IMDEX LIMITED — Capital/Financing Update 2011

Jun 23, 2011

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24 June 2011

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Company Announcements O f fice ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001

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Dear Sir/Madam

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Imdex to enhance drilling fluids manufacturing capability and oil & gas expertise with $12 million acquisition of ADS

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Attached is an announce m ent in relation to the above mentioned subj e ct for release to the market.

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Yours faithfully Imdex Limited

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Paul Evans Company Secretary

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24 June, 2011

ASX and Media Announcement

Imdex to enhance drilling fluids manufacturing capability and oil & gas expertise with $12 million acquisition of ADS

Imdex Limited (Imdex) is pleased to announce a further drilling fluids initiative with the proposed acquisition of Australian Drilling Specialties (ADS). The acquisition will enhance Imdex’s drilling fluids manufacturing capability, enhance control over the supply chain, increase intellectual property ownership, enhance technology ownership and increase oil & gas expertise.

Imdex has executed a Heads of Agreement to acquire ADS for a consideration of $12 million. The consideration will be satisfied by the payment of $6 million in cash and $6 million in Imdex shares valued at the five day VWAP prior to completion. The acquisition price represents a 5 times multiple of forecast pre tax earnings for the year ending 30 June 2011 and will be immediately earnings accretive.

Imdex Managing Director, Mr Bernie Ridgeway said that “Imdex and ADS have had a long standing relationship and the two companies know each other very well. The acquisition of ADS complements our existing Drilling Fluids and Chemicals operations and will deliver additional growth opportunities in key market segments, as well as enhanced product and service delivery opportunities for customers.”

“In addition, the acquisition will allow Imdex to vertically integrate ADS’ manufacturing capabilities and technology ownership and provide greater penetration into the mining and oil & gas industries. It will also deliver operational efficiencies and growth opportunities. Pre-synergies, the acquisition will be immediately earnings per share accretive,” said Mr Ridgeway.

ADS

ADS is a drilling fluids and chemicals manufacturer based in Western Australia. It is a dedicated manufacturer for Imdex’s subsidiary Australian Mud Company (AMC), and ADS owns the formulations and intellectual property for the manufactured products.

ADS also owns intellectual property for the manufacture of PHPA (polymer), allowing Imdex to be well positioned to construct additional polymer plants in strategic locations to enhance services in other global markets.

ADS was formed in 1987 by Mr John Knox, and through AMC, supplies high quality drilling fluid products to the mining industry. Revenue for the 12 months ending 30 June 2011 is estimated to be approximately $9.3 million and pre-tax earnings estimated to be approximately $2.4 million.

As part of the acquisition Mr Knox, General Manager of ADS, has agreed to join the Imdex team. Mr Ridgeway said “The acquisition of ADS provides Imdex with a number of opportunities to grow its capabilities and I’m delighted that John Knox has agreed to join the Imdex team. In addition, his knowledge of oil based drilling fluids for the oil & gas industry will strengthen our push into this market.”

IMD1001.101299.1

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ACQUISITION KEY HIGLIGHTS

The acquisition of ADS:

1. is consistent with Imdex’s focused growth strategy;

2. is complementary to Imdex’s drilling fluids & chemicals business and gives Imdex greater ownership and control over the manufacturing of its products;

3. provides attractive growth opportunities, particularly in relation to manufacture and supply of polymer products globally;

4. enhance Imdex’s ability to provide oil based drilling fluids and chemicals to the oil & gas industry, strengthening Imdex’s product offering to that market, consistent with our strategy of expanding into the oil & gas business;

5. provides Imdex with ownership of all of ADS’ intellectual property/product formulations;

6. increases Imdex’s margins through vertical integration as ADS is AMC’s dedicated manufacturer in Australia; and

7. is immediately earnings per share accretive pre-synergies.

The acquisition of ADS is scheduled to be effective 1 July 2011 with settlement planned during late July/early August 2011. The acquisition is subject to due diligence and final documentation.

For further information, please contact:

Bernie Ridgeway, Managing Director; Paul Evans, CFO and Company Secretary Tel +61 8 9445 4010

About Imdex

Imdex is a Perth based public company listed on the Australian Securities Exchange (ASX: IMD), whose core business is the supply of drilling fluids and chemicals and down hole instrumentation in Australia and internationally to the oil & gas, mining, water well, horizontal directional drilling and civil industries.

IMD1001.101299.1

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