Oilex Updates on Activities in SPA-0055 in Canning Basin

Oilex Ltd. updated on ongoing activities by its wholly owned subsidiary, Admiral Oil NL, that relate to SPA-0055 in the Canning Basin, Western Australia. These activities include Planning and Feasibility Studies for the airborne gravity-magnetic survey as well as preparation of associated tender documents for the work program and ancillary activities.

The Objection Period for interested Native Title parties to object to the grant of SPA-0055 under section 29 of the Native Title Act expired Sept. 22. At the expiry of this period, three (3) objections had been received. The objections were lodged by the Nyangumarta Warrarn Aboriginal Corporation, the Njamal Claim and the Western Desert
Lands Aboriginal Corporation (Jamukurnu-Yapalikunu) RTBC as the Registered Native Title Body Corporate of the Martu Native Title Holders.

Oilex has commenced discussions with WDLC and Nyangumarta to address the objections in accordance with its philosophy of early engagement, mutual respect and transparency with indigenous communities within Oilex’s operational areas. Oilex intends to commence negotiations with Njamal Claim when final details are received.

Oilex is also in discussions with interested farm in partners and is awaiting results of its application for the 2 gazettal blocks L12-08 and L12-09.

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