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.

Block 56 in Oman rings a bell - isn't that one of Circle's prospects?

No, soultraders... I have posted below for your information.



RE: Oilex consortium awarded Block 56 in Oman

As advised in our release of 31 March 2006, the Government of the Sultanate of
Oman has awarded Block 56 to a consortium led by Oilex (as operator), subject
to signing an Exploration & Production Sharing Agreement. Block 56 was Oilex's
first choice block and the highest rated of the blocks on offer in the bid round that closed on 1 January 2006. The block is located onshore, adjacent to producing fields operated by PDO, the Oman national oil company, in the South
Oman Salt Basin, which is one of the main producing basins in Oman.

The acreage on offer in the recent bid round comprised three blocks on the
eastern side and 2 blocks on the western side of the South Oman Salt Basin (see
map). The recognition of 20 structural leads and the possibility of an extension of the proven Ara salt play across Block 56 justified a comprehensive work program set out in the Consortium's bid application. Potential has been recognized for targets ranging from the Cambrian Buah formation to the Cretaceous Wasia group in areas where depth of burial is sufficient to mitigate the biodegradation of oil at the shallower levels.

The possible presence of a thicker sedimentary section in the eastern area
implying a more extensive distribution of the Ara Salt unit into Block 56
raises the possibility of salt related structures similar to those producing to
the west in the main salt basin.

The density and quality of seismic coverage was not considered to be sufficient
to identify immediately drillable prospects and 2D and 3D seismic acquisition
is a prominent component of the proposed work programme. The value of the work
programme is estimated to be about US$7.5 million net to Oilex over the initial 3 year term. Drilling is expected to start first half 2007.

The award completes another element of the company's stated strategy of
acquiring high quality exploration acreage in countries around the Indian Ocean
rim in joint venture with its Indian alliance members.

and soultraders...not forgetting it has more potentials elsewhere in India.


OILEX NL

18 April 2006

RE: ACQUISITION OF ADDITIONAL EQUITY INTERESTS - CAMBAY, BHANDUT AND SABARMATI
FIELDS, GUJARAT, INDIA

Oilex NL (Oilex) is pleased to advise that it has acquired an additional 15%
interest in the Cambay Field and 40% in each of Bhandut and Sabarmati Fields
onshore Gujarat, subject to the approval of the Government of India. Each of
these fields is producing oil at low rates on an intermittent basis and they
are anticipated to be good candidates for re-development.

In all of these joint ventures, Oilex is the Operator and its co-venture party
is Gujarat State Petroleum Corporation (GSPC). Oilex has received all approvals
necessary for the initial farmin on GSPC and Niko for 30% equity in Cambay
Field, subject to formal amendment of the Production Sharing Contract (PSC).

The Cambay, Bhandut and Sabarmati fields are located in one of the most
prolific petroleum provinces onshore India close to existing pipeline and
industrial infrastructure and with the purchase from Niko of the additional 15%
equity in Cambay and the 40% participating interest in the Bhandut and
Sabarmati PSC's, Oilex is well placed to develop a production base in Gujarat
at the earliest opportunity.

Oilex will become the Operator under the existing PSC and Joint Operating
Agreement and in consideration of the assignment by Niko of its interests and
adjustment for Niko's share of the original farmin, Oilex will pay an amount of
US$5.39 million, equal to the proportional value of the costs incurred by GSPC
and NIKO that have not been recovered under the cost recovery provisions of the
PSC, with payment being subject to Government of India approval.

The fields were all discovered and developed initially by Oil & Natural Gas
Corporation (ONGC) of India. Hydrocarbons were found in Oligocene and Eocene
sandstones and continued to be produced on an intermittent basis after the
fields were acquired by the GSPC and Niko Joint Venture in 1995. Production
from the fields has suffered because of sand and water influx and decline in
reservoir pressure most likely due to formation damage. Oilex has undertaken
geological studies of existing well data and is planning a phased seismic
acquisition and drilling programme to commence in May-June of this year.

FIELD OILEX NET INTEREST

Cambay 45% Operator

Bhandut 40% Operator

Sabarmati 40% Operator

bought a couple of grands worth at 40 a couple of weeks ago.

lovely double bagger already. the india fields could be HUUUUGE!!!

OILEX NL

15 May 2006

Centralised Company Announcements Office

Australian Stock Exchange Limited

10th Floor

20 Bond Street

Sydney NSW 2000

Dear Sir,

RE: REVISED RESOURCE ESTIMATE FOR CAMBAY FIELD WESTERN HIGH AND EASTERN FLANK, GUJARAT, INDIA

RESOURCE ASSESSMENT - OS II AND EP IV HORIZON

Further to our ASX Release of 21 April 2006, additional work has been completed
to define with a higher level of confidence the characteristics of the reservoir and the fluid composition in potential reservoir units of the Cambay Field. This work has resulted in the following estimates for the Oligocene OS II sandstone (see Figure 1) and the Eocene EP IV sandstone (see Figure 2) on both the Western High Trend and the eastern flank, which are two of the main objective horizons targeted in the phase-I drilling programme. No estimates for other potential reservoir units in the Miocene and Oligocene have been completed at this point. The estimates announced previously for the Oligocene OS II resource were only for the Western High Trend.

Accounting for the possible presence of oil and /or gas on the eastern flank and the western high trend, the best revised estimate of potential resource original volume in place has now increased by 48% from 29 to43million barrels of oil and by 409% from 34 to 173billion cubic feet of gas.

Approximately 52 billion cubic feet of gas has been produced from the eastern
flank area. The range of volumes for oil are now 16 to 108 million barrels potential original oil resource in place, with the range of volumes for gas from 105 to 432 billion cubic feet of gas resource originally in place.

The first phase of drilling on Cambay Field is scheduled to commence in the
second half of June, depending on the time taken to import additional equipment
necessary for the drilling programme. As previously advised, on the basis of data analysed from existing wells, two wells have been optimally located to intersect the possible oil leg on the western high structure to acquire modern wireline and formation fluid and pressure information to aid in normalising the existing data base.

RESOURCE ORIGINAL VOLUME-IN-PLACE

Low Estimate Best Estimate High Estimate

OIL (million stock tank barrels) 16 43 108

GAS (billion cubic feet) 105 173 432

CONDENSATE (million stock tank 1.6 3.7 9.8
barrels)

Estimates of the potential hydrocarbonsoriginallyin place(100% basis) calculated for the Western High trendand eastern flank at the stratigraphic level OS II and EP IV sandstones.

The Directorate General of Hydrocarbons (the regulatory authority of the Republic of India) will be briefed on the outcome of the ongoing resource assessment work.

Buyers are coming back in now on Oilex...potentially cheap at 56p.

Good news from Oilex today

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