TIDMOEX

RNS Number : 2882A

Oilex Ltd

19 December 2014

19 December 2014

Company Announcements Office

ASX Limited

4(th) Floor

20 Bridge Street

Sydney NSW 2000

COMPLETION OF SHARE PURCHASE PLAN

RAISING A TOTAL OF A$2.5 MILLION

Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to advise that its Share Purchase Plan ("SPP") closed on 16 December 2014.

Applications have been received for a total of approximately A$1,671,000 under the SPP (using the exchange rate applicable to the SPP of A$1:GBP0.55).

Underwriters Patersons Securities Limited and DJ Carmichael Pty ("Underwriters") have been notified of the resulting shortfall of A$829,000 which will be taken up by the Underwriters and sub-underwriters to the SPP. This will result in a total fundraise of A$2.5 million before expenses.

Accordingly, the Company expects to issue a total of 60,975,610 new shares under the SPP ("New Shares") on 22 December 2014 ("Issue Date"). The issue price for the New Shares will be 4.1 cents per New Share (2.3 pence per New Share), representing a 20% discount to the volume weighted average market price of shares in the Company on the ASX traded during the previous five trading days prior to the Issue Date, rounded to the nearest 0.1 cent.

Funds raised under the SPP will be used to progress activities at the Cambay Basin in Gujarat, India and for working capital.

The Oilex Board thanks all shareholders who participated in the SPP for their support.

For and on behalf of Oilex Ltd

Ron Miller

Managing Director

For further information, please contact:

 
 Oilex Ltd                               Strand Hanson Limited   Tavistock Communications 
  Ron Miller, Managing                   Nominated Adviser and    Ed Portman 
  Director                                          AIM Broker    Email: eportman@tavistock.com 
  Email: oilex@oilex.com.au         Rory Murphy/Ritchie Balmer    Tel: +44 20 7920 
  Tel: +61 8 9485              Email: oilex@strandhanson.co.uk    3150 
  3200                                   Tel: +44 20 7409 3494    UK 
  Australia                                                 UK

This information is provided by RNS

The company news service from the London Stock Exchange

END

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