Oilex advised that operations are continuing to demobilize the Black Pearl rig and associated drilling equipment.

Mobilization of the equipment required to conduct the large volume multi-stage fracture stimulation of the Y Zone tight gas reservoir is near completion and rigging up is progressing. In total, 16 zones will be stimulated in 8 stages over the length of the horizontal section of the well bore (approximately 600 meters).

•Report date: July 12, 2011 •Status:

◦Demobilizing drilling rig ◦Mobilizing fracture stimulation equipment •Past Week's Operations Demobilizing drilling rig •Objective Cambay Eocene "tight" reservoir Y Zone •Total Depth (TD) 2,740 meters The participating interests in the Cambay PSC are:

•Oilex Ltd (Operator) 30% •Oilex NL Holdings (India) Limited 15% •Gujarat State Petroleum Corporation Ltd 55%

Tags: Oilex Ltd