The Perth-based company will trade as OEX on the ASX and issued a total of 13.9 million tradable shares at 20 cents per share.

Oilex's managing director, David Archibald, said the company was looking forward to expediting its exploration program, which comprises significant equity participation in six prospective onshore oil exploration wells in the Surat and Eromanga Basins in Queensland over the next 12-24 months.

"Oilex has a range of attractive onshore oil properties in South East Queensland and an active exploration program planned," he said.

It is envisaged that Oilex will participate in six wells, including the first three in the Surat Basin - Giligulgul North-1, Rookwood South-1 and Don Juan Updip-1. The first well, Giligulgul North-1 (in ATP 574P, about 150km east of Roma), has a target potential estimated at 16 million barrels of oil.

The company also holds a significant equity in ATP 589P in the inland Eromanga Basin, which represents its medium term potential. Oilex will fund the drilling of one high potential well in this Permit, where five previous wells have recovered oil to surface.

The total issued capital of the company is 29.6 million shares, of which 13.8 million shares will be escrowed for various periods of 12 months to 24 months leaving only 15.8 million quoted shares.