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24 December 2013
REVISED REMUNERATION & GRANT OF OPTIONS
Oilex Ltd (ASX: OEX, AIM: OEX, Oilex) announces that pursuant to an existing consultancy agreement with India Hydrocarbons Limited ("IHL"), (of which Mr Sundeep Bhandari non-executive director is a principal director and shareholder) is to be retained for an interim period to undertake additional responsibilities in India following the departure of Oilex's COO on 4 October 2013. Mr Bhandari is based in New Delhi. IHL will be paid an additional US$15,000 per month (plus taxes) and it is also proposed that IHL (or their nominee) be awarded 4 million options with a 15 cent exercise price and 5 year maturity, subject to shareholder approval.
Mr Bhandari will be taking on a more active role in India and is assisting in strategy, commercial and joint venture related issues. Given this fact, the Board considers that the additional remuneration is reasonable in the circumstances.
For and on behalf of the Board
For further information, please contact:
Ron Miller, Managing Director
Tel: +61 8 9485 3200
RFC Ambrian Limited
Nominated Adviser and AIM Broker
Tel: +44 203 440 6800
Tel: +44 207 920 3150
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