Oilex signs WA 338P farm-out agreement

Oilex has entered into a farm-out agreement with Sasol Petroleum Australia for exploration permit WA 338P.

Offshore staff

LONDON -- Oilex has entered into a farm-out agreement with Sasol Petroleum Australia for exploration permit WA 338P. Under the agreement, Oilex and its partners will each assign a 6% participating interest in the permit to Sasol.

In return, Sasol has agreed to bear 60% of certain costs associated with the acquisition of 1,064 sq km (411 sq mi) of 3D seismic data in the permit.

08/12/2008

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