Oilex will be earning a 55% interest in ATP 545P with Roma paying $100,000 of the drilling costs, which is intended to take place at the end of the year.
Roma said assuming a 20 metre net sand, the Connolly prospect is large enough to hold potential recoverable reserves of up to 26 million barrels of oil.
The site is situated 25km south east of Stonehenge on the Longreach Windorah Rd.
ATP 545P is subject to a 10% government royalty and a five percent privately owned royalty of which 3.95% is owned by Roma.
