Oilex Extends, Adds Financing for Cambay Development

Oilex Ltd. has reached an agreement with LinQ Resources Fund for the extension of the term of the existing A$5M mezzanine finance and for the provision of an additional A$5 million mezzanine finance facility to assist Oilex in funding the development of its Indian production interests, including the drilling of wells in the Cambay Field. The term of the existing facility has been extended by 12 months, with the additional A$5M facility to be repaid in 2 years.

Oilex welcomes the continued support of LinQ in the development of the Company's oil and gas projects, and as a longer-term investor. As part of this facility, 2.5 million unlisted options exercisable at A$2.00 over a four-year term are to be issued.