Announcement Details :

Pursuant to the Practice Note 17/2005 ("PN 17") of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"), the Board of Directors of Oilcorp wishes to announce that Oilcorp is classified as an Affected Listed Issuer pursuant to paragraph 2.1(f) of PN 17 ("First Announcement") as the Company has defaulted in its interest payments announced pursuant to Practice Note 1/2001 on 18 September 2009 and the Company is unable to provide a Solvency Declaration to Bursa Securities.

1) OBLIGATIONS OF OILCORP UNDER PN 17

Oilcorp is required to comply with the following obligations pursuant to Paragraph 3.1 and 4.1 of PN 17:

i) To regularise its condition by undertaking a regularisation plan ("Regularisation Plan") and the Company and its Principal Adviser must ensure that the Regularisation Plan is sufficiently comprehensive and capable of resolving all problems, financial or otherwise that has caused the Company to trigger PN 17. Such Regularisation Plan must be fair and reasonable to the Company and its shareholders and will increase shareholder value;

ii) To submit the Regularisation Plan within 12 months from the date of this First Announcement (“Submission Timeframe”) and to implement the Regularisation Plan within the timeframe stipulated by the Approving Authorities ("Implementation Timeframe").

iii) To make the following announcements:-

a. Within 3 months from this First Announcement, on whether the Regularisation Plan will result in a significant change in the business direction or policy of the Company;

b. the status of Oilcorp's Regularisation Plan and the number of months to the end of the Submission Timeframe on a monthly basis ("Monthly Announcement") until further notice from Bursa Securities;

c. its compliance or non-compliance with a particular obligation imposed pursuant to PN 17 on an immediate basis; and

d. details of the Regularisation Plan ("Requisite Announcement"), which shall include the timeline for the complete implementation of the Regularisation Plan. This Requisite Announcement must be made by the Company’s Principal Adviser.

2) CONSEQUENCES OF NON-COMPLIANCE WITH THE OBLIGATIONS

An Affected Listed Issuer which fails to comply with the obligation to regularise shall have all its listed securities suspended from trading immediately upon notification by Bursa Securities, and de-listing procedures shall be commenced against such Affected Listed Issuer.

3) STATUS OF REGULARISING ITS FINANCIAL CONDITION

Although Oilcorp does not have a formal regularisation plan at present, it continues to be in negotiation with its lenders and will appoint a Principal Adviser shortly to formulate a regularisation plan. Any progress in this regard will be announced in accordance with the provisions of paragraphs 4.1 (b), © and (e) of PN17.

This announcement is dated 23 September 2009.