Quarterly Report to Shareholders 30 June 2011

During the June Quarter Oilex Ltd (“Oilex”, ASX, AIM: OEX) achieved the first of its major objectives in assessing the potential of the “tight” reservoirs by successfully drilling and completing the Cambay 76H “proof of concept” horizontal well. The Eocene low permeability ("tight") reservoirs extend across the 161 km2 Cambay Production Sharing Contract (“PSC”) area. The Company’s strategy is to use horizontal drilling and modern fracture stimulation technology that has been developed and proven on similar plays in North America to evaluate and exploit these “tight” reservoirs.

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