Waiver Granted

ASX-RNS Announcement

5 November 2020

ASX: OEX

AIM: OEX

Oilex Ltd ("Oilex or the Company") has been granted a waiver from Listing Rule 10.13.5, to the extent necessary to permit the Company's Notice of Annual General meeting to approve the issue of ordinary shares to Mr Paul Haywood and Mr Peter Schwarz (together, the Non-Executive Directors), in lieu of cash payments for director fees.

The waiver in respect of Listing Rule 10.13.5 was granted on the following conditions:

(a)              The Notice states that the Remuneration Shares will be issued within 12 months after shareholder approval is obtained.

(b)              The Remuneration Shares are issued no later than 10 business days after the end of the relevant quarter.

(c)              The Notice includes a worked example of the dilution that will occur to existing shareholders of the Company as a result of the issue of Remuneration Shares at three different prices.

(d)              The Company's annual report for any period during which the shares are issued to the Directors (or their nominees), discloses details of the number of Remuneration Shares that were issued to them, including the percentage of the Company's issued capital represented by those Remuneration Shares.

(e)              The terms of the waiver are immediately released to the Market.

For and on behalf of Oilex Ltd

Mark Bolton

Executive Director and Company Secretary

For further information, please contact: