REG-Oilex Ltd: QUARTERLY REPORT 30 JUNE 2008

.
Oilex Ltd
ABN 50 078 652 632

Level 2, 50 Kings Park Road, West Perth WA 6005
Telephone: +61 8 9485 3200 Facsimile: +61 8 9485 3290
E-mail: oilex@oilex.com.au Web Site: www.oilex.com.au

QUARTERLY REPORT TO SHAREHOLDERS

30 june 2008

HIGHLIGHTS

- Cambay-19Z oil discovery at Cambay Field successfully flowed oil at
stabilised rate of 120 barrels per day in the first in a sequence of drill
stem tests. Testing of an additional 12 metre zone with similar
characteristics is planned in addition to shallower zones that are also
interpreted to be oil bearing.

- Cambay-23Z was drilled and suspended as a potential future gas production
well

- Pendalian field resource upgraded to 13.7 million barrels oil in place, with
production of 1,800-2,000 anticipated in Q4 2008

- Sarha-1 oil discovery in Oman to be appraised with a well in next phase of
drilling anticipated to start August. Oil in place ranges from 20-70 million
barrels

- Zero lost time incidents throughout operations centres.

- Retained cash and receivables of approximately A$37.5 million

CORPORATE DETAILS

Board of Directors Principal & Registered Office

Max D.J. Cozijn Non-Executive Chairman Level 2, 50 Kings Park Road
Bruce McCarthy Managing Director West Perth WA 6005, Australia
Ray Barnes Technical Director Telephone: +61 8 9485 3200
L. L. Bhandari Independent Director Facsimile: +61 8 9485 3290
Email: oilex@oilex.com.au
Website: www.oilex.com.au

Capital Structure

Ordinary Shares 132,083,885 Share Registry
Unlisted Options 37,225,100 Security Transfer Registrars Pty Ltd
Unlisted Performance Rights 1,181,000 770 Canning Highway
Applecross WA 6153, Australia
Stock Exchange Listing Telephone: +61 8 9315 2333
Australian Stock Exchange Code: OEX Facsimile: +61 8 9315 2233
AIM Market of London Stock Exchange Email: registrar@securitytransfer.com.au
Code: OEX

OPERATIONS REVIEW

INDIA

CAMBAY FIELD, Gujarat

(Oilex Operator - 45%)

The purpose of the 2008 Cambay Field drilling program comprising 6 consecutive
appraisal /development wells is to gather detailed lithological and reservoir
fluid information in the Cambay Field. In combination with the high quality 3D
seismic survey over the block and the extensively reworked data from over 60
old wells, Oilex anticipates that the information from the new wells will
provide a comprehensive basis for certification of oil and gas reserves at the
level of the Oligocene and the Eocene main potential reservoir units and any
of the exploration targets that may prove to contain hydrocarbons.

The first two wells in the program have been concluded and the third well is
drilling ahead. Cambay 23Z, the first in the sequence spudded on 07 March 2008
and was suspended as an intended future gas well. The second well, Cambay-19Z
is an oil discovery at the level of the Basal EP IV sandstone. A further
interval of 12 metres with similar log response will be tested with a workover
rig at the earliest opportunity. The results to date are very encouraging for
the broader potential of the deeper zones.

The resources for the two main intervals Oligocene OS II and Eocene EP IV have
been estimated from the existing data base of wells and 3D seismic and
presented in the table below. These estimates do not include oil or gas that
may be found in both shallower and deeper potential reservoirs that will be
intersected during the drilling program.

CAMBAY FIELD ORIGINAL GROSS
RESOURCES VOLUME-IN-PLACE

OS II & EP IV INTERVALS Low Estimate Best Estimate High Estimate
ONLY
OIL (mmstb) 26 48 91
#GAS (billion cubic feet) 186 356 702
CONDENSATE (mmstb) 7 14 28

# Includes approximately 52 BCF of gas produced to date. mmstb - million stock
tank barrels

Gross resource estimates (100% basis) calculated in 2007 using the 3D seismic
data set and the existing well data base. Oilex net interest in Cambay PSC is
45%.

All 6 appraisal wells will test the Oligocene and Eocene primary targets and
any of those wells that indicate production potential from these zones may be
suspended for future production of oil or gas. The wells are located to
provide at least one modern data point in each geological compartment
recognised from the 3D seismic data and the existing well data. Four of the
wells will also test deeper exploration targets at the base of the Eocene
section and fractured Deccan basalts that have proven to be oil reservoirs in
the Tarapur block operated by GSPC immediately to the north and on trend with
the Cambay Field.

The database that already exists is comprehensive with over 60 wells drilled
on the block and the reservoir distribution at OS II and to a lesser extent EP
IV, has been mapped with a relatively high degree of confidence. New prospects
at OS II and EP IV particularly in the northern part of the block and at
stratigraphic horizons other than OS II and EP IV including Basal EP IV, are
now being developed with the benefit of the newly acquired well data.

Cambay-19Z Oil Discovery

Cambay-19Z, the second well in the appraisal program is an oil discovery in
the Basal EP IV reservoir. The well spudded on 25 May and was released after
completing the first of a series of planned tests on 09 July 2008. The well
has proven the productive potential of deeper zones on the Western High Block.
These zones were interpreted to be prospective exploration targets and by
comparison with at least 3 older wells that were drilled in the period
1960-1990, there are probable oil zones that were missed in the initial
evaluation. There is, therefore, a good possibility that the Basal EP IV oil
bearing sandstone is present over most of the Western High Block. The volume
of oil for the deeper Eocene (including Basal EP IV) and fractured Deccan
basement objectives was previously estimated at about 60 million barrels oil
in place.

Cambay-23Z and Cambay -19Z Well Bore Schematic Summary - see full report on
Oilex website

The Western High Block is most prospective for oil and the Basin Area most
prospective for gas. The areas are separated by a major fault that trends
approximately north-south controlling the general hydrocarbon distribution.
This is illustrated in the diagram of the well bore trajectory for Cambay-73
that is anticipated to intersect gas in the upper objectives and oil in the
lower objectives.

Cambay-73 Well Bore Trajectory on 3D Seismic line showing main target zones -
see full report on Oilex website

The gas that has been produced in the past has come from the OS II in wells
that are located mainly in the southern central part of the block. No gas has
been produced from the EP IV in the past.

Locations by colour code for initial 6 wells at 3 main stratigraphic horizons
- see full report on Oilex website

Cambay-23Z appraisal well

Objectives: Primary: Eocene EP IV - gas

Secondary: Oligocene OS II - gas

Cambay-23 was drilled in 1963 and is reported to have tested gas from
the EP IV zone at rates of 14,500 cubic metres per day through a 5mm
choke. The appraisal well Cambay-23Z was designed to intersect the
primary target about 200 metres from the same zone in the initial well
in the area of a strong amplitude anomaly

Status: Spud date: 07 March 2008

Rig Release Date: 26 April 2008

Total Depth: 2,100 metres in Cambay Shale Formation

Well Status: Suspended gas well with gas shows in OS II and EP IV.

Operations: Cambay-23Z was drilled as a deviated well in a northeasterly direction
from the original well pad. Cores were cut in the EP IV with the aim of
providing information that would be beneficial in designing a fracture
stimulation of low permeability formation. A fracture stimulation will
be designed and implemented when the last of the core data are received.
Results: Good gas shows were recorded while drilling the Miocene and Oligocene
secondary objectives in this well. The evaluation of the wireline logs
over the Basal Miocene and Oligocene OS II intersected at 1,505 metres
and 1,545 metres respectively indicates the presence of about 9 metres
of gas-bearing pay in these sandstones that are of good reservoir
quality, each with about 25% average porosity.

Cores were cut in the EP IV and wireline logs were run over the Eocene
section. Indications from logs are that the EP IV is gas-bearing and a
cased-hole DST will be conducted over the interval 1,961m - 2,005m when
core results become available and a fracture stimulation program is
formalised. Cambay-23Z well has been completed as a potential gas
production well

Cambay-19Z appraisal well

Objectives: Primary: Oligocene OS II - gas

Eocene EP III and EP IV - oil

Secondary: Basal EP IV - oil

Miocene Basal Sandstone - gas

Deccan Fractured Basement - oil

Status: Spud date: 14 May 2008

Rig Release Date: 09 July 2008

Total Depth: 2,350 metres in Deccan Trap basement

Well Status: Suspended oil and gas discovery awaiting
further testing of Basal EP IV oil zone and EP III and EP
IV zones that were drilled with good gas shows. A cost
effective workover rig has been contracted to undertake
the further testing.

The drilling rig has demobilized from C-19Z to Cambay-73
location.

Operations: DST #2 will be carried out over an interval of 16 metres
of potential oil pay below the zone that was tested by DST
#1.

DST #3 will be conducted over an interval of about 23
metres at the EP III and EP IV where good gas shows were
recorded while drilling and the zone is expected to flow
oil by analogy with other wells on the Western High Block
of Cambay Field.

DST #4 will be conducted at the shallower level of the OS
II reservoir unit depending on the results of the DST's at
the deeper levels. Strong gas shows were recorded at the
OS II level while drilling. In the event that the well is
retained as an oil producer, the OS II will not be tested
in this well.

Results: DST #1 successfully flowed oil to surface at a rate of
over 800 barrels of oil per day (BOPD) for the first hour
of the test and later stabilised at a rate of 120 BOPD on
1" choke during the final phase of the 32 hour flow
period. No formation water has been produced with the oil
which is 410 - 430 API gravity.

The Basal EP IV zone is present in at least three old
wells on the Western High Block. These old wells were
either not tested or were poorly evaluated and appear to
have a similar log response to the zone that was
successfully tested in Cambay-19Z. Preliminary indications
from seismic and the analogous well logs are that the
Basal EP IV may extend across the Western High Block.

For each of the 6 wells in the Cambay program, it is generally intended to
demobilise the rig from each location as soon as drilling and logging
operations are completed. Further tests on each well will be conducted with a
wireline unit that has the capability to undertake the full range of
activities that may be required to test the wells conclusively at a much
lesser day rate..

Approval Received for Additional Well Locations

The Ministry of Environment and Forests (MOEF), Government of India, gave its
formal approval in May to the proposal by the Cambay Joint Venture to drill up
to 60 additional development wells within the Cambay block in the event that
re-development of the Cambay Field is warranted by the current 6 well
appraisal drilling program.

With the flexibility to construct new drilling sites, the opportunity now
exists to test other prospects at different stratigraphic levels in other
areas of the block that have high potential for gas and oil discoveries.

Sabarmati Field, Gujarat

(Oilex Operator - 40%)

No further work has been carried out in the past quarter. Intermittent
production of oil continues from Sabarmati-1.

Bhandut Field, Gujarat

(Oilex Operator - 40%)

No further work has been carried out in the past quarter. Oil continues to be
produced intermittently from existing wells.

Indonesia

West Kampar PSC, Central Sumatra

(Oilex - 45%)

The resource estimate for Pendalian Field has been upgraded to 13.7 million
barrels oil in place, with 1,800-2,000 bopd production anticipated in Q4 2008.

A Plan of Development (POD) including an updated resource assessment for the
Pendalian Oil Field (Oilex 45%) located in the West Kampar Production Sharing
Contract ("PSC") area in Indonesia (Fig. 1) is being submitted to the
Indonesian Government for approval. The POD is based on a Best Estimate
Contingent Resource of 13.7 million barrels oil in place (mmstboip) (Table 1).
The represents an increase of 14% on the resource announced previously which
was based on a single oil reservoir.

The objective of the POD is to bring Pendalian Field into production in 2
phases comprising 2 wells in phase 1 and full field development of 3-4 wells
in phase 2. The previous plan was to start production at a likely rate of
about 1,200 barrels of oil per day ("bopd") from a single well, Pendalian-3.
The first phase has now been expanded to include a second well, Pendalian-4
with a corresponding increase in the likely production rate to 1,800 - 2,000
bopd anticipated in Q4 2008.

Contingent Resource - Low Estimate Best Estimate High Estimate
Development Pending
mmstboip mmstboip mmstboip

Sihapas Sandstone Units D-6, 5.8 13.7 29.1
C-5

Contingent Resource Oil in Place (100% basis) - Pendalian Field

As required in Indonesia, the technical studies are carried out by an
independent third party appointed by the regulator (BPMigas) with input and
review by personnel from the operator, PT Sumatera Persada Energi (SPE), and
BPMigas. Oilex has also been participating in this process.

The development plan is based on results from the Pendalian-1 well drilled in
1993 and the Pendalian-3 appraisal well which was drilled, tested and
suspended as a future oil production well in November 2007. Pendalian-3,
funded by Oilex as part of the farmin arrangement with SPE, flowed oil at
potentially commercial rates from two shallow zones in the Sihapas Sandstone.
The commingled flow potential with artificial lift was estimated to be up to
1,200 barrels per day.

Location Map West Kampar Production Sharing Contract Area - see full report on
Oilex website

To date, significant conclusions arising from this independent evaluation are:

- Inversion studies of the seismic data indicate that the Sihapas sands are
continuous reservoirs, supporting the volumetric assumptions for the Pendalian
Field.

- The Best Estimate Contingent Resource of oil-in-place determined by the
independent third party for the two Sihapas zones is 13.7 mmstboip (gross),
with a High Estimate volume of 29 mmstboip (gross). These volumes are similar
to those determined by both SPE and Oilex.

- A staged approach to the development, with initial production from the
Pendalian-3 well followed by Pendalian-4 production well, 3D seismic and full
field development was recommended, subject to approval by the Indonesian
Ministry of Petroleum.

Pendalian seismic inversion profile illustrating reservoir continuity - see
full report on Oilex website

An evaluation of further potential in the Pendalian Field in the form of
undiscovered prospective resources at other potential reservoirs was also
presented.

Undiscovered Prospective Low Estimate Best Estimate High Estimate
Resource
mmstboip mmstboip mmstboip

Units B-1,2,3; C-1,2,3; E-1 14 22 33

Undiscovered Prospective Resource (100% basis) - Pendalian Field

Top Sihapas reservoir depth map. - see full report on Oilex website

Remaining POD requirements are being finalised by the third party adviser to
BPMigas prior to submission to the Indonesian authorities. The recommended
development schedule, subject to regulatory approval, calls for both
Pendalian-3 and Pendalian-4 to be onstream in Q4 2008.

Plans are in place for the early drilling of the Pendalian-4 well and tenders
have been received for conducting both 2D and 3D seismic programs in the West
Kampar block in 2008. Ongoing mapping has confirmed the exploration potential
of the West Kampar PSC which will be delineated by additional seismic coverage
and investigated with the drilling of 3 exploration wells in a campaign
scheduled to commence later this year.

Oman

Block 56, South Oman

(Oilex Operator - 25%)

Drilling operations commenced in Oman at the end of 2007 and 3 wells were
drilled in the first phase, 2 of which were oil discoveries. The rig was
released for a period after the third well to enable results to be evaluated
before the second phase of 4 wells, which is anticipated to commence in August
2008.

The results of the Phase 1 drilling program in Block 56, Oman have been very
encouraging with the Sarha-1 well likely to be a commercial discovery.
Prospects selected for the 3 well program were based on the interpretation of
existing seismic data and provided a balance of exploration targets ranging
from moderate (Sarha-1, Ghadaq-1) to high risk (Alyanbou-1).

The Sarha-1 discovery well confirmed that the productive trend in the adjacent
block continues into Block 56. New seismic acquisition and reprocessing of
existing data indicates that there is a number of structures similar to
Sarha-1 present in the western flank area of Block 56 and the most prospective
of these will be the locations for several of the wells in the Phase 2
drilling campaign. It is anticipated that further drilling will be carried out
on the Sarha discovery to evaluate the potential of oil zones not able to be
tested in Sarha-1 and to provide information required for development of the
Al Khlata oil pool discovery.

Preliminary estimates of the discovered petroleum initially in place based on
the current data range from 20 to 70 million barrels (on a 100% basis). Given
the characteristics of the oil recovered at Sarha-1 there will also be a focus
on establishing the recoverable reserves volume and specialists in this type
of development are studying the data from Sarha-1 to estimate the recoverable
volumes and to provide input to a development plan.

Heavy oil (preliminary oil gravity of 13.30 API) was recovered during testing
of the Al Khlata zone in the Ghadaq-1 well and these results will also be the
focus of review given that oil with these characteristics is routinely
produced in Oman and in other heavy oil areas.

The results from Alyanbou-1 which was a higher risk test of a large anticlinal
structure in a remote area of the block will be incorporated into the overall
prospectivity assessment.

Background

The South Oman Salt Basin is a prolific oil producing province with extensive
pipeline infrastructure linking the producing fields to the refining and
export facilities in the north of the country. The oil produced from these
fields is characteristically heavier with density in the range 150 - 280 API
gravity. All of the 7 reservoir objectives drilled in the first 2 wells appear
to be oil-bearing and preliminary studies on the feasibility of producing the
heavy oil are now in progress.

Well Location Map Block 56 - see full report on Oilex website

Location and Infrastructure Map - see full report on Oilex website

Several of the fields in this area hold over 1 billion barrels of oil in
place. Most of these fields were discovered by PDO during the last 20 years.
The most recent large field development to take place in the region is Oxy's
Mukhaizna Field which is reported to be over 2 billion barrels of oil in place
and which will be produced by steam flood to improve the flow characteristics
of the 150 API gravity oil.

The Sarha and Ghadaq prospects, like many others in the western part of the
block, are similar in structural form and reservoir objectives to the nearby
producing fields operated by PDO. The pipeline network from those producing
fields in the main part of the South Oman Salt Basin is only about 30 km to
the west from Sarha-1.

Sarha-1 exploration well

Objectives: Primary: Huqf Formation, Al Khlata Formation

Secondary: Al Gharif Formation, Haima Formation

Status: Spud date: 31 December 2007

Rig Release Date: 10 March 2008

Total Depth: 1,890 metres in Cambrian Huqf Formation

Well Status: Suspended oil well.

Results: Good oil shows were recorded while drilling through each of the
primary and secondary objectives. DST #1 confirmed the presence
of moveable oil in at least one of the main objective horizons,
the Al Khlata Formation, with strong indications of oil
saturations that were not able to be tested adequately in the
Huqf, Haima and the Gharif Formations.

Ghadaq - 1 exploration well

Objectives: Primary: Huqf Formation, Al Khlata Formation

Secondary: Al Gharif Formation, Haima Formation

Status: Spud date: 17 March 2008

Rig Release Date: 15 April 2008

Total Depth: 1,442 metres in Cambrian Huqf Formation

Well Status: Suspended oil discovery in the Al Khlata
Formation.

Results: Ghadaq-1 intersected oil zones at all primary and
secondary objectives. Oil (130 API gravity) was recovered
in a test from the Al Khlata Formation.

Alyanbou - 1 exploration well

Objectives: Primary: Huqf Formation, Al Khlata Formation

Secondary: Al Gharif Formation, Haima Formation

Status: Spud date: 26 April 2008

Rig Release Date: 18 May 2008

Total Depth: 1,199 metres in Cambrian Huqf Formation

Well Status: Plugged and abandoned with no shows.

Comment: The well was classed as a frontier exploration well. It
was located in the northeastern sector of the block about
60 km from the nearest well control, to the east of the
major structural lineament in the Tertiary Basin where no
wells had previously been drilled.

Seismic Acquisition

Preparations for tender of the 3D seismic acquisition program have been
completed. Acquisition is expected to start in Q4.

Joint Petroleum Development Area Between Timor Leste and Australia

JPDA 06-103, FLAMINGO BASIN OFFSHORE JOINT PETROLEUM DEVELOPMENT AREA

(Oilex Operator - 25%)

The first phase of offshore operations has commenced in the Block JPDA 06-103,
located in the Timor Sea JPDA between Timor-Leste and Australia. The Geowave
Champion seismic vessel has completed its clearances and is acquiring the
extensive, high resolution Maura 3D marine seismic program over an area of
2,082 km2. Data from this survey will be combined with existing 3D seismic
surveys to provide 3D seismic coverage over more than 90% of the area of the
Block. Processing of the data is expected to be concluded about the end of
2008 and the interpretation of the data over the entire block is anticipated
to be completed by about end of March 2009. Locations for exploration wells
will then be selected for drilling starting about mid-year 2009.

To that end, on 13 June 2008 Oilex issued a conditional Notice of Award
jointly with Nexus to Sedco Forex International for the supply of the
Transocean Legend semi submersible drilling rig. The rig would drill
development wells for Nexus before 2 wells for Oilex, estimated to start in
about mid-year 2009. Oilex has accordingly made application, on behalf of the
JPDA Block 06-103 Joint Venture, seeking an extension of time under the PSC to
enable its 2 wells to be drilled by January 2010 rather than by January 2009.
The application is under review by the relevant governmental authorities.

New Discovery - In April of this year, a significant oil discovery at Kitan-1
and -2 was made by ENI, the operator of block JPDA 06-105 (adjacent to the
west of JPDA 06-103). The Kitan-1 discovery well flowed oil at a rate of 6,100
BOPD from a drillstem test. The discovery was followed by an appraisal well at
Kitan-2 that confirmed the commercial viability. These wells lie close to the
JPDA 06-103 block boundary and confirm the oil potential of the basin.

ENI subsequently made a Declaration of Commercial Discovery and the Timor Sea
Designated Authority based in Dili, Timor-Leste declared Kitan a Development
Area in May.

Location Maura 3D Seismic Survey and ENI Kitan oil discovery Wells - see full
report on Oilex website

Australia

WA-388-P Carnarvon Basin, Offshore Western Australia

(Oilex Operator - 20%)

Oilex, on behalf of the JV, has finalised a contract to conduct a 3D seismic
survey of 1,180 km2 over a part of the permit in 2008. Interpretation of the
reprocessed 2D and existing third party seismic data continued. The seismic
survey is planned to follow the acquisition in JPDA 06-103 using the vessel
"Geowave Champion".

Location Rose 3D Seismic Survey, WA-388P - see full report on Oilex website

EPP 27 - Otway Basin, Offshore South Australia

(Oilex Operator - 20%)

Oilex, on behalf of the EPP 27 Joint Venture, is negotiating with the relevant
authorities regarding the extension of the exploration permit term which ends
in August 2008 and the future work program.

Corporate

Community Development - Timor-Leste Rural Health project

Oilex's business objective is to produce exceptional results for the Company
and all stakeholders. A fundamental component of our strategy is to develop
and maintain excellent working relationships with the communities where we
work and to maintain a high level of corporate responsibility.

Timor-Leste is one of the parties, with Australia, to the agreements governing
the Joint Petroleum Development Area where Oilex has a significant work
program. One of the fundamental long-term issues affecting the communities of
Timor-Leste is poor health and Oilex has established a working alliance with
Australian Aid International ("AAI") for the provision of health care and
training of health care workers that is needed in remote communities of
Timor-Leste. This year the work is focussed on the island of Atauro to the
north of Dili and providing health care facilities to remote villages.

This program has had a very beneficial impact on the health system and its
intended beneficiaries on Atauro. It is fully coordinated with the objectives
Timor Leste Ministry of Health and World Health Organization.

Company Structure

The Company presently has 132,083,885 shares on issue. These shares are traded
on the ASX in Australia and on the AIM market of the London Stock Exchange
under the code: OEX.

Oilex also has 37,225,100 unlisted options on issue, the majority of these
being held by executive staff and 1,181,000 Employee Performance Rights.

At 30 June, 2008 the Company retained net cash and receivables of
approximately A$37.5 million.

Oilex regularly updates its website at www.oilex.com.au

For and on behalf of the Board

Dr B. H. McCarthy

Managing Director

31 July 2008

The information in this report has been compiled by the Managing Director of
Oilex Ltd, Bruce McCarthy B.Sc. (Hons) PhD (Geology) who has over 29 years
experience in petroleum geology. The estimates of hydrocarbons in place were
reviewed by Ray Barnes B.Sc. (Hons), the Technical Director of Oilex Ltd who
has over 35 years experience in petroleum geology and is a member of the AAPG.
Mr Barnes reviewed this announcement and consents to the inclusion of the
estimated hydrocarbons in place in the form and context in which they appear.
The resource estimates contained in this report are in accordance with the
standard definitions set out by the Society of Petroleum Engineers, further
information on which is available at www.spe.org.

Oilex's nominated advisor in relation to the AIM market is RFC Corporate
Finance Ltd, contact: Stuart Laing, stuartl@rfc.com.au

Permit Schedule

PERMIT BASIN / STATE / JOINT VENTURE PARTIES EQUITY % OPERATOR
COUNTRY

-------------------------------------------------------------------------------

Oilex Ltd 30.00

Cambay Field Cambay / Gujarat Oilex Ltd
PSC / India
Oilex NL Holdings 15.00
(India) Limited

Gujarat State Petroleum 55.00
Corp. Ltd

-------------------------------------------------------------------------------

Bhandut Cambay / Gujarat Oilex NL Holdings 40.00 Oilex NL
Field PSC / India (India) Limited Holdings
(India) Limited
Gujarat State Petroleum 60.00
Corp. Ltd

-------------------------------------------------------------------------------

Sabarmati Cambay / Gujarat Oilex NL Holdings 40.00 Oilex NL
Field PSC / India (India) Limited Holdings
(India) Limited
Gujarat State Petroleum 60.00
Corp. Ltd

-------------------------------------------------------------------------------

Oilex Oman Limited 25.00

Block 56
EPSA
South Oman / Oilex Oman
Oman Limited
GAIL (India) Limited 25.00
Videocon Industries Ltd 25.00
Bharat Petroleum 12.50
Corporation Ltd
Hindustan Petroleum Corp 12.50
Ltd

-------------------------------------------------------------------------------

West Kampar Central Sumatra Oilex (West Kampar) 45.00 PT Sumatera
PSC / Sumatra/ Limited Persada Energi
Indonesia
PT Sumatera Persada 55.00
Energi

-------------------------------------------------------------------------------

Oilex Ltd 20.00

EPP27 Otway / SA / Oilex Ltd
Australia
Videocon Industries Ltd 20.00
Gujarat State Petroleum 20.00
Corp. Ltd
Great Artesian Oil & Gas 40.00
Limited

-------------------------------------------------------------------------------

Flamingo / Joint Oilex (JPDA 06-103) Ltd 25.00
Petroleum
Oilex (JPDA
Development 06-103) Ltd
JPDA 06-103 Area/
PSC
Timor-Leste &
Australia
GSPC (JPDA) Limited 25.00
Global Energy Inc. 25.00
Bharat Petroresources 25.00
JPDA Ltd

-------------------------------------------------------------------------------

Oilex Ltd 20.00

WA-388-P Carnarvon / WA /
Australia

Gujarat State Petroleum 20.00
Corp Ltd
Videocon Industries Ltd 20.00 Oilex Ltd
Bharat Petroleum 20.00
Corporation Ltd
Hindustan Petroleum Corp 20.00
Ltd

-------------------------------------------------------------------------------

Listing Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

OILEX LTD

ABN Quarter ended ("current
quarter")
50 078 652 632 30 JUNE 2008

Consolidated statement of cash flows

Current quarter Year to date

Cash flows related to operating activities $A'000 (12 months)
$A'000
1.1 Receipts from product sales and related - -
debtors
1.2 Payments for (a) exploration and (3,868) (19,866)
evaluation

(b) development - -

(c) production (24) (656)

(d) administration (net) (969) (3,508)

1.3 Dividends received - -
1.4 Interest and other items of a similar
nature received 705 3,147

1.5 Interest and other costs of finance paid (12) (695)
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -

Net Operating Cash Flows (4,168) (21,578)

Cash flows related to investing activities

1.8 Payment for purchases of: (a) prospects - -

(b) equity investments - -

(c) other fixed assets (371) (879)

1.9 Proceeds from sale of: (a) prospects - 113

(b) equity investments - -

(c) other fixed assets - -

1.10 Loans to other entities (92) (1,859)
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -

Net investing cash flows (463) (2,625)
1.13 Total operating and investing cash flows
(carried forward) (4,631) (24,203)

1.13 Total operating and investing
cash flows (brought forward) (4,631) (24,203)

Cash flows related to financing
activities

1.14 Proceeds from issues of shares, - 678
options, etc
1.15 Proceeds from sale of forfeited - -
shares
1.16 Proceeds from borrowings (net) - -
1.17 Repayment of borrowings (5,000) (10,000)
1.18 Dividends paid - -
1.19 Other (provide details if - -
material)

Net financing cash flows (5,000) (9,322)

Net increase (decrease) in cash (9,631) (33,525)
held

1.20 Cash at beginning of quarter/year 43,099 66,993
to date
1.21 Exchange rate adjustments to item - -
1.20

1.22 Cash at end of quarter 33,468 33,468

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the
related entities

Current quarter

$A'000

1.23 Aggregate amount of payments to the parties 336
included in item 1.2

1.24 Aggregate amount of loans to the parties included -
in item 1.10

1.25 Explanation necessary for an understanding of the transactions

-

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did not
involve cash flows

N/A

2.2 Details of outlays made by other entities to establish or increase
their share in projects in which the reporting entity has an interest

N/A

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount available Amount used

$A'000 $A'000

3.1 Loan facilities - -

3.2 Credit standby arrangements - -

Estimated cash outflows for next quarter

$A'000

4.1 Exploration and evaluation 17,000

4.2 Development -

Total 17,000

Reconciliation of cash

Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related $A'000 $A'000
items in the accounts is as follows.

5.1 Cash on hand and at bank 4,117 3,125
5.2 Deposits at call 29,351 39,974
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter 33,468 43,099
(item 1.22)

Changes in interests in mining tenements

Tenement Nature of Interest Interest
reference interest at at end
beginning of
(note (2)) of quarter
quarter
6.1 Interests in
mining tenements
relinquished, - Refer to Permit - -
reduced or lapsed Schedule in
Quarterly Report

6.2 Interests in Refer to Permit
mining tenements Schedule in
acquired or Quarterly Report
increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

Total number Number quoted Issue price Amount paid
per security up per
security

7.1 Preference +securities - - - -
(description)
7.2 Changes during quarter - - - -

(a) Increases through
issues

(b) Decreases through
returns of capital,
buy-backs, redemptions
7.3 +Ordinary securities 132,083,885 132,083,885 Various -
7.4 Changes during quarter

(a) Increases through - - - -
issues (options
exercised)

(b) Decreases through - - - -
returns of capital,
buy-backs
7.5 +Convertible debt - - - -
securities (description)

7.6 Changes during quarter - - - -

(a) Increases through
issues

(b) Decreases through
securities matured,
converted
7.7 Options Exercise Expiry date
price
(description and
conversion

factor)

500,000 - $1.00 31/12/2009

3,000,000 - $1.50 31/12/2009

1,000,100 - $0.50 07/12/2008

2,000,000 - $0.40 14/12/2008

3,000,000 - $0.50 14/12/2008

4,250,000 - $0.80 14/12/2009

1,000,000 - $0.50 16/02/2009

4,500,000 - $0.50 31/03/2010

775,000 - $0.50 31/07/2009

775,000 - $0.65 31/07/2009

775,000 - $0.90 31/07/2010

500,000 - $1.50 31/10/2009

500,000 - $1.75 31/10/2009

500,000 - $2.00 31/10/2010

500,000 - $1.40 31/01/2010

450,000 - $2.00 31/01/2010

450,000 - $2.50 31/01/2011

2,500,000 - $2.00 31/03/2011

300,000 - $1.75 31/03/2010

300,000 - $2.25 31/03/2011

300,000 - $2.75 31/03/2012

500,000 - $1.57 30/09/2011

350,000 - $1.60 30/04/2010

350,000 - $2.10 30/04/2010

350,000 - $2.70 30/04/2011

3,900,000 - $2.00 01/07/2011

3,900,000 - $2.50 01/07/2011

Issued and quoted securities at end of current quarter (cont'd)

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

Total number Number quoted Issue price Amount paid
per security up per
security
2006 Performance Rights

279,000 Tranche 1 expire 1/07/2011

254,000 Tranche 2 expire 1/07/2011

249,000 Tranche 3 expire 1/07/2011

2007 Performance Rights

143,000 Tranche 1 expire 1/07/2012

128,000 Tranche 2 expire 1/07/2012

128,000 Tranche 3 expire 1/07/2012

7.8 Issued during Exercise Expiry date
quarter price
- - - -

7.9 Exercised during - - - -
quarter

7.10 Expired during - - - -
quarter

7.11 Debentures Nil Nil

(totals only)
7.12 Unsecured notes Nil Nil
(totals only)

Compliance statement

1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX.

2 This statement does give a true and fair view of the matters
disclosed.

Sign here: Date: 31 July 2008

(Director/Company Secretary)

Print name: Max D.J. Cozijn

END
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