Oilex Ltd (ASX:AIM:OEX) Placement – Issue of Securities and TVR

Further to Oilex Ltd’s (Oilex or the Company) announcement on 4 May 2022, advising of an equity fund raise of £2.5 million (A$4.4 million), before costs, to fund the refraccing of the Cambay 77H well in India and the continued development of the Company’s plans to undertake a drilling and testing appraisal program on the Cambay field

The Company is pleased to announce it has issued 69,932,558 fully paid ordinary shares (a portion of the Tranche 2Shares) at GBP 0.20 pence (AUD 0.35 cents) per share and therefore received £0.14 million (A$0.24 million) from subscribers .

The remaining Placement funds of the Tranche 2 Shares of approximately £0.209 million (A$0.362 million) are anticipated for settlement by 29 July 2022.

The Company has issued the 69,932,558 Tranche 2 Placement Shares under the Company’s current ASX Listing Rule 7.1 placement capacity which was refreshed at the general meeting of shareholders held on 13 July 2022 .

AIM Admission and Total Voting Rights

Application has been made to the London Stock Exchange plc for the admission of 69,932,558 Shares to trade on AIM (Admission), which is expected to take effect on or around 28 July 2022. Following Admission, the Company will have 8,312,891,868 shares on issue. The Company does not currently hold any shares in treasury. Accordingly, the total number of voting rights will be 8,312,891,868.

Section 708A(5)(e) Statement (Cleansing Notice)

The Corporations Act (Cth) (Act) restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Act. By giving this notice, the on sale of the Shares noted above will fall within the exemption in section 708A(5) of the Act.

Pursuant to the issue of the 69,932,558 Ordinary Shares on 22 July 2022 , Oilex gives notice under section 708A(5)(e) of the Act that:

1) Oilex issued the Shares without disclosure to investors under Part 6D.2 of the Act;

2) As at the date of this notice, Oilex has complied with:

a) the provisions of Chapter 2M of the Act as they apply to Oilex; and

b) section 674 of the Act; and

3) As at the date of this notice, there is no information :

(i) That has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

(ii) That investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

A. The assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

B. The rights and liabilities attaching to the Shares.

The relevant Appendix 2A was lodged via ASX on-line forms

For and on behalf of Oilex Ltd

Lisa Wynne

Company Secretary

This announcement was authorised for release by the Board of Oilex Limited.

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