IMDEX LIMITED — M&A Activity 2012

Jan 22, 2012

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23 January 2012

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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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JOINT VENTURE ACQUIRES VAUGHN ENERGY SERVICES

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Please find attached an announcement by the Company relating to the above matter.

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Yours faithfully Imdex Limited

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Paul Evans Company Secretary

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23 January, 2012

ASX Announcement

IMDEX’S DHS SERVICES JOINT VENTURE ACQUIRES VAUGHN ENERGY SERVICES TO BECOME A SIGNIFICANT GLOBAL FORCE IN OIL & GAS DOWN HOLE SURVEYING

Imdex Limited (ASX: IMD) is pleased to announce that DHS Services (“DHS”), an oil & gas services joint venture between Imdex and DHS Oil Holdings, has agreed to acquire the technology of Dataflow Measurement Systems, as well as Gyro Technologies Inc. owner of Vaughn Energy Services (“Vaughn”), a US based oil & gas down hole survey provider.

The US$100 million acquisition will position DHS as a third global competitor in the approx. US$500 million annual oil & gas down hole survey market, and provides DHS with a significant presence in the substantial US onshore oil & gas market.

Texas-based Vaughn is an oil & gas down hole survey provider with 125 employees, including 75 surveyors and wireline operators, across 13 locations in the US. In calendar year 2011, Vaughn generated revenue of US$39 million.

Key acquisition highlights

• Transforms DHS into a significant global force in the oil & gas down hole survey market

• Enables a substantive entry into the US onshore oil & gas market, representing about a third of the global market size

• Diversifies the geographic footprint, range of technologies and customer base of DHS, and introduces additional oil & gas technology to the Group

• Supports Imdex’s strategy to generate approximately 30-40% of revenues from the oil & gas market within the next 3-4 years

• Immediately earnings accretive for Imdex

• Vaughn shareholders to retain 40% ownership of DHS and remain with DHS.

Imdex’s Managing Director Bernie Ridgeway said, “The acquisition of Vaughn by the DHS joint venture provides its customers with a full suite of technologies combined with a global footprint and superior service offering.”

“The combined business has excellent growth prospects in the US onshore oil & gas market as well as the offshore and onshore international markets. The combined group will be a significant force in the US$500 million annual oil & gas down hole survey market.

“This acquisition supports Imdex’s strategy to grow oil and gas revenue to approximately 30 to 40 percent of Group revenue within the next 3 to 4 years,” added Mr Ridgeway.

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Acquisition consideration

The total consideration for the acquisition of Vaughn is US$100 million comprising:

• US$38 million cash at settlement

• US$12 million by way of earn out conditional on reaching certain EBITDA targets

• US$50 million in equity in the merged DHS whereby Vaughn shareholders will retain a 40% equity interest.

The total initial cash consideration will be satisfied equally by Imdex and Lime Rock Partners in return for additional equity in DHS, and any earn-out monies will be paid by DHS. Imdex's share of the initial cash consideration will be funded from cash resources and existing banking facilities.

The acquisition consideration represents a multiple of approx. 5x normalised EBITDA based on Vaughn’s unaudited calendar year 2011 earnings (after adjusting for net cash).

The transaction is expected to be immediately earnings per share accretive for Imdex.

Vaughn Energy Services

Vaughn (www.vaughnenergy.com ) is a US based oil & gas down hole survey provider that concentrates on the onshore market in the US. The business was founded by Gary Vaughn and Nick Wallis who have a combined 65 years’ experience in the oil & gas down hole survey market.

Vaughn owns a suite of technologies that are designed, manufactured and repaired in its own facilities. The suite consists of a line of multishot north seeking survey tools that can be run on wireline or on memory (including Drop). The tools are user friendly, modular, easy to maintain, and compact. In addition, a line of tools for specialist applications have been developed and work is underway for a high accuracy north seeking product.

The US represents approximately a third of the global oil & gas survey market, and Vaughn has expanded to generate revenue in calendar year 2011 of US$39 million.

DHS Services joint venture

DHS is currently owned 50% by Imdex and 50% by DHS Oil Holdings Ltd (which in turn is owned 72.5% by Lime Rock Partners and 27.5% by DHS’s founders). Following this transaction, the ownership structure of DHS will be:

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DHSO Holdings
Vaughn
Imdex Lime Rock (72.5% Lime Rock)
Shareholders
(27.5% DHS founders)
40% 30% 14.8% 15.2%
DHS Services/
Vaughn
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The combined revenue in calendar year 2012 for DHS/Vaughn is expected to be approximately US$70 million, and aspires to grow the business significantly over the next 5-7 years to capture around a third of the projected US$500-600 million annual global onshore and offshore surveying and steering market.

Imdex’s strategy is to grow its oil & gas revenue to approx. 30-40% of Group revenue within the next 3-4 years.

For further information, please contact:

Bernie Ridgeway Paul Evans Managing Director Chief Financial Officer & Company Secretary P: +61-8 9445 4010 P: +61-8 9445 4010

About Imdex Limited

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. See also www.imdexlimited.com.

About Lime Rock Partners

Founded in 1998, Lime Rock Partners is a creative, value-adding, and long-term investor of growth capital in fastgrowing exploration and production, energy service, and oil service technology companies worldwide. With $3.9 billion of private capital under management and $3.0 billion in the Lime Rock Partners funds, the Lime Rock Partners team uses its deep interdisciplinary expertise, global network of relationships, and track record of value creation to help its investors and portfolio company management teams profit from exceptional growth.

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