Oilex Ltd was incorporated in Australia. Its operations are based out of five offices - our Perth head office, where geotechnical work, financial management and control are located; two in India focused on operations and government relations; and one in each in Muscat, Oman and Dili, Timor-Leste for field logistic, administration and finance support and government liaison. Currently Oilex's main country of operation for the purposes of AIM Rule 26 is India.

The Company is directing its efforts towards opportunities that have the potential to provide an exceptional return on investment. Our focus remains on searching for exploration and production assets in the prospective hydrocarbon basins of India , Australia - particularly in the Northwest Shelf and in the Timor Sea, and in the countries of Southeast and South Asia and near Middle East around the rim of the Indian Ocean. With eight permits/interests in prospective basins, Oilex has rapidly compiled a significant portfolio of oil and gas acreage that has a well-balanced mix of risk and reward.

Oilex now has interests in three field re-development and exploration projects in India; two exploration permits offshore Australia; one production sharing contract in the Joint Petroleum Development Area between Timor-Leste and Australia; one exploration and production sharing agreement onshore Oman and one production sharing contract onshore Sumatera Indonesia. Oilex is the operator of joint ventures comprising major Indian energy companies in all areas save for Indonesia. In Indonesia Oilex is non operator in a joint venture with an Indonesian company.

Website

http://www.oilex.com.au/index.cfm


Quarterly Report ( 31st October 2012 )

http://tinyurl.com/9ge6tx3

Joint Venture Management

As at 31 December 2015 the joint venture partner owed ~US$8.6 million to the Cambay Joint Venture. The Company has had a number of constructive meetings with its joint venture partner to resolve the outstanding joint venture receivable amount, the workover campaign, rescheduling the drilling of Cambay-78H and Cambay-80H wells, and the joint venture partner's participation in these wells. While these negotiations continue, various activities for the Cambay project will be delayed. As at 31 December 2015 Indian joint venture creditors totalled US$2.4 million, and payments are being managed by the Operator pending receipt of outstanding cash calls.

A draft budget for the 2016/17 year has been submitted to the Joint Venture for review and consideration.

Oilex has engaged the services of Mr Vijay Mishra to provide strategic advice for its entire Indian business. Mr Vijay Mishra has over 25 years' experience in the oil and gas industry in India, including senior positions with ONGC and Oil India Ltd including Staff Officer to the Chairman, Country Head for the Sapura Group (Malaysia). Mr Mishra has been Chairman of Interlink Petroleum Limited since October 2012.

BHANDUT FIELD, GUJARAT, INDIA

(Oilex: Operator and 40% interest)

Harvesting Conventional Gas

The Bhandut-3 well and the associated gas production facilities are ready for start-up at 0.70MMscfd. The gas buyer is responsible for construction of a pipeline to deliver the gas for further processing and had undertaken to have the pipeline completed no later than 31 December 2015. The buyer has now estimated the pipeline will be complete by the end of January 2016. The Company anticipates that Bhandut-3 commercial production may commence around mid-February. Bhandut gas is delivered to a third party operated gas processing plant where the gas is further treated to the required pipeline specification and subsequently compressed for entry into the gas network. Subject to assessing Bhandut-3's performance, it may be possible to increase the production rate to the facilities/flowline capacity of ~1.3 MMscfd (~220 boepd).

Figure 1: Bhandut Facility (see Oilex website)

Joint Venture Management

As at 31 December 2015 the joint venture partner owed ~US$0.3 million related to the Bhandut Joint Venture. The Company has had a number of constructive meetings with our joint venture partner to resolve the outstanding receivable amount.

WALLAL GRABEN - WESTERN AUSTRALIA (CANNING BASIN)

(Oilex: Operator and 100% interest)

The Wallal Graben asset is located adjacent to the Pilbara, a global resource centre for iron ore and LNG in Western Australia. The Company has a low cost entry into a province with the key determinates for successful development, being:

· Markets

· Infrastructure

· Geology

The Company has identified and evaluated a suite of 14 conventional prospects. An evaluation of the unconventional prospectivity was also undertaken which highlighted that unconventional plays are interpreted to exist and may be consistent with those identified by drilling in the Canning Basin. The leads and prospects inventory comprises multiple play-types ranging from simple structural traps to well-defined fan systems.

The Goldwyer Formation, an acknowledged resource play, is interpreted to exist within the Wallal Graben and is a focus objective for the Company. The Wallal Graben may be a relative sweet spot for these organic-rich source rocks due to its geological history.

Signing of Heritage Agreements with the Nyangumarta people in relation to the two northern blocks is linked to a request to the DMP that all three blocks be awarded simultaneously. Consultations on the Heritage Agreements for all blocks are ongoing.

Farmout efforts are still underway and the Company continues to review how to best market and fund this project given the current difficult economic climate for the oil and gas industry.

Figure 2: Significant infrastructure within and adjacent to Oilex's Wallal Graben permits (see Oilex website)

JPDA 06-103, TIMOR SEA

(Oilex: Operator and 10% interest)

Oilex in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC), received on 15 July 2015 a Notice of Termination and Demand for Payment (Notice) from the Autoridade Nacional do Petroleo (ANP). The Notice follows on from the rejection by the ANP of the Joint Venture request to terminate the PSC by mutual agreement, in good standing and without penalty.

The demand for payment of the monetary claim of US$17,018,790 is the ANP's estimate of the cost of exploration activities not undertaken in 2013, as well as certain local content obligations set out in the PSC. Since Oilex (JPDA 06-103) Ltd had a 10% equity interest in the PSC its share of the monetary claim is US$1,701,879. The Company has not provided for a monetary settlement in its financial statements. As the Joint Venture has made significant overpayments in the work programme, it is of the opinion that the excess expenditure should be included as part of any financial assessment incorporated in the termination process.

The Joint Venture continues to discuss the financial liability of the Contractor upon termination with the ANP.

WEST KAMPAR PSC, CENTRAL SUMATRA, INDONESIA

(Oilex: 45% interest and further 22.5% secured1)

A Court approved Scheme of Arrangement has been implemented over the Operator, however Oilex continues to pursue enforcement of the Arbitration Award and a commercial settlement.

NEW VENTURES

The Company continues to search for attractive assets coming onto the market given the depressed nature of the industry, with a focus on Indian opportunities where the Company's experience in unconventional targets can be applied.

CORPORATE

At the end of the quarter the Company retained cash resources of $11.5 million.

During the quarter the Company commenced a review of its organisational structure, overhead and corporate costs. Subsequent to the end of the quarter the Company implemented cost reductions to achieve estimated savings of between ~15%-20% per annum on its overhead and corporate costs. Cost reduction initiatives being implemented include:

· ~15% reduction in personnel on a full time equivalent basis,

· ~10% reduction in salaries and wages for personnel, and

· 10% reduction in directors' fees.

Until a resolution on the way forward on the Cambay project is achieved, the Company continues to conserve its cash resources and further cost reduction initiatives may be necessary.

Zeta Litigation

The Company undertook a capital raising in July and August 2015 which included a 90 day deferred settlement component for the issue of shares and convertible notes to Zeta Resources Limited (Zeta). This consisted of the issue of $4,243,500 of 20 year, zero coupon unsecured convertible notes, as well as a subscription for 124,019,608 new ordinary shares at a price of $0.0418 per share (the Deferred Shares), with settlement to occur on 11 November and 12 November 2015 respectively. Zeta failed to settle the subscription for the Deferred Shares and the convertible notes and commenced legal action on or about 12 November 2015 against the Company in the Federal Court of Australia.

On 16 December 2015 the Company filed its defence in the Federal Court proceedings initiated by Zeta. The Company has also filed a cross-claim against Zeta seeking orders of specific performance requiring Zeta to perform its obligations and complete the relevant share subscription and convertible note agreements (or otherwise pay damages to the Company). With the agreement of the Court, the parties have established a standstill period until 1 March 2016 to explore a possible commercial resolution to the dispute.

The Company has incurred significant legal fees during the quarter as a result of this litigation which is reflected in the estimated Administration cash outflows reported in the Appendix 5B attached.

AIM Broker

Westhouse Securities withdrew as the Company's AIM broker on 13 November 2015 and was replaced by Strand Hanson who are also the Company's AIM Nomad. The Company is seeking to appoint a new full service AIM broker in the near future.

Board Composition

On 18 November 2015 Mr Sundeep Bhandari withdrew his nomination to stand for re-election as a Director of the Company and advised that he would retire at the close of the 25 November 2015 Annual General Meeting (AGM).

Shareholders at the AGM did not re-elect Mr Jeffrey Auld, and as a result, the Company needed to appoint a new director to satisfy its obligation under the Corporations Act to have a minimum of three directors.

The Company announced the appointment of Mr Jonathan (Joe) Salomon as an Independent Non-Executive Director of the Company effective 29 November 2015. Mr Salomon has over 30 years' experience working for upstream energy companies.

The Board is actively pursuing the appointment of suitable additional independent non-executive directors.


Capital Structure as at 31 December 2015


Ordinary Shares

1,180,426,999


Unlisted Options

26,150,000

http://www.moneyam.com/action/news/showArticle?id=5202599

DECEMBER QUARTERLY REPORT (pdf)

11 February 2016
ASX: OEX
AIM: OEX

Oilex Strengthens Board with Appointment of NED

The Board of Oilex Ltd (the Company) is very pleased to announce the appointment of Brad Lingo as an Independent Non-Executive Director.

Mr Lingo has over 30 years' experience in a diverse range of oil and gas leadership roles, including business development, new ventures, mergers and acquisitions and corporate finance. Mr Lingo's career to date has seen him work with Tenneco Energy and El Paso Corporation in the US and Australia, the Commonwealth Bank of Australia, Managing Director & CEO of Drillsearch Energy Limited for 6 years and his current role of Managing Director & CEO of Elk Petroleum Limited.

Mr Lingo is a recognised oil and gas industry leader, whose broad range of skills and experiences have been recognised in recent awards including winning the SMH/East Coles S&P/ASX 200 Energy Best CEO of the Year 2014.

Brad has a Bachelor of Arts with Honours (Economics, History, and Philosophy) from Miami University and a Juris Doctorate from Southern Methodist University in Dallas, Texas. He is also a member of the Australian Institute of Company Directors, the Association of International Petroleum Negotiators and the American Association of Petroleum Geologists.

Mr Lingo started his career in the oil and gas sector in 1986 representing major Texas financial institutions and the US Government in Dallas, Texas, successfully assisting both financial institutions and oil & gas companies through major financial restructurings following the 1986 oil price collapse.

Mr Lingo subsequently joined Tenneco Inc. in Houston, Texas as a corporate attorney in the company's Mergers, Acquisitions and Corporate Finance team supporting the Upstream Oil & Gas and Midstream Gas Pipeline & Processing divisions. Based on his achievements as part of this team he advanced to become a leading new ventures and business development executive in the company's International Business Development Team ultimately focussing on Tenneco's and El Paso's international business focus in Australasia including the foundation of Epic Energy - a leading builder, owner and operator of natural gas pipeline infrastructure in Australia.

Chairman of Oilex, Max Cozijn, said;

"Oilex is fortunate to have a person with Brad's record of success and experience join the Board as an additional Independent NED, thereby fulfilling our aim to restructure the Board and assist in the ongoing review of the Company's strategic plan and ongoing developments in India".

Additional Information on Mr Bradley Lingo

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Bradley William Lingo (aged 54)

Current Directorships/Partnerships-Elk Petroleum Limited

Past Directorships/Partnerships (last 5 years)

Drillsearch Energy Limited
Ambassador Oil & Gas Limited
Acer Energy Limited

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

For and on behalf of Oilex Ltd

Max Cozijn
Chairman

http://www.moneyam.com/action/news/showArticle?id=5211153

1 March 2016
ASX: OEX
AIM: OEX

Zeta Legal Proceedings Update

Further to Oilex's announcement updates of 2 and 18 December 2015 the parties have not been able to agree a resolution of the dispute at this point in time, however discussions are continuing.

As a result, and in accordance with consent orders made with the Federal Court yesterday, Zeta Resources Limited must now file and serve any reply and defence to Oilex's cross claim by 29 March 2016.

For and on behalf of Oilex Ltd

Ron Miller
Managing Director

http://www.moneyam.com/action/news/showArticle?id=5223136

8 March 2016
ASX: OEX
AIM: OEX

Expiry of Unlisted Options

Oilex Ltd wishes to advise that 5,000,000 unlisted options with an exercise price of $0.25 and an expiry date of 8 March 2016 have expired unexercised.

For and on behalf of Oilex Ltd

Chris Bath
Chief Financial Officer and Company Secretary

http://www.moneyam.com/action/news/showArticle?id=5228524

14 March 2016
OILEX LTD
ABN 50 078 652 632

INTERIM REPORT

31 DECEMBER 2015


CONTENTS

Directors' Report

Auditor's Independence Declaration

Condensed Consolidated Statement of Profit or Loss and Other 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

http://www.moneyam.com/action/news/showArticle?id=5232397

Date 18 March 2016
ASX: OEX
AIM: OEX

Oilex Appoints New MD - Jonathan Salomon

The Board of Oilex Ltd (Oilex or the Company) announces the appointment of Jonathan (Joe) Salomon, currently an independent non-executive director, as the new Managing Director of the Company with immediate effect, following the resignation of Mr Ron Miller today as a director of the Company.

Mr Salomon has over 30 years of experience in the oil and gas exploration and production business in both conventional and unconventional projects and brings specific Indian business and oil and gas expertise. He joined the board as an independent non-executive director in November 2015 and since that time has become fully familiarised with Oilex and its assets, allowing for a seamless transition.

Mr Salomon brings experience and knowledge in company management, consulting and advising, exploration and production project management, business development, new venture identification, acquisition, and strategy and risk management in both small and large companies. He was most recently General Manager for Murphy Oil first in Australia and then in Vietnam where his team was successful in securing significant value additions to the company's E&P portfolio and in managing high value work programs. Previous roles include Head of Geoscience for RISC Advisory, CEO and MD for Norwest Energy, and executive director roles for a number of ASX listed companies. Mr Salomon spent his formative years working for Ampolex Limited and Mobil (following Mobil's takeover) and LASMO.

Chairman of Oilex, Max Cozijn, said:

"The Board appreciates the significant contribution and efforts of Mr Miller, who served as the Managing Director of the Company for more than 3 years, and was also a strong contributor as a non-executive director since July 2009.

We thank Ron for managing the Company through a significant period of its development which saw the first horizontal multi-stage fracked well to be production tested in India. We wish Ron well for the future.

I would also like to this opportunity to welcome Joe's appointment to MD. Joe's recent background in managing international exploration and production projects and his track record of providing strong management oversight as well as successfully securing new business opportunities is an ideal skill set for Oilex. Joe's key focus will be to seek resolution of the issues facing Oilex and to secure value from our existing assets."

Mr Salomon commented: "I am very enthusiastic about the opportunity to serve as Managing Director of Oilex. Oilex's Indian projects have the technical and commercial potential to transform the Company and we will be seeking to extract maximum value from this.

Our Cambay Project, for example, has the potential to provide a significant contribution to the development of India's domestic onshore gas industry through the application of up to date tight gas drilling and development technologies."

In accordance with ASX Listing Rule 3.16.4, the key terms of Mr Salomon's employment are set out in the schedule to this release.

For and on behalf of Oilex Ltd

Max Cozijn
Chairman

http://www.moneyam.com/action/news/showArticle?id=5245057

8 April 2016
ASX: OEX
AIM: OEX
Commencement of Gas Production from Bhandut Field

Oilex Ltd is pleased to announce the commencement of gas production from the Bhandut Field, located onshore Gujarat, India.

The Bhandut-3 well is currently flowing at the expected stabilised rate of 0.70MMscfd (120 boepd) through a 8/64” choke. Gas produced from Bhandut-3 is initially processed at the on-site production facilities and then delivered to a third party operated gas processing plant where it is further treated to the required pipeline specification. It is subsequently compressed for entry into the high pressure gas network for delivery to an end user.

Bhandut Field

Oilex is Operator and holds 40% equity in the Bhandut Field, with Gujarat State Petroleum Corporation (GSPC) holding the remaining equity interest. Previous drilling in the Bhandut wells intersected a number of hydrocarbon zones, some of which have been produced and are now shut in. The Bhandut-3 well is producing from a previously undeveloped sandstone at a depth of 1010m at virgin reservoir pressure. This zone was flow tested by Oilex and the Joint Venture in 2013 confirming good reservoir quality with an average permeability of 124 mD and gas of good quality containing 98.9% hydrocarbons, of which 94% is methane and 1.1% nitrogen and carbon dioxide.

As this is the first production from this individual reservoir, the production will be closely monitored to facilitate a greater understanding of its potential.
Currently the JV has approval to sell hydrocarbons from this project for 3 months pending completion and approval of a field development plan.

For and on behalf of Oilex Ltd

Oilex LTD starts gas production at Bhandut field
07:25 08 Apr 2016
Jamie Ashcroft

Oilex LTD (LON:OEX) told investors it has now started gas production from the Bhandut field, in the Gujarat region of India.

The producing well, Bhandut-3, is now flowing gas at a stabilised rate of 700,000 cubic feet per day, which is equivalent to 120 barrels of oil per day. The production rate is as the company had expected, it said.

Gas produced at Bhandut is initially processed on site, before it is delivered to a third-party owned gas processing facility where it is treated in order to meet pipeline specifications.

Oilex has a 40% stake in Bhandut, in partnership with the Gujarat State Petroleum Corporation (GSPC) which owns the other 60%.

Bhandut’s production comes from a previously undeveloped sandstone reservoir, some 1,010 metres deep, at virgin reservoir pressure. It was previously flow tested in 2013.

“As this is the first production from this individual reservoir, the production will be closely monitored to facilitate a greater understanding of its potential,” Oilex said in a statement.

“Currently the JV has approval to sell hydrocarbons from this project for 3 months pending completion and approval of a field development plan.”

http://www.proactiveinvestors.co.uk/companies/news/124570/oilex-ltd-starts-gas-production-at-bhandut-field

29 April 2016
OILEX LTD
MARCH 2016

QUARTERLY REPORT

HIGHLIGHTS


CAMBAY FIELD, ONSHORE GUJARAT, INDIA

» Gas sales from Cambay-77H continue with an average gas production rate for the quarter of 248,870 scfd, 43 boepd (Oilex net 111,992 scfd, 19 boepd) and with an average associated condensate rate of 11 bopd (Oilex net 5 bopd).

» A cost cutting programme has been undertaken covering field operations and office costs in India in response to continued low oil & gas prices and the reduced activity level.

» A phased development plan for Cambay-77H and Cambay-73 is being finalised for government approval to allow continued production from Cambay-77H and to bring Cambay-73 back on line.

» Technical work is underway investigating alternative low cost drilling and development strategies to access hydrocarbon volumes present in the Eocene formation.

» Geological review work is underway to identify workover and/or new drilling opportunities in the shallower conventional Oligocene OSII formation with the possibility of combining deeper targets in one well.

» Negotiations continue with our joint venture partner to address payment of outstanding cash calls, contributions to programmed activities, and annual budget resulting in delays to planned activities and cashflows.

» A revised base budget has been submitted to the JV partner for the financial year starting April 2016.

BHANDUT FIELD, ONSHORE GUJARAT, INDIA

» Preparation for production start-up continued during the quarter.

» Gas production commenced in early April flowing at the expected stabilised rate of 700,000 scfd, 120 boepd (Oilex net 280,000 scfd, 48 boepd) through a 8/64" choke.

» The JV approved the Work Programme & Budget for Bhandut Field for the Indian financial year starting April 2016.

CORPORATE

» A cost cutting programme has been undertaken covering Perth office in response to continued low oil & gas prices and the reduced activity level.

» Oilex continues to negotiate with Zeta Resources Limited (Zeta) to resolve the current dispute. Zeta filed and served its reply and defence to Oilex's cross claim in the Federal Court.

» Brad Lingo, who has 30 years of experience in the industry was appointed as an independent non- executive director in February.

» Jonathan Salomon, was appointed as Managing Director following the resignation of Ron Miller.

***Full Report from link below***

http://www.moneyam.com/action/news/showArticle?id=5331736

24 May 2016
ASX: OEX
AIM: OEX

Executive Management Changes

Oilex Ltd advises that Chief Financial Officer (CFO) and Company Secretary Mr Chris Bath has resigned from the Company with immediate effect.

Mr Cathal Smith has been appointed as interim Company Secretary effective immediately. Mr Smith is retained by Oilex and has served in the capacity of Legal Counsel & Commercial Manager for the last 3 years including a period as interim Company Secretary.

During the intervening period while a replacement is being appointed, commercial and administrative functions will continue to be managed by the existing Financial Controller and the finance and commercial team.

Managing Director of Oilex, Joe Salomon, said:

"Chris has worked tirelessly for the Company since his appointment in October 2014, and has greatly assisted Oilex in developing its projects and managing its capital raisings and financial administration requirements. This has been undertaken against a challenging background for the industry. We would like to thank Chris for his consistent efforts and wish him well in his future endeavours. A search for a replacement CFO and Company Secretary is currently underway."

http://www.moneyam.com/action/news/showArticle?id=5347034

8 June 2016
ASX: OEX
AIM: OEX

Zeta Legal Proceedings Settlement

As previously announced, Oilex Ltd (Oilex or the Company) has been engaged in discussions with Zeta Resources Limited (Zeta) to explore options for a commercial resolution of the legal proceedings between the parties.

Oilex is pleased to announce that it has now reached agreement with Zeta that ends the legal proceedings between the parties. The terms of the settlement are that each party will no longer pursue its claim against the other, with the legal proceedings to be dismissed on a no admission of liability basis. Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of $490,000.

In reaching this settlement with Zeta, Oilex has taken into account the significant costs and inherent uncertainty of litigation, and the substantial time commitments and distraction that the litigation presents for the board and management.

Managing Director of Oilex, Joe Salomon, said;

"Reaching this settlement means Oilex can focus fully on advancing its operations, which is in the best interests of all shareholders. Oilex looks forward to progressing the Cambay Joint Venture and the other assets in the Oilex portfolio and will keep shareholders informed as matters progress."

http://www.moneyam.com/action/news/showArticle?id=5356255

Link to the March 2016 Quarterly Report published 29tth April:

https://www.oilex.com.au/docs/default-source/reports---quarterly/160429-march-2016-quarterly-report.pdf?sfvrsn=0

10 June 2016
ASX: OEX
AIM: OEX

Appointment of Chief Financial Officer and Company Secretary

Oilex Ltd is pleased to announce the appointment of Mr Mark Bolton as Chief Financial Officer (CFO) and Company Secretary, with effect from 10 June 2016.

Mark has worked as CFO and Company Secretary for a number of resource companies since 2003. Prior to that he worked with Ernst & Young stepping down as Executive Director in Corporate Finance. Mark has a Bachelor of Business Degree in Accounting and Finance. His strengths are in the commercial management and financing of resource projects internationally. Coupled with this, he has extensive experience in capital and equity markets in a number of jurisdictions including ASX and AIM.

Managing Director of Oilex, Joe Salomon, said:

"We are delighted to announce Mark's appointment. He comes very highly recommended based on his recognised strong performance and achievements and the Board welcomes him to the senior management team. We look forward to his contribution to our business as we progress the development of our existing assets and as we review additional opportunities for growth. I would also like to thank Cathal Smith for his contribution as interim Company Secretary".

http://www.moneyam.com/action/news/showArticle?id=5358219

24 June 2016
ASX: OEX
AIM: OEX

Oilex Corporate Update

· Oilex maintains focus on unlocking Cambay's multi TCF onshore gas resource potential

· Plans for new EP-III/IV vertical well underway

· Cambay Resource Update


Oilex Ltd (the Company) reaffirms its commitment to unlocking the multi TCF in-place tight gas potential in its onshore Cambay Block, Gujarat state India. The Company is at an advanced stage in completing a detailed working plan to take the Cambay project forward and the results to date support a vertical well targeting recovery of core from the Eocene siltstone (EP-IV or Y Zone).

A vertical well, will seek to obtain core samples from the EP-IV Zone reservoir for drill and fraccing optimisation studies. This is essential prior to drilling a horizontal extension for potential later fraccing and exploitation of the Eocene siltstones. The well will also have the potential to test the shallower, productive, OS-II conventional reservoir or may be later used to frac and test the EP-IV based on results of the core. The detailed planning for this well is still being finalised and is subject to JV/Budget approvals. This approach allows the Company to take advantage of the lower cost vertical well drilling rates in India at present.

Financing


As at 31 May 2016, the Company's cash resources were approximately A$6.3 million.

The Company continues to engage with its joint venture partner Gujarat State Petroleum Corporation (GSPC) to resolve outstanding cash calls and gain approval of the 2016/2017 work programme and budget. The resolution of these matters is essential for the Company to extract maximum value from the Cambay Field. Various approaches to progress work at Cambay are being considered.

Whilst the working plans for the field are being finalised and approved, Oilex as operator, continues to bear the ongoing costs of the joint venture.

Production Update

Production from the block for the month of May was approximately 42 boepd (gross) with the bulk of production coming from the Cambay-77H EP-IV reservoir. Both Cambay-73 and Cambay-77H have been shut-in while awaiting government approval for the continued production of test gas from these wells.

Production at Bhandut-3 well averaged ~120 boepd in May. The field is being closely monitored while an extension of the permitted production plan is being approved. While tubing head pressure at the well has been maintained, some formation water has been identified with the gas.

Resources Update


In April 2015, the Company tabled the reserve and contingent resource volumes associated with the EP-III/IV (X and Y Zones) resulting from the review undertaken by third party certifier, RISC. Since that time, a number of key factors have changed including:

i) a change in economic assumptions related to lower gas prices being realised because of the world wide fall in oil and gas prices;

ii) Oilex's joint venture partner's lack of approval of ongoing work;

iii) the resultant deferral in project timing which pushes the recovery of reserves to beyond the current term of the PSC. Note that the Company can apply for two PSC extension periods of 5 years each.

On this basis, RISC has recommended that the reserve volumes be re-classified to contingent resource. It should be noted that the volume of hydrocarbons has not been amended. The updated recoverable hydrocarbon volumes are tabulated below:

***See Link for full Details***

Table shows Oilex Net Working Interest (45%) Reserves and Contingent Resources

Reserves in Y Zone have been reclassified Contingent Resources

Refer to ASX announcement 16/04/2015 for further details

Commenting on the update Mr Salomon said "Last week's agreement with Zeta Resources Limited to end legal proceedings between the parties has provided Oilex with a clearer path forward and was a key priority for us. The revitalised management team can now gather momentum on the path to the potential development of Cambay that reflects what was learned from the previous wells. We look forward now to resolving issues with GSPC and progressing work at Cambay".

http://www.moneyam.com/action/news/showArticle?id=5366364

27 June 2016
ASX: OEX
AIM: OEX

Investor Presentation - June 2016


Oilex Ltd advises that a copy of an Oilex Investor Presentation dated June 2016 can be viewed by clicking on the below link.

http://www.rns-pdf.londonstockexchange.com/rns/2809C_-2016-6-27.pdf

http://www.moneyam.com/action/news/showArticle?id=5366921

28 June 2016
ASX: OEX
AIM: OEX

Expiry of Unlisted Options

Oilex Ltd wishes to advise that 500,000 employee options with an exercise price of $0.15 and an expiry date of 27 June 2016 have expired unexercised.

Attached is an Appendix 3B.

http://www.moneyam.com/action/news/showArticle?id=5367737