Oilex NL Secures Funds to Develop Cambay Field

Oilex NL has reached agreement with LinQ Resources Fund for the provision of a A$5M mezzanine finance facility to assist Oilex in funding the development of its Indian production interests, including the drilling of the Cambay Field (with Oilex as operator). The Cambay development program is in the final stages of preparation for presentation to the Cambay Joint Venture partners for approval in March.

Oilex welcomes the support of LinQ in the development of the Company's oil and gas projects in India, and as a longer term investor. At this early stage of Oilex's involvement in Cambay, the offer from LinQ is a sound endorsement of the quality of the asset. As part of this facility, 5 million unlisted options exercisable at 50 cents over a four-year term are to be issued, with a portion subject to shareholder approval.

An Appendix 3B will be issued once the options have been issued and the facility documentation is completed and executed.