Thermally-grown 220nm-thick silicon oxide layers were implanted at room temperature with 300keV Xe at doses ranging from 0.5 to 5x1016Xe/cm2. As-implanted samples exhibit bubbles in silicon oxide for all doses. Annealing at T≤400°C results in the disappearance of bubbles from SiO2 layer for the dose of 1x1016Xe/cm2. But for the higher doses of 3.5 and 5x1016Xe/cm2, the bubbles are very stable and remain in the sample even after very high thermal annealing. Capacitance measurements show a strong decrease in the dielectric constant k of the implanted SiO2 sample from 4 (reference sample) to 1.5.