REG-Oilex Ltd: Oilex Mobilises Rig for Timor Sea Drilling

11 November, 2009

Dear Sir,

OILEX MOBILISES RIG FOR TIMOR SEA DRILLING

Oilex Ltd advises that on 11 November 2009, Woodside Energy Ltd released the
"Songa Mercur" drilling rig to Oilex and the vessel is now under tow from Dampier
to the first well location in Oilex's Timor Sea contract area JPDA 06-103. The
rig is contracted to drill two wells in JPDA 06-103 (with an option of one
additional well). Drilling is expected to start in late November 2009.

The "Songa Mercur" will be drilling the Loré and Lolotoe prospects in JPDA
06-103, targeting mean prospective oil resources of 195million barrelsand 90
million barrels respectively (100% basis).

JPDA 06-103 is an attractive offshore oil exploration block and has potential
to host significant oil reserves. It is located near to a number of existing
producing fields as well as Eni's recent Kitan oil discovery currently under
development.

Oilex is the Operator of the JPDA 06-103 Joint Venture. The participating
interests are:

Joint Venture Party Participating
Interest

Oilex (JPDA 06-103) Ltd(Operator) 10%

Global EnergyLimited(Videocon) 25%(1)

GSPC (JPDA) Ltd 25%(1)

Bharat PetroResources JPDA Limited 25%(1)

Japan Energy E&P JPDA Pty Ltd 15%

1. Pan Pacific Petroleum has recently signed conditional farmin deals with
Global Energy Limited, Bharat PetroResources JPDA Ltd and GSPC (JPDA) Ltd
to acquire a 15% participating interest in JPDA 06-103.

Yours sincerely,

B. H. McCarthy

Managing Director

For further information, please contact:

Ray Barnes Technical Director, Oilex Ltd Tel. +61 8 9485 3200 (Western
Australia)

Archie Berens Director Pelham Public Relations Tel. +44 20 7337 1509 (United
Kingdom)

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, Petroleum
Resources Management System, 2007. Further information 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

END