IMDEX LIMITED — M&A Activity 2009

Jul 30, 2009

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PROPOSED MERGER WITH IMDEX NOT TO PROCEED

ASX ANNOUNCEMENT

31 JULY 2009

Coretrack Limited (“Coretrack” or “the Company”) advises that the proposed merger with Imdex Limited will not proceed.

As announced on 21 July 2009, the merger proposal was subject to a mutual due diligence condition. This condition was not met to Imdex’s satisfaction. The views of both parties on this condition did not align.

Coretrack will continue to progress its previously announced Core Barrel Telemetry testing leading up to the commercialisation of its patented technology. The Company will report back to the market as soon as the next set of tests has been completed.

AUTHORISED BY:

Shannon Coates Company Secretary

Coretrack Limited is an ASX listed company which provides leading technological solutions to the global oil & gas industry. Coretrack’s primary focus since listing has been the commercialisation of its revolutionary and patented technology, the Core Level Recorder System.

The Core Level Recorder (CLR) is a measuring and recording device that is placed inside the inner core barrel. During coring the unit rests upon the column of core that is entering the barrel and records the amount of core captured. This data collected will inform geologists from what depths core was captured and conversely, where core was lost, if a full recovery was not obtained. Coretrack has run the CLR (without the telemetry to surface) with a number of major operators & the tool is market ready now.

Coretrack has designed and is in the process of completing development of the Core Level Recorder System (CLR with real-time telemetry) - a coring tool that will enable an explicit measurement of the acquisition of a core sample during a coring operation. The availability of real time data on the rig floor will ensure substantial cost savings to the exploration and production companies.

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