Cambay C-77H Re-frac Operations Update No2

Oilex Limited is pleased to announce the following update with respect to its operations in India.

C-77H Re-frac Operations Update
All of the equipment necessary for the re-frac operation has arrived onsite with the exception of the coiled tubing unit (CTU) which has been delayed by monsoon season related rain. The CTU is expected to arrive onsite tomorrow after which the initial stage of the re-fraccing operation, perforating the zones to be hydraulically fractured, will commence.

The actual fraccing operation is anticipated to last 7 days and will be followed by flow-back and testing. We currently expect to be able to announce the results of the re-frac operation in August 2022.