ZIMI LIMITED — AGM Information 2012

Nov 21, 2012

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WHL Energy Ltd ABN: 25 113 326 524 Level 2, 22 Delhi Street West Perth, WA 6005 P.O. Box 1042, West Perth Western Australia 6872 T: +61 8 6500 0271 F: +61 8 9321 5212 www.whlenergy.com

ASX/MEDIA RELEASE November 22, 2012

2012 AGM Address of Managing Director, Steve Noske

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to announce the following details from the presentation delivered at the Company’s Annual General Meeting. The notes below were delivered in conjunction with a slide presentation that included some slides from the recent presentation to an industry conference in Cape Town.

WHL Energy has undertaken a high quality work program over 2012 that has positioned the Company to achieve key objectives for its lead project in the Seychelles region in the near future. The company is now well placed to:

• Secure like-minded partner(s) for the next phase of seismic and exploration drilling; and

• With these partners, positioning the Joint Venture to gain a wider acreage position via the planned “open water” bid round in 2013.

The main conclusion of the massive work programme undertaken by the WHL Energy team has been that the Seychelles is prospective for oil.

A potential new petroleum province has also been interpreted and there is good evidence that the long sought after East Africa oil play could in fact be in the Seychelles where the key source rocks are not too deeply buried and, WHL Energy believes, are oil mature present day.

The Company understands that funding through the equity markets is currently difficult and therefore welcomes the support of its shareholders in completion of a recent Shareholder Entitlement Option Scheme that closed oversubscribed raising approximately $3.5 million for the Company. It places the Company in a strong financial position whereby, assuming the Company delivers on its partnering objectives for the Seychelles and Australia, it is fully funded through to the second half of 2013.

WHL Energy’s business strategies have been critically reviewed by the Board and external consultants and the Company remains fully committed to its Seychelles strategy. WHL Energy’s immediate focus is to secure the right partnerships for its Seychelles and Australian assets - thereby positioning the Company to expand through a mix of:

• Organic portfolio growth; and

• A transformational M&A, if the right deal presents itself.

Locally, the Company is watching closely the progress of Shell’s drilling in WA-384-P permit off the coast of Western Australia where the Palta prospect has been interpreted by WHL Energy and other independent experts to have a mean prospective resources of around 2.5 Tcf in the WA-460-P acreage.

WHL Energy is highly competitive in Australia due to the great depth of experience through its senior staff in the Australian arena. A key aspect of the upside potential the Company’s business is its Australian assets.

The Company is comfortable with the geology; it knows the business discontinuities such as the emerging growth in price of south east Australia gas; and it knows the competition. The Company will continue to look for and seek to secure good opportunities in Australia where it can get them for the right price.

In Australia WHL Energy is holding acreage through an undeveloped gas field in the Otway Basin which is close to infrastructure. Exploration upside of up to 0.5 Tcf might be present and the Company plans to undertake an 811 km2 3D survey in 2013 followed by exploration drilling. The company is also the reviewing the exploration leads immediately beyond the immediate vicinity of La Bella in order to fully establish the exploration potential of the block. La Bella development options are also actively being reviewed.

Our target for first gas revenue could be as soon as 2016 but is more likely to be 2017.

The Company is also exposed, at no cost, to the high impact exploration drilling near our acreage WA 460-P in the Carnarvon Basin, Western Australia.

A Shell/Mitsubishi consortium has commenced drilling in the adjacent acreage with the spudding of the Palta-1 well on the 14th October; with the prospect interpreted by WHL Energy to extend into its held acreage. WHL Energy, like most people in the local industry, is eagerly watching for any reports of the drilling activity at Palta – reported to be one of the most expensive wells ever drilled in this country.

WHL Energy is probably best known for its Seychelles asset where it holds a very large acreage position of over 17,300 sq km, at 100% equity. The Company’s equity level is important because it means that it can control costs and spending and not be beholden to another Operator controlling the spending.

The acreage is in shallow waters and the acquisition was finalised by WHL Energy early in 2011. Some background on the Seychelles:

• The Seychelles has an East Africa address by virtue of its location in the western Indian Ocean. The Company sees geological similarities between the Seychelles and East Africa, particularly with the Jurassic Somali rift sequences.

• The Seychelles also ticks all the boxes as a place to do business ranking in the top five African jurisdictions for governance over the last several years.

• The government is supportive and stable and also holds a direct investment in WHL Energy shares purchased at the May 2011 Capital Raising.

• Fiscal terms are amongst the most competitive globally with a royalty and income tax regime and not a PSC regime typical of elsewhere.

• The cost environment is very favourable due to shallow water depths and favourable metocean conditions on the Seychelles platform.

WHL Energy prides itself on undertaking professional exploration activities to ensure its portfolio and the data behind its prospectivity meets the expectations of industry. Unfortunately it has taken some time to achieve this objective in the Seychelles.

However, WHL Energy has now achieved a first class geological interpretation of its Seychelles interests based on new seismic. In addition, the successful renegotiation of the forward work

programme has meant that an industry supported logical forward work programme can now be undertaken that is supported by good geological science.

WHL Energy recently presented the outcomes of its geological interpretation at conferences in Cape Town and at the esteemed London Geological Society. The Company notes the strong industry attention being focussed on the Seychelles, the Company’s data room has re-opened and several parties are actively engaged including some parties being “returnees”

There was a progression of seismic coverage in the Seychelles leading to the drilling of the four historic wells in the waters of Seychelles coastline. Three wells were drilled by Amoco in 1980-81 in the western area, Reith Bank, Owen Bank and Seagull shoals. A further well, Constant Bank, was drilled by Enterprise in 1995. The Company’s work has shown that the four wells, which were located in a very large area, were not a valid test of the petroleum potential of the Seychelles.

Immediately after acquiring its Seychelles acreage the Company underwrote a major speculative 2D seismic survey, the Fugro SY10 survey. WHL Energy has licensed and interpreted almost 10,000 km of data. The new 2D seismic only became available in mid-2011 and has delivered a step change in the imaging allowing us to confidently interpret below the carbonates for the first time.

In late 2011 WHL Energy determined that a comprehensive update for the regional geological and petroleum systems models was required for the Seychelles. The Company identified there was a need bring the Seychelles region up to date with current concepts and technology, and to provide a fully integrated petroleum system interpretation.

The Company had as its objective, to develop an industry standard interpretation of the Seychelles based on a sound geological interpretation. From there it would develop a conventional predictive petroleum systems model.

This work included:

• A full review the tectonic evolution of the Seychelles;

• Interpretation of the stratigraphy. An important initiative we took here was to correlate the Seychelles stratigraphy with the established stratigraphy on Madagascar;

• This stratigraphic framework then provided the basis for the interpretation of the SY10 seismic data set;

• Key petroleum system elements were then able to be interpreted, particularly the distribution of seals and potential source rocks and then maturation and expulsion history.

The tectonic evolution of the Seychelles is viewed as:

• Back in the Triassic, Africa, Madagascar, The Seychelles, and India were all part of Gondwana,

• which then progressively broke up as the East Coast of Africa rifted away from Madagascar/Seychelles/India in the Jurassic; and

• then Madagascar and Seychelles rifted apart in the Cretaceous; and

• Finally Seychelles and India at the end of the Cretaceous.

As a result there are some geological similarities between the Seychelles and East Africa, and specifically Madagascar.

The new SY10 data was a key catalyst for WHL Energy’s geological re-interpretation of the Seychelles and over the last 6 months the Company has developed a new exploration model based on the new seismic data.

This work has clearly identified the Seychelles as an oil play and that a prospective cretaceous age basin, not yet penetrated by drilling, is a new potential petroleum province in the east of WHL Energy’s area.

This slide shows the detailed interpretation now possible and tied to well control. Note that the section is being displayed to more than four seconds.

Cretaceous and Jurassic source and seal sequences are clearly shown, overlying the regional Karroo sandstone reservoir which was penetrated by the Reith Bank well and demonstrated to have good porosity and permeability.

What the Company can also clearly show are giant scale structures well positioned to access charge from the source kitchens. There are approximately 30 leads and prospects mapped already.

The Beau Vallon western complex of structures has over 100 square km of closure with high vertical relief and is mapped to contain over a billion barrels mean resource.

The Junon has been identified to have a number of multi 100 million barrel structures, with this level of mapping has only been possible as a result of the new SY10 2D seismic.

The most exciting new finding of this work has been the mapping of an untested basin on the south-east flank of WHL Energy’s Seychelles acreage, which the Company has named and now refers to as the “Correira Basin”.

The basin is interpreted to be related to the Cretaceous, Mascarene rifting between Seychelles and Madagascar and has not been previously intersected in the region.

It is an exciting breakthrough because the Company has interpreted that both the Cretaceous and East African traditional Jurassic source intervals to be present, which the Company thinks are oil prone, and are mainly at oil mature depths present day.

The integrated interpretation undertaken by the Company has, for the first time, allowed a sophisticated model of hydrocarbon charge and accumulation for this large part of the Seychelles to be completed.

It shows large volumes of hydrocarbons, mainly oily, being directed towards the mapped leads and prospects. It highlights the South East basin area as being of particular interest.

As noted earlier, the key outcome of the regional study was the clear establishment of the Seychelles as an oil play.

Oil shows in the Reith Bank-1 well provide solid evidence for an oil charge from Jurassic marine shales in the Seychelles. Fluorescence shows in Reith Bank-1 were examined by back in 2006 and this data has been reviewed and re-interpreted.

• Repeated charge phases appear to be represented in these samples – an initial charge which has been biodegraded followed by a later charge which appears to be unbiodegraded. This would suggest that there is an effective source rock that is expelling hydrocarbons with ongoing burial.

• The geochemistry of these shows is also encouraging in that the oils in the shows can be correlated with a clastic anoxic marine source rock, like the Jurassic marine shales of the Somali syn-rift section penetrated in Owen Banks-1, not a carbonate source rock, typical of the Middle Eastern crudes.

• The key point here is that the geochemistry data on the shows is quite encouraging for the presence of Jurassic Somali syn-rift source rocks being effective in the region.

Finally the Company believes the oil discoveries on Madagascar provide a strong analogue for the Seychelles. The geology is very similar, as you would expect, since they were attached until the early Tertiary.

A key distinction with the Madagascar/Seychelles geology from that of the East African margin is an absence of burial from thick Tertiary deltas which you see on the East Africa margin, such as the Rovuma delta.

The effect on the Seychelles of this is that the oil prone source rocks in the Triassic and Jurassic are oil mature present day and haven’t been buried to gas maturity as they have been offshore Mozambique and Tanzania.

For this reason the Company thinks the Eastern side of the East Africa conjugate margin, is oil prone and it should be looking for oil in the Seychelles.

With a major piece of regional work now completed in the Seychelles, the Company is now working up leads that are high graded for drilling from this work. The Company’s work is more advanced on the platform but it is aware that there are a range of other less mature plays such as Cretaceous and Paleocene sub crop plays and potential turbidites in the eastern area.

The Company has identified over 30 large potential drilling leads. All are in shallow water depths with the crest of the structures favourable for conventional jack-up drilling. In reality, testing of the petroleum system in the Seychelles is not high cost.

The most prospective Karoo reservoir leads are shown in slide 19 with at least 10 leads exceeding 200 mmbbl mean prospective resource.

In conclusion, WHL Energy has completed a comprehensive regional interpretation of the Seychelles which has achieved a major advance materially upgrading the areas prospectivity.

The Company considers the Seychelles to be an oil play.

The potential source rocks have a favourable burial history. It is the Company’s view that the long sought after East Africa oil play lies on the eastern side of the conjugate margin where it has not been so deeply buried as is the case with the gas discoveries offshore Mozambique and Tanzania.

The Company has addressed the key risks and reduced them to an acceptable level. It is now focussed on maturing prospects for drilling.

The WHL Energy team is made up of experienced Industry professionals with pedigrees in the majors. The Company does things properly. WHL Energy has spent over $14 million in the Seychelles and invested over 4.5 man years of geological and geophysical time.

WHL Energy has a strong and supportive relationship with the Seychelles authorities as the Company moves forward to mature the leads for drilling.

Finally, WHL Energy has a pipeline of near term objectives and potential news flow that the Company anticipates will set a firm footing on its valuation. WHL Energy is active on many fronts including actively looking to grow the business for its shareholders.

Ends

(Please see the 2012 AGM Presentation Pack for further information).

FURTHER INFORMATION Shareholders/Investors: Media contact: Steve Noske Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0271 T: +61 8 9388 0944 E: contact@whlenergy.com E: colin.hay@ppr.com.au

The summary information on the oil and gas projects in this report has been prepared by WHL Energy Limited full time Exploration Manager Mr Matt Fittall. He is a Geologist [BSc(hons) Geology] of more than 28 years, practising in Petroleum Geology. Mr Fittall has consented in writing to the inclusion of the information in the form and context in which it appears.

About WHL Energy Limited

ASX-listed WHL Energy Ltd (ASX: WHN) is an oil and gas exploration Company focussed on East Africa.

The Company’s “flagship” project is its 17,345 km[2] exploration area offshore Seychelles, owned 100% by WHL Energy. A highly material exploration portfolio and new exploration concepts are being matured in the acreage based on new seismic data and an exploration drilling program is expected in the second half of 2013.

WHL Energy also holds 100% equity in Exploration Permit VIC/P67 in the offshore Otway Basin, approximately 200 km WSW of Melbourne off the Victorian coastline. VIC/P67 contains the undeveloped La Bella gas field in proximity to the Victorian gas market, and several nearby exploration prospects.

The Company in addition holds 33.33% equity in exploration permit WA-460-P, in the offshore Southern Carnarvon Basin, which contains an extension of the very large Palta Prospect. A Shell led Joint Venture has commenced drilling the Palta-1well in the adjacent block, with an expected completion in late 2012.

The Company is also actively investigating growth opportunities in the wider East African region.