Oilex Secures Drilling Rig For Two Wells In Timor Sea

– Contract signed with Songa Offshore Drilling Limited to secure a drilling rig for two wells in contract area JPDA 06-103 in the Timor Sea.

– Drilling to commence following release of the rig from Woodside’s imminent 1 to 3 well program on North West Shelf, WA.

– Oilex has funding for these wells under a previously announced Farm-Out Agreement between Oilex and Japan Energy (OEX retains 10% interest).