calculated at the date of grant using the Black-Scholes Model.

9. EQUITY SECURITIES ISSUED

	2011 Number of Shares	2010 Number of Shares

Issue of share capital	-	30,000,000
Exercise of options	50,000	-
Exercise of employee performance rights	-	-
	50,000	30,000,000

	2011 Number of Shares	$ Issued Capital

Number of shares on issue 1 July 2011	253,274,885	130,043,957
Issue of share capital
Allotment	50,000	15,000
Capital raising costs	-	(1,650)
Number of shares on issue 31 December 2011	253,324,885
Issued Capital as at 31 December 2011		130,057,307

10. CONTINGENCIES

(a) Oilex Ltd has issued guarantees in relation to the lease of corporate offices in West Perth, as well as corporate credit cards. The bank guarantees amounts to AUD$145,238. An equal amount is held in cash and cash equivalents as security by the banks.

(b) In June 2010 Oilex requested an extension to its Good Standing Agreement ("GSA") with the Australian Government on behalf of the Joint Venture partners for exploration permit EPP27 which the Joint Venture previously relinquished with the Australian Government's approval. Oilex's monetary share of the GSA is $2,101,225. In July 2010, the Australian Government agreed to extend the GSA until the conclusion of the 2011 Australian Offshore Petroleum Exploration Release, including re-release of any 2011 areas, which have a bid closing date of 12 April 2012.

11. RELATED PARTIES

Arrangements with related parties continue to be in place. For details of these arrangements, refer to the consolidated annual financial report of the Group as at and for the year ended 30 June 2011.

12. EXPENDITURE COMMITMENTS

Exploration and Evaluation Expenditure Commitments

In order to maintain rights of tenure to exploration permits, the Group is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various state and national governments. These obligations are subject to renegotiation when application for an exploration permit is made and at other times.

The exploration and evaluation expenditure commitments below represent commitments made to the relevant government authorities, respective joint venture participants and to third party service providers. These obligations are not provided for in the financial report.

The Group's share of these commitments is estimated as follows:

	31 December 2011	30 June 2011

Within one year	2,173,807	2,424,974
One year or later and no later than five years	12,105,905	11,563,024

	14,279,712	13,987,998

Commitments later than one year includes work programme commitments in relation to the West Kampar Production Sharing Contract.

Further expenditure commitments for subsequent permit periods are contingent upon future exploration results. These cannot be estimated and are subject to renegotiation upon expiry of the exploration leases.

13. SUBSEQUENT EVENTS

There are no significant subsequent events occurring after balance date.

DIRECTORS' DECLARATION

In the opinion of the Directors of Oilex Ltd (the "Company"):

1. the financial statements and notes set out on pages 4 to 13, are in accordance with the Corporations Act 2001 including:

a) giving a true and fair view of the Group's financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and

2. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors.

Dr B H McCarthy Mr B Clube

Managing Director Finance Director

West Perth,

Western Australia

2 February 2012

KPMG

Independent auditor's review report to the members of Oilex Ltd

Report on the financial report

We have reviewed the accompanying interim financial report of Oilex Ltd, which comprises the condensed consolidated statement of financial position as at 31 December 2011, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half-year ended on that date, notes 1 to 13 comprising a summary of significant accounting policies and other explanatory information and the directors' declaration of the Group comprising the company and the entities it controlled at the half-year's end or from time to time during the half-year.

Directors' responsibility for the interim financial report

The directors of the company are responsible for the preparation of the interim financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the interim financial report that is free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express a conclusion on the interim financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the interim financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Group's financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As auditor of Oilex Ltd, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of an interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the interim financial report of Oilex Ltd is not in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the Group's financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

(b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

KPMG

Graham Hogg
Partner

Perth, WA
2 February 2012

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR SSDSMEFESEDE

31-01-12

Oilex Ltd - Quarterly Report to Shareholders - 31 December 2011

PRN

OILEX LTD QUARTERLY REPORT TO SHAREHOLDERS

31 DECEMBER 2011

Highlights

Cambay PSC (45% Operator) onshore Gujarat, India

* Netherland, Sewell and Associates, Inc. ("NSAI") completed an initial
independent assessment of six the "tight" reservoirs within the Cambay
Contract Area and provided Best Estimates (100% basis) as set out below:

* two shallower zones (X and Y) with combined unrisked gross contingent
resources of 494 BCF of gas and 83 million barrels of oil,

* four deeper zones (Z, 180-200, 200-300, 300-400) with unrisked gross
prospective resources of 934 BCF of gas and 140 million barrels of oil.

* Interpretation of data from the Cambay-76H well indicates that the fracture
stimulation program was effective and has stimulated a rock volume
comparable to that being achieved in North American tight reservoir
operations.

* The Company's revised well production profile models for Cambay-76H that
incorporate post fracture data indicate Estimated Ultimate Recoverable
Volumes in excess of 3 BCFE. This is very encouraging for the performance
of future production wells which are expected to have a horizontal length
two to three times greater than the Cambay-76H proof of concept well.

* Fishing operations to retrieve the stuck milling tool in Cambay-76H well
were started and 246 metres of coil successfully recovered. Fishing
operations were interrupted due to higher than expected reservoir pressures
and an influx of hydrocarbons and fracture stimulation fluids into the
wellbore. As a consequence well control operations were initiated. As soon
as the well has been stabilised fishing operations will resume.

* In conjunction with the Cambay Joint Venture partner, Gujarat State
Petroleum Corporation, well locations and objectives have been agreed for
follow up drilling campaigns in 2012 and 2013 to confirm and develop the
NSAI assessed Resources.

JPDA 06-103 PSC (10% Operator) offshore Timor Sea

* Processing of 3D seismic data across the Tutuala lead and reprocessing of
3D seismic data across the Bazartete lead have been completed.
Interpretation of these data is nearing completion which could lead to a
drilling location being nominated shortly.

Financial

* Cash at end of the Quarter of A$10.5 million and no corporate debt.

Overview

NSAI's independent assessment of resources in the Cambay Contract Area,
completed during the Quarter, confirms the substantial hydrocarbon potential of
the Eocene X, Y and Z reservoirs previously recognised by the Company. NSAI
also identified three additional deeper zones with significant hydrocarbon
potential and assessed a greater potential for oil production than that
previously assessed by the Company.

The Company's interpretation of data from the Cambay-76H well has been
encouraging and results are consistent with the Company's pre-fracture
stimulation reservoir modelling. These results together with NSAI's assessment
provide sufficient encouragement and justification to warrant further drilling
of the Cambay tight reservoirs and form the basis for proposed work programs
for the evaluation and development of the Cambay tight reservoir resources
currently before the Joint Venture.

The Cambay-76H well clean-up operations and production testing have been
significantly delayed due to the stuck coiled tubing and milling tool and
subsequent well control operations. However, the Company believes that
intermittent flows of hydrocarbons and fracture stimulation fluids to surface
observed during this period may be positive indicators of potentially good
future reservoir performance.

After the well has been stabilised, fishing and clean-up operations will
resume. A production test will then follow to obtain data to demonstrate
commerciality for a potential future Y zone development.

OPERATIONS REVIEW

CAMBAY FIELD, Gujarat, India

(Oilex Operator- 45%)

Cambay-76H Well

* Earlier in the year Oilex had successfully drilled and completed the 2,740
metre Cambay-76H well. The well included a 610 metre horizontal section and
an eight stage fracture stimulation program, the first well in onshore
India to apply these technologies. However clean-up operations in
preparation for production testing were suspended when a coiled tubing
milling assembly became stuck in the wellbore.

* In November pressure at the wellhead was recorded to have increased to
approximately 1200psi and the well was subsequently "killed" for the
installation of a Blow Out Preventer.

* Fishing or retrieval operations commenced on 6 December 2011 following the
mobilisation of a work over rig, personnel, materials, services and
imported manufactured specialist retrieval equipment.

* Operations to recover the stuck milling assembly proceeded satisfactorily
with 246 metres of coiled tubing recovered in four sections over five days.
An estimated 123 metres of coiled tubing and the milling assembly (12
metres) remain to be recovered once the well has been stabilised.

* Retrieval operations were interrupted after the fourth section of coiled
tubing was recovered when high bottom hole pressure conditions and an
influx of gas and fracture stimulation fluids made it necessary to
undertake well control operations to stabilise the well.

* Well control operations were initiated in mid-December which involved the
mobilization of additional equipment and chemicals to counter the abnormal
pressure in the well bore. Gas and condensate, nitrogen (that had been
injected in the early stages of attempting to free the milling assembly)
and fracture stimulation fluids were circulated to surface and the
hydrocarbons flared.

* While a reduction in pressure in the well bore was recorded during well
control operations, the well continued to flow thus preventing a resumption
of fishing operations. To counter the abnormal pressure a higher density
mud system is currently being mobilised.

* The Cambay-76H well will provide important long term production test data
to assess the potential of the Y Zone interval of the expansive Cambay
Eocene "tight" reservoirs and for the next stage of the independent
hydrocarbon assessment by Netherland Sewell and Associates Inc.

Resource Volumes

* During the Quarter an independent assessment of the hydrocarbon potential
was completed by Netherland Sewell and Associates Inc. (NSAI), a global
consulting group specializing in the assessment and valuation of
hydrocarbon resources.

* NSAI conducted a hydrocarbon in-place evaluation and recoverable resources
assessment of six potential Eocene reservoirs (X, Y, Z, 180-200, 200-300,
300-400 Zones) in the Cambay Production Sharing Contract ("PSC"). NSAI
determined:

* For the X and Y Zone, unrisked Contingent Resources on a Best Estimate
basis of 222.6 BCF and 37.4 MMBO net to Oilex. (Net High Estimate of 482.8
BCF and 80.5 MMBO).

* For the deeper Z, 180-200, 200-300 & 300-400 Zones, unrisked Prospective
Resources on a Best Estimate basis of 420.6 BCF and 63.1 MMBO net to Oilex.

* A further assessment will be undertaken by NSAI once sufficient production
data are obtained from the Cambay 76H well.

* NSAI has advised the Company that upgrading of the X and Y zone Contingent
Resources into Reserves may be possible on demonstration of: 1) X and Y
Zone reservoir productivity; and 2) fracture stimulation technologies
developed in North America being technically feasible and commercially
viable for the Cambay project.

* With the successful drilling, completion and fracture stimulation of the
Cambay-76H well, the Company believes that it has already substantially
demonstrated one of these points; that fracture stimulation technologies
developed in North America can be transferred to India and are technically
feasible.

Cambay-76H Well Post-fracture Stimulation Analysis

* During the fracture stimulation program each of the fracture stages and
pre-fracture injectivity tests were monitored using surface and down-hole
pressure gauges and a microseismic surface array.

* Microseismic and pressure data acquired during the fracture treatments
provide complementary data which can be combined to develop a greater level
of confidence in the effectiveness of the fracture treatment and generate
more reliable calibrated models for the production performance of the
Cambay-76H well. The data will also be important for optimising the design
of future X & Y Zone production wells.

* The initial interpretation of these data has been completed and updated
well performance models have been generated. While final interpretation is
dependent on the data from the production test, the Company's preliminary
conclusions indicate that:

* Each of the eight fracture treatments successfully generated a complex
fracture network in the X and Y Zone in the vicinity of the Cambay-76H well
bore.

* The stimulated rock volume surrounding the well bore is comparable to that
obtained in North American stimulated wells according to public data
available for the Barnett and Haynesville reservoirs.

* Modelled initial production rates and well recoveries for the Cambay-76H
well incorporating these actual post-fracture stimulation data are
encouraging for the commercial production of hydrocarbons from the X and Y
Zones.

* Revised well production profile models for Cambay-76H that incorporate post
fracture data indicate Estimated Ultimate Recoverable Volumes in excess of
3 BCFE.

* The Cambay-76H well long term test will be conducted with the aim of
establishing a production decline curve and to confirm the expectations of
ultimate hydrocarbon recovery from wells in the Y Zone. These data will
also be used in assessing and potentially booking Reserves for the Cambay
Contract Area.

Forward Work Program 2012-13

* Data acquired during the fracture stimulation program has been assimilated
into the existing technical data base. The resulting interpretation forms
the basis for the design of an accelerated program for the evaluation and
development of the Cambay Field resources which will be focussed on:

* Drilling of additional vertical wells to obtain modern logs and specific
lithological and fluid data for the X & Y Zone at key locations in the
Contract Area.

* Drilling of additional optimised horizontal production wells to build a
Reserves base for the X & Y Zone.

* Assessment of the substantial oil and gas volumes identified in the deeper
Zones.

* Application of modern North American tight reservoir data acquisition and
interpretation technologies.

WA-388-P, Australia

(Oilex- 8.4%)

* Work continued on the interpretation of the pre-stack depth migration
reprocessed data across the Placanica prospect by the Operator Apache
Northwest Pty Ltd.

JPDA 06-103, TIMOR SEA

(Oilex Operator - 10%)

* Processing of the Tutuala 3D Survey seismic data was completed. The Tutuala
Survey comprises 220 km2 of 3D seismic data across the Tutuala lead which
is mapped at the Top Plover Formation stratigraphic level. The Tutuala lead
was only partially covered by 3D data and the new survey provides infill
coverage between the existing adjacent 3D surveys. The interpretation of
the Tutuala structure is ongoing.

* Reprocessing of 3D seismic data across the Bazartete structure has been
completed and the interpretation of these data is ongoing.

* Upon completion of the above technical interpretation work, it is
anticipated that a drilling location may be nominated for the drilling of a
third well in JPDA 06-103.

* Autoridade Nacional Do Petroleo ("ANP"), the JPDA Designated Authority, has
agreed to vary the Production Sharing Contract to extend the initial
exploration period by 12 months until 15 January 2013.

West Kampar PSC, Central Sumatra

(Oilex - 45% + further 22.5% secured*)

* Oilex continues to pursue a commercial resolution to the Joint Venture
dispute and negotiations have continued to that end. At the same time, the
Company intends to protect its participating interest in the West Kampar
PSC and to pursue enforcement of its Arbitration Award as appropriate.

Financial

* Cash at the end of the Quarter of A$10.5 million with no commercial loans
at the end of the Quarter.

Health, Safety, Security and Environment

No Lost Time Incidents were recorded for Oilex personnel or contractors at any
location.

The Company's website www.oilex.com.au is regularly updated with current
information.

For further information, please contact:

Oilex Ltd

Bruce McCarthy +61 (0)8 9485 3200 Western Australia
Managing Director:

oilex@oilex.com.au

Ben Clube +61 (0)8 9485 3200 Western Australia

Finance Director & Company 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: +44 (0)7843 260 623 UK

pyouens@tavistock.co.uk

Ed Portman: +44 (0)7733 363 501 UK

eportman@tavistock.co.uk

Ambrian Partners Limited (Nominated Adviser and AIM Broker)

Anthony Rowland: +44 (0) 20 7634 4858 UK

anthony.rowland@ambrian.com

Matthew Einhorn: +44 (0) 20 7634 4860 UK

matt.einhorn@ambrian.com

Information in this report relating to hydrocarbon reserves or resources has
been compiled by Mr Ray Barnes B.Sc. (Hons), the Technical Director of Oilex
Ltd who has over 38 years' experience in petroleum geology and is a member of
the AAPG. Mr Barnes consents to the inclusion of the information in this report
relating to hydrocarbon reserves and resources in the form and context in which
it appears. Resource estimates contained in this report are in accordance with
the standard definitions set out by the Society of Petroleum Engineers,
Petroleum Resources Management System, 2007.

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 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."

CORPORATE DETAILS

Board of Directors Share Registry

Max Cozijn Non-Executive Chairman Security Transfer
Registrars Pty Ltd
Bruce McCarthy Managing Director
770 Canning Highway
Ray Barnes Technical Director
Applecross WA 6153, Australia
Ben Clube Finance Director &
Company Secretary Telephone: +61 8 9315 2333

Sundeep Bhandari Non-Executive Vice Facsimile: +61 8 9315 2233
Chairman
Email:
Ron Miller Non-Executive Director registrar@securitytransfer.com.au

Capital Structure as at 30 January 2012 Stock Exchange Listing

Ordinary Shares 253,324,885 Australian Stock Exchange
Code: OEX

Unlisted Options 34,075,000 AIM Market
of London Stock Exchange
Code: OEX
Unlisted Performance Rights 22,000

LIST OF ABBREVIATIONS AND DEFINITIONS USED HEREIN

MMBO Million standard barrels of oil or condensate

BBO Billion standard barrels of oil or condensate

BCF Billion Cubic Feet at standard temperature and pressure
conditions

BCFE Billion Cubic Feet Equivalent calculated by applying a
condensate gas conversion of 5.62

Discovered in Is that quantity of petroleum that is estimated, as of a
place volume given date, to be contained in known accumulations prior to
production

Undiscovered in Is that quantity of petroleum estimated, as of a given date,
place volume to be contained within accumulations yet to be discovered

Prospective Those quantities of petroleum which are estimated, as of a
Resources given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective Resources have both an associated chance of
discovery and a chance of development.

MMSCF/DAY Million standard cubic feet (of gas) per day

Contingent Those quantities of petroleum estimated, as of a given date,
Resources to be potentially recoverable from known accumulations, but
the applied project(s) are not yet considered mature enough
for commercial development 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.

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. Reserves must satisfy four
criteria: they must be discovered, recoverable, commercial,
and remaining (as of the evaluation date) based on the
development project(s) applied.

Asset Schedule

ASSET BASIN / JOINT VENTURE PARTIES EQUITY % OPERATOR
STATE /
COUNTRY

Cambay Field Cambay/ Oilex Ltd 30.0 Oilex Ltd
Gujarat /
PSC India
Oilex NL Holdings (India) 15.0
Limited

Gujarat State Petroleum 55.0
Corp. Ltd

Bhandut Field Cambay/ Oilex NL Holdings (India) 40.0 Oilex NL
PSC Gujarat / Limited Holdings
India (India) Limited
Gujarat State Petroleum 60.0
Corp. Ltd

Sabarmati Cambay/ Oilex NL Holdings (India) 40.0 Oilex NL
Field PSC Gujarat / Limited Holdings (India)
India Limited
Gujarat State Petroleum 60.0
Corp. Ltd

West Kampar Central Oilex (West Kampar) 67.5 (1) PT Sumatera
PSC Sumatra/ Limited Persada Energi
Indonesia
PT Sumatera Persada Energi 32.5

JPDA 06-103 PSC Flamingo / Oilex (JPDA 06-103) Ltd 10.0 Oilex (JPDA 06-103) Ltd
Joint
Petroleum
Development Japan Energy E&P JPDA 15.0
Area / Pty Ltd
Timor-Leste
& Australia GSPC (JPDA) Limited 20.0

Videocon JPDA 06-103 20.0
Limited

Bharat PetroResources JPDA 20.0
Ltd

Pan Pacific Petroleum 15.0
(JPDA 06-103) Pty Ltd

WA-388-P Carnarvon/ Oilex Ltd 8.4 Apache Northwest Pty Ltd
WA/
Australia Gujarat State Petroleum 8.4
Corp. Ltd

Videocon Industries Ltd 8.4

Bharat PetroResources Ltd 8.4

Hindustan Petroleum Corp 8.4
Ltd

Apache Northwest Pty Ltd 40.0

Sasol Petroleum Australia 18.0
Ltd

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.

Rule 5.3

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 entity

OILEX LTD

ABN Quarter ended ("current
quarter")

50 078 652 632 31 DECEMBER 2011

1 Consolidated statement of cash flows

Current Year to date
quarter
(6 months) $A'000
$A'000

Cash flows related to operating activities

1.1 Receipts from product sales and - -
related debtors

1.2 Payments for (a) exploration and (4,044) (7,889)
evaluation

(b) development - -

(c) production (145) (221)

(d) administration (net) (579) (948)

1.3 Dividends received - -

1.4 Interest and other items of a 69 145
similar 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 (4,699) (8,913)

Cash flows related to investing activities

1.8 Payment for purchases of: - -

(a) prospects - -

(b) equity investments (7) (29)

(c) other fixed assets

1.9 Proceeds from sale of: - -

(a) prospects - -

(b) equity investments - -

(c) other fixed assets

1.10 Loans to other entities - -

1.11 Loans repaid by other entities 4 -

1.12 Other (provide details if - -
material)

Net investing cash flows (3) (29)

1.13 Total operating and investing (4,702) (8,942)
cash flows (carried forward)

Current Year to date
quarter
(6 months) $A'000
$A'000

1.13 Total operating and investing cash (4,702) (8,942)
flows (brought forward)

Cash flows related to financing
activities

1.14 Proceeds from issues of shares, - 13
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 - 13

Net increase (decrease) in cash (4,702) (8,929)
held

1.20 Cash at beginning of quarter/year 15,437 19,070
to date

1.21 Exchange rate adjustments to item (276) 318
1.20

1.22 Cash at end of quarter 10,459 10,459

Payments 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 529
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 3,300

4.2 Development -

4.3 Production 300

4.4 Administration 400

Total 4,000

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 3,817 6,155

5.2 Deposits at call 6,642 9,282

5.3 Bank overdraft - -

5.4 Other (provide details) - -

Total: cash at end of quarter 10,459 15,437
(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

7.9Exercised during quarter7.10Options

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 Issue Amount paid
number quoted 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 253,324,885 253,324,885 Various -

7.4 Changes during - - - -
quarter

(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 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 Number Issue Amount paid
quoted price per up per
security security

7.7 Options Exercise Expiry date
price

(description and
conversion
factor)

300,000 - $2.75 31/03/2012

900,000 - $2.75 30/06/2012

2,000,000 - $0.30 15/09/2012

16,687,500 - $0.30 10/11/2012

150,000 - $0.50 01/08/2013

4,150,000 - $0.30 01/07/2014

8,737,500 - $0.37 10/11/2014

500,000 - $0.36 21/11/2014

150,000 - $0.63 01/08/2015

500,000 - $0.46 21/11/2017

Total 34,075,000

2008 Performance Rights

22,000 Tranche 3 expire 1/07/2013

Total 22,000

7.8 Issued during 500,000 - $0.36 21/11/2014
quarter
500,000 - $0.46 21/11/2017

- - - -

Expired during quarter

- - - -

2008 Performance Rights

21,000 - Tranche 1 expire 1/07/2013

22,000 - Tranche 2 expire 1/07/2013

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: 31 January 2012

(Director and Company Secretary)

Print name: Ben Clube

END

18-01-12

Oilex Ltd - Cambay-76H Well Operations Update

PRN

18 January 2012

Cambay-76H Well Operations Update

Further to its release of 3 January 2011, Oilex Ltd ("Oilex" ASX: OEX, AIM:
OEX) provides the following update on operations to recover the stuck milling
assembly from the Cambay-76H horizontal well in the Cambay Field, onshore
Gujarat, India.

Previously:

* 246 metres of coiled tubing had been recovered leaving an estimated 123
metres of coiled tubing and the milling assembly (12 metres) remaining to
be recovered.

* Before these retrieval operations could be completed, high bottom hole
pressure conditions and an influx of gas and fracture stimulation fluids
made it necessary to undertake well control operations to stabilise the
well.

* Additional equipment and chemicals were mobilized to counter the abnormal
pressure in the well bore.

While a reduction in pressure has been recorded, the well is continuing to flow
thus preventing a resumption of the retrieval operations.

Subsequently, a re-interpretation of the post fracture pressure data has
revealed that the reservoir pressure is higher than previously anticipated.
Accordingly, the well control procedures are being reviewed and additional
chemicals sourced to ensure that the well can be stabilised and remaining
operations completed.

Further releases will be made upon completion of significant events.

The participating interests in the Cambay PSC are:

Joint Venture Party Participating Interest

Oilex Ltd (Operator) 30%

Oilex NL Holdings (India) Limited 15%

Gujarat State Petroleum Corporation Ltd 55%

For further information, please contact:

Oilex Ltd +61 (0)8 9485 3200 (Western Australia)

Bruce McCarthy Managing Director

oilex@oilex.com.au

Ben Clube Finance Director

oilex@oilex.com.au

Ambrian Partners Limited (Nominated Adviser and AIM Broker)

Matthew Einhorn +44 (0) 20 7634 4860 (UK)

matt.einhorn@ambrian.com

Anthony Rowland +44 (0) 20 7634 4858 (UK)

anthony.rowland@ambrian.com

Read Corporate

Nicholas Read +61 (0)8 9388 1474 (Western Australia)

nicholas@readcorporate.com.au

Tavistock Communications +44 (0)207 920 3150 (UK)

Ed Portman +44 (0)7733 363 501 (UK)

eportman@tavistock.co.uk

Paul Youens +44 (0)7843 260 623 (UK)

pyouens@tavistock.co.uk

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.

END

03-01-12

Oilex Ltd - CAMBAY-76H Well Operations Update

PRN

3 January 2012

CAMBAY-76H WELL OPERATIONS UPDATE

Further to its release of 6 December 2011, Oilex Ltd ("Oilex" ASX: OEX, AIM:
OEX) provides the following update on operations to recover the stuck milling
assembly from the Cambay-76H horizontal well in the Cambay Field, onshore
Gujarat, India.

The retrieval operations had been proceeding satisfactorily with 246 metres of
coiled tubing recovered in four sections over five days, indicating that the
specialised tools were working as anticipated. An estimated 123 metres of
coiled tubing and the milling assembly (12 metres) remain to be recovered.

Retrieval (or fishing) operations were interrupted after the fourth section of
coiled tubing was recovered, when high bottom hole pressure conditions and an
influx of gas and fracture stimulation fluids made it necessary to undertake
well control operations to stabilise the well.

Well control operations were initiated on 17 December 2011, which involved the
mobilization of additional equipment and chemicals to counter the abnormal
pressure in the well bore. Gas and condensate, nitrogen (that had been injected
in the early stages of attempting to free the milling assembly) and fracture
stimulation fluids have been circulated to surface and the hydrocarbons have
been flared.

Since 22 December 2011 the well bore pressure has steadily been reduced and it
is currently estimated that by further increasing brine density to ~14.6 ppg
(pounds per gallon) the well could be controlled within the next few days
enabling retrieval operations to resume.

Further releases will be made upon completion of significant events.

The participating interests in the Cambay PSC are:

Joint Venture Party Participating Interest

Oilex Ltd (Operator) 30%

Oilex NL Holdings (India) Limited 15%

Gujarat State Petroleum Corporation Ltd 55%

For further information, please contact:

Oilex Ltd +61 (0)8 9485 (Western
3200 Australia)

Bruce McCarthy Managing Director
oilex@oilex.com.au

Ben Clube Finance Director oilex@oilex.com.au

Ambrian Partners Limited (Nominated Adviser and AIM Broker)

Matthew Einhorn matt.einhorn@ambrian.com +44 (0) 20 7634 (UK)
4860

Anthony Rowland anthony.rowland@ambrian.com +44 (0) 20 7634 (UK)
4858

Read Corporate

Nicholas Read nicholas@readcorporate.com.au +61 (0)8 9388 (Western
1474 Australia)

Tavistock Communications +44 (0)207 920 (UK)
3150

Ed Portman eportman@tavistock.co.uk +44 (0)7733 363 (UK)
501

Paul Youens pyouens@tavistock.co.uk +44 (0)7843 260 (UK)
623

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.

END

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Mon 16:50	Oil Monitor-Fox-Davies Capital.............	SpikeyDT


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2012 - Oil Monitor Fox-Davies Capital http://bit.ly/zIcKis More View thread 1 Respond Login to Vote up New enhanced Spread Betting platform. Find out more.
Fri 07:13	Re: Just wondering ...	whitestallion


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bawd, you've talked tosh from day one. why change a habit eh WS More View thread 2 Respond Login to Vote up
Thu 21:34	Just wondering ...	Maud Brown	1


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I was just wondering if Oilex might have acted differently had the current status been known at the time things went wrong. Whilst the fraccing operations alone would have been very costly the cost to date is clearly far more than was ever imagined. With that in mind, would another hole have been drilled? Perhaps we are well past that situation which now points to making these fishing operations and well completion essential through careful progress. It would be a surprise to hear that a new well decision has been taken. I do remain hopeful for a positive outcome. More View thread 2 Respond Login to Vote up New enhanced Spread Betting platform. Find out more.
Thu 18:50	Proactive Investor Comments Today..........	SpikeyDT


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Proactive Investor 2nd February 2012 6:33 pm http://bit.ly/yvzZ9G More View thread 1 Respond Login to Vote up

The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.

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(OEX) Oilex

Summary

KPMG

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Total equity

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT

Independent auditor's review report to the members of Oilex Ltd

Report on the financial report

Directors' responsibility for the interim financial report

Auditor's responsibility

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

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