This is a good growth oil company - its Block 56 in Oman have significant oil bearing structures. it said that the possible presence of a thicker sedimentary section in the eastern area implied a more extensive distribution of the Ara Salt unit into Block 56 and raised the possibility of salt related structures similar to those producing to the west in the main salt basin.

16 October 2006

WEEKLY OPERATIONS UPDATE - CAMBAY FIELD
DRILLING and 3D SEISMIC ACQUISITION PROGRAM GUJARAT, INDIA


Oilex Ltd is pleased to advise progress on drilling and seismic acquisition
programmes in Cambay Field, Gujarat, India.Cambay-71 intersected a section
similar to that of Cambay-72 as predicted in the geological prognoses and we
look forward to completing the test programme in November as planned.

Cambay 71: At 06:00 hrs (Indian Standard Time) on 16 October 2006 the Cambay-71
appraisal /development well had been suspended for future testing at a total
depth (TD) of 1600 metres. The rig was released at 15:30hrs on 15 October 2006.
This marks the end of the first phase drilling programme.

As with Cambay-72, indications of hydrocarbons were recorded while drilling the
main potential reservoir intervals in Cambay-71 and detailed formation
evaluation is under way. The total depth of the well was revised to a shallower
level to avoid significant overpressure at the Eocene objective, as was
encountered in Cambay 72 (see below). Attempts to gather reliable pressure and
fluid information from the shallower objectives were unsuccessful due, in part,
to apparent plugging of the tools by very friable sand and mechanical failures.
Sand incursion is an indicator of high porosity reservoir and is a known
problem in other wells in the area. Investigation of the best means of
preventing the sand inflow will be a significant part of the design of the
forthcoming test programme for both wells.

Unlike Cambay-72 the casing was not run in Cambay-71. The intention is to
return to the well to run larger diameter casing than was available to us for
the current programme. The advantages of this approach in Cambay-71 are: 1) we
have the option to drill a larger diameter hole through the deeper Eocene
objective; and 2) flow rates are likely to be improved in the potentially
productive intervals in the Miocene and Oligocene.

The testing programme for both Cambay-71 and Cambay-72 is being planned for
November, as soon as equipment and materials for the revised well test design
are procured.

Cambay-72: The well was drilled to a TD of 1767 m and 51/2" casing was run. The
section below about 1730 m is significantly over-pressured and gas and oil were
recovered at surface during drilling. Further evaluation of the data from the
Eocene is required to determine the optimal testing programme.

Cambay 3D Seismic Program: A contract has been signed with Geofysika Torun for
the acquisition of a 3D seismic programme over the Cambay Contract Area.
Surveyors are in the field mapping the detail of the survey. Acquisition is
expected to be completed in late November.



Participants in the Cambay Production Sharing Contract are:

Current Post-approval Interest
Interest 3

Oilex Ltd (Operator) 30.00% 1 45%

Gujarat State Petroleum Corporation Ltd 46.67% 2 55%
(GSPC)

Niko Resources Ltd 23.33% -

1. Oilex is acquiring an additional 23.33% equity interest in the PSC from
Niko,

2. GSPC is acquiring an additional 8.33% equity interest in the PSC from
Oilex.

3. Approval is pending for 1. and 2. from the Government of India.

Yours sincerely,

Bruce McCarthy
Managing Director


For further information, please contact:

Ray Barnes, Technical Director, Oilex Ltd Tel. +61 8 9226 5577 (Western
Australia)

Archie Berens, Director Pelham Public Relations Tel. +44 20 7743 6679 (United
Kingdom)

The information on drilling results in this report has been compiled by the
Managing Director of Oilex NL, Bruce McCarthy B.Sc. (Hons), PhD (Geology) who
has over 27years experience in the oil and gas exploration and production
industryandwasreviewed by Ray Barnes, the Technical Director of Oilex NL who
has over 35 years experience in oil and gas exploration and production industry
and is a member of the AAPG.

JP Morgan Chase increased its stakes in Oilex by 2,150,000 shares to 8.34% today.

I'm in. Not quite up to JPMC volumes but looking to increase with more positive news. :-)

Good news for OEX...looking cheap at this price...it is a BUY.


GOVERNMENT OF INDIA APPROVES ASSIGNMENT OF INTERESTS TO OILEX IN THREE
FIELDS, GUJARAT, INDIA.

Oilex Ltd is pleased to advise that it has received the approval of the
Government of India for the assignment of 40% participating interests in the
Bhandut and Sabarmati Fields PSC's and additional 15% net participating
interest in the Cambay Field PSC. The interests were acquired from
Niko Resources Ltd under an agreement that was made in February 2006.


Bhandut Field - Oilex is Operator of Bhandut Field with 40% participating
interest. The field is located near to the Lakshmi, Gauri and Hazira Fields
that are producing gas and oil from reservoir intervals similar to those
intersected in the Bhandut wells. The Bhandut Field has produced about 700,000
barrels of oil since 1993. In 2002, Bhandut Field was producing oil at rates of
about 400 barrels per day ("bopd") before suffering likely formation damage
incurred during workover activities at which time the average daily rate
declined to the current rate of about 20 bopd per well from 2 wells.

We believe that there is an excellent chance of improving the production rate
with the application of modern technology based on new, high resolution seismic
data and a contract has been awarded to Geofizyka Toruń, the same contractor
that acquired the Cambay 3D survey, for the acquisition of 18.4 sq kms of 3D
seismic data over the Bhandut block area. Acquisition is expected to be
completed by the end of February 2007. These data will be used to refine our
redevelopment plan for the field. Currently two wells are planned to be drilled
after the monsoon season early in fourth quarter 2007.

Sabarmati field - Oilex is Operator of Sabarmati Field with 40% participating
interest. This field is located on the outskirts of Ahmedabad, the largest city
in Gujarat and covers an area of 6 km2. The Sabarmati discovery well that was
drilled in 1984 by ONGC was located without the benefit of seismic data, on the
southern end of a prominent anticlinal trend of producing fields to the
immediate north of the block. With the exception of part of a single vintage
seismic line, there are no seismic data on the block. Oil has been produced
intermittently, at low rates from an Eocene interval in Sabarmati-1, the only
well on the block.

Oilex is investigating the possibility of acquiring a seismic survey over the
block in first half 2007. This survey, together with studies of the potential
increase in production capacity of the Sabarmati-1 well, will provide the basis
for further drilling, if justified, later this year.

Cambay field - Oilex is Operator of Cambay Field with 45% participating
interest. The 3D seismic survey acquired by Geofizyka Toruń late last year over
the entire contract area (160 km2) has been processed and the interpretation of
10 horizons is near to conclusion. An update on the forward work programme at
Cambay will be provided later this month.

thanks for the pointer, but (a) suspect this company is too small for me and (b) i do not want any more minnow E&P companies in my portfolio .... i already have GOO and CHP and VOG, all of which are losers .... but then so is BUR, though at least that is a genuine producer

OILEX LTD
QUARTERLY REPORT TO SHAREHOLDERS 31 DECEMBER 2006

HIGHLIGHTS

* Government of India approved assignment of interests in Bhandut, Sabarmati
(Oilex 40% Operator) and Cambay Fields (Oilex 45%, Operator), onshore
Gujarat, India.

* 2 wells drilled and suspended in first phase drilling programme on Cambay
Field with indications of hydrocarbons

* Testing and completion of Eocene EP IV potential reservoir interval in
Cambay-72 commenced January

* 3D seismic acquisition over Cambay Field completed in early December

* Cambay 3D data set is excellent quality - 22 locations selected for
potential phase 2 drilling programme of up to 8 wells in 2007

* 2-3 wells planned in Block 56, Oman Q3 2007

* 8 prospects mapped with potential volumes of 40 to 150 million barrels of
oil in place on EPP 27

* Negotiations continuing for drilling rig for EPP 27, offshore Otway Basin

* Retain cash resources of approximately A$14.8 million

5 February 2007

OILEX LTD

WEEKLY OPERATIONS UPDATE - CAMBAY FIELD TESTING

Oilex Ltd is pleased to advise of progress on the Cambay 72 re-entry and test
programme in Cambay Field, Gujarat, India.

John Energy's rig "John-50-V" commenced moving to the Cambay-72 well-site on
January 20 2007 and initiated re-entry operations on January 22 on a 12 hour
day basis.

Since last week's report, wireline logging operations have been completed, the
completion assembly was run, surface equipment tested and intervals
1761.5-1760.5 Measured Depth (MD), 1759.5-1756.5 MD, 1754.5-1751.0 MD and
1748.0-1745.5 MD perforated. Surface measurements indicate that the well has
commenced flowing oil and gas. The well will be observed for several days while
the natural flow potential of the Eocene reservoir is assessed before
initiating stimulation operations.

Depending on the results of this test of the Eocene section, a testing program
may also be carried out on shallower Oligocene reservoirs which had indications
of hydrocarbons while drilling.

morning all, nice start to the day !

This will reach 100p soon

not sure if you did mention this company to me last week, but if so, i obviously forgot to check it out ..... not that i would have bought as have more than enough oilies, some quality of sorts (TLW and BUR) and others of almost zero quality (CHP, GOO and VOG)!

Cynic, see above (post 13) too bad you forgotten but still not too late.

quite right .... chart momentum very strong ..... obvious resistance is at all time high of about 82.5p .... pretty hefty spread at (seemingly) 4p

OILEX LTD


19 February 2007


WEEKLY OPERATIONS UPDATE - CAMBAY FIELD TESTING

Oilex Ltd is pleased to advise of progress on the Cambay 72 re-entry and test
programme in Cambay Field, Gujarat, India.

Background - Cambay-72 was drilled in September 2006 and its location was
selected from maps made prior to the acquisition of the 3D seismic survey. The
primary target was the potential Oligocene oil reservoir from which good shows
of oil were recorded while drilling and subsequently confirmed by wireline
logs.

Indications of oil and gas in poorer quality reservoir were also recorded from
the deeper, over-pressured Eocene EP IV interval and the opportunity has been
taken to acquire pressure and fluid data from this unit in the current test
programme. The Oligocene potential oil reservoir will be tested in due course.

Operations - During the past week, the perforated interval in the Eocene EP IV
reservoir was successfully fracture stimulated and the well has been monitored
while flowing to surface through a separator into a temporary oil storage tank.
After the initial clean up period, the average oil flow rate is now
approximately 70 barrels per day of 40 degree API oil with a gas to oil ratio
of 260 standard cubic feet of gas per barrel of oil. Although the amount of
water produced with the oil is now below 10% on average of the total fluid
volume (oil plus water), a stabilised oil flow rate has not yet been
established.

Operations Forecast - Monitoring of the production performance of the Cambay-72
well will continue until the flow rate is optimised at a stable, sustainable
level. Evaluation of the commercial potential of the EP IV reservoir is
continuing as the results of the test programme are integrated into the field
mapping studies.

Oilex is very pleased with the results to date of the fracture stimulation of
the EP IV in Cambay Field. The procedure has resulted in an increase in oil
flow rate by approximately seven times the initial natural flow rate reported
last week. This is a substantial increase in productivity and the information
derived from the test will provide an excellent basis for the design of the
drilling and completion programmes for future EP IV wells to achieve better
rates of oil production.

It's nice to keep hearing news but i'm still waiting for that all important news then we should see these shares go like a rocket and also talk of a takeover.

26 March 2007


WEEKLY OPERATIONS UPDATE -RESUMPTION OF TESTING PROGRAMME, CAMBAY-72,
CAMBAY FIELD, INDIA

Oilex Ltd, Operator for the Cambay Field Joint Venture, is pleased to advise
that the re-entry and test programme for well Cambay-72 in Cambay Field,
onshore Gujarat, India will be resumed this week.

Background - Cambay-72 was drilled in September 2006 and its location was
selected from maps made prior to the acquisition of the 3D seismic survey. The
primary target was the Oligocene OS II sandstone potential oil reservoir,
estimated to be about 16 metres (gross) thick at this location. Good shows of
oil were recorded while drilling and subsequently confirmed by wireline logs.
The interpretation of the 3D seismic data at the OS II marker over the Western
High area confirms a similar depth to structural closure.

Indications of oil and gas in poorer quality reservoir were also recorded from
the deeper, over-pressured Eocene EP IV interval. Pressure and fluid data from
this unit were acquired in a test programme that was conducted in February
2007.

The Cambay Field Joint Venture has approved a programme to conduct a cased hole
test of the Oligocene OS II sandstone, the primary objective of the Cambay-72
well.

Operations - The John Energy 50MT work-over rig has been mobilised to the
Cambay-72 location and is currently rigging up preparatory to re-entering the
well and initiating testing operations.

Operations Forecast - Following wireline logging operations to confirm cement
and casing integrity, a completion assembly will be run, surface equipment
installed and the interval 1514 -1520 metres perforated. Reservoir fluids will
then be allowed to flow into a surface separator while the production potential
and fluid properties of the OS II reservoir are assessed.

OILEX LTD

2 April 2007

Centralised Company Announcements Office

Australian Stock Exchange Limited

10th Floor

20 Bond Street

Sydney NSW 2000

Dear Sir,

subject: WEEKLY OPERATIONS UPDATE -TESTING PROGRAMME, CAMBAY-72, CAMBAY FIELD,
INDIA

Oilex Ltd, Operator for the Cambay Field Joint Venture, is pleased to advise of
progress on the re-entry and test programme for the Oligocene OS II reservoir
in the Cambay-72 well, onshore Gujarat, India.

Background - Cambay-72 was drilled in September 2006 and its location was
selected from maps made prior to the acquisition of the 3D seismic survey. The
primary target was the Oligocene OS II sandstone potential oil reservoir,
estimated to have a gross thickness of 16 metres at this location.

Pressure and fluid data were acquired in a test programme of the deeper Eocene
EP IV reservoir conducted in February 2007. Production from this zone has
continued while planning was carried out and approvals obtained for the OS II
test programme.

Operations - Since last week's report, the John Energy 50MT work-over rig has
been set up on location, surface equipment installed and tested, oil production
from the EP IV interval terminated and activities to condition the mud system
and clean the well bore for safe operations are almost complete.

Operations Forecast - A packer will be set to isolate the deeper, productive EP
IV interval, the test string run and the interval 1514-1520 metres (measured
depth) perforated early this week. Reservoir fluids will then be allowed to
flow into a surface separator while the production potential and fluid
properties of the OS II reservoir are assessed.

Participants in the Cambay Production Sharing Contract are:

Joint Venture Party Participating Interest

Oilex (Operator) 45%

Gujarat State Petroleum Corporation Ltd 55%

Oilex says Sabarmati-1 well to be put on production early this week
AFX

LONDON (Thomson Financial) - Oilex Ltd said in a weekly operations update that a pumping unit will be installed at the Sabarmati-1 well in Gujarat, India early this week and the well put on production.

The John-50-VI workover rig is currently moving off the Sabarmati-1, along with sand control and other essential equipment, to the Cambay-72 well site in order to resume tests on the sandstone, Oilex said.

Oilex says Indian ops resume; secures land-drilling rig for up to nine months
AFX


LONDON (Thomson Financial) - Oilex Ltd said the pumping unit has been installed at the Sabarmati oil field in Gujarat, India and the well is now producing an increased rate of 97 barrels of oil per day (plus water), which is at the upper end of its expectations.

The oil and gas exploration company added it has resumed remedial operations at the Cambay oilfield and is installing equipment prior to restarting tests.

Oilex, which has a 40 pct participating interest in Sabarmati and 45 pct in Cambay, said it is sharing costs in proportion to its interests along with its joint venture party, Gujarat State Petroleum Corp.

The company also said it has secured a land-drilling rig for nine months with an option to extend the contract for up to two years.



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