Revised Remuneration & Grant of Options

Oilex Ltd (ASX: OEX, AIM: OEX, Oilex) announces that pursuant to an existing consultancy agreement with India Hydrocarbons Limited (“IHL”), (of which Mr Sundeep Bhandari non-executive director is a principal director and shareholder) is to be retained for an interim period to undertake additional responsibilities in India following the departure of Oilex’s COO on 4 October 2013. Mr Bhandari is based in New Delhi. IHL will be paid an additional US$15,000 per month (plus taxes) and it is also proposed that IHL (or their nominee) be awarded 4 million options with a 15 cent exercise price and 5 year maturity, subject to shareholder approval.

Mr Bhandari will be taking on a more active role in India and is assisting in strategy, commercial and joint venture related issues. Given this fact, the Board considers that the additional remuneration is reasonable in the circumstances.

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131224 Revised Remuneration & Grant of Options