ZIMI LIMITED — AGM Information 2013

Nov 21, 2013

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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 22 NOVEMBER 2013

MANAGING DIRECTOR’S AGM PRESENTATION TO SHAREHOLDERS

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to provide a copy of the presentation to be delivered by Managing Director, David Rowbottam, at the AGM today.

The presentation will also be made available on the Company’s website: www.whlenergy.com

Ends

FURTHER INFORMATION Shareholders/Investors: Media contact: David Rowbottam Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0277 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 and Australia.

WHL Energy holds a 17,345 km[2] exploration area offshore Seychelles, at 100% equity. A world class exploration portfolio and new exploration concepts are being matured in the acreage. In-depth work by WHL Energy has to date identified an initial inventory containing ten, 200 million barrel plus potential targets, which is being expanded to quantify the potential in emerging concept areas.

Further work to develop the leads and targets may include 3D seismic acquisition and geological studies, followed by drilling.

Most structures identified to date are in < 50 m water with drilling targets at < 2000m depth, allowing for low cost drilling with a jack up rig.

WHL Energy also holds 40% 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 recently drilling the Palta-1 well in the adjacent block, the data surrounding the result of this well is expected to be made public in 2015.

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

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“Frontier Explorer with a Clear Path to Production”

Shareholder AGM November 2013

ASX:WHN

Disclaimer ASX General Investor

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This presentation has been prepared by WHL Energy Limited (“WHL Energy” or the “Company”). It should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of WHL Energy’s control. Actual results and developments will almost certainly differ materially from those expressed or implied. WHL Energy has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, WHL Energy makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this presentation.

Throughout this presentation all figures are quoted in A$ dollars unless otherwise stated. You should not act in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of WHL Energy’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

This presentation has been prepared for the intended recipients only and remains confidential unless released to the Australian Securities Exchange (ASX) by the Company. Any unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify the Company immediately and destroy this presentation and all copies thereof, including all attachments.

Competent Person’s Statement

The information in this report has been prepared by their full time employee Matt Fittall (Exploration Manager); a person qualified to prepare information relating to reserves and/or resources in accordance with the Australian Securities Exchange Listing Rules.

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WHL Energy

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WHL Energy is Operator of its two major assets and is currently exposed to significant upside through the La Bella development and Seychelles exploration

Vic/P67 La Bella undeveloped gas field 2,885 sq km exploration block in offshore Otway Basin, Victoria Australia 115PJ 2C contingent resource, >0.5 tcf exploration upside WHL Energy 100% Operator

Seychelles Areas 17,345 sq km of exploration areas in the southern and eastern flank of the Seychelles platform >3 billion bbl mean prospective resource WHL Energy 100%, Operator

WA-460-P

90 sq. km. block, southern Carnarvon Basin, Western Australia, WHL 33.33%, non-operated

Seychelles 100% WA – 460-P 33% Perth Head Office La Bella 100%

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VIC/P67: History

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May 12 Sept 13 BHP/Santos BHP/Santos WHL AWE and TAP Awarded Relinquish Awarded Farm-In Permit Permit Permit Executed 91 93 08 12 13 14 15 La Bella Planned Planned Discovered 3D Seismic 2 Exploration Wells

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Vic/P67
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50 km

In deciding to acquire La Bella WHL Energy had identified value in the transforming east coast Australia gas market. WHL secured La Bella and Vic/P67 exploration upside proximal to existing infrastructure with access to east Australia gas markets

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VIC/P67: Proven La Bella - Exploration Upside

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Proven La Bella gas field

• Discovered BHPB 1993

• 2C Contingent Resources of 115 PJ

• High quality Waarre reservoir

• High condensate and LPG content provides “cream on the cake”

• Foundation for planned development

Multiple further exploration prospects identified

• La Bella North and North West, Ferrier, Updip Mussel, Highlander, Lowlander

• 577 Bscf of potential P50 Prospective Resources

• All within subsea tie-back distance to La Bella Hub

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5 km
Top Main Gas (Waarre) Sand Depth Structure Map
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• Currently acquiring 3D Seismic to further define La Bella and upside exploration potential

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VIC/P67 : AWE and TAP Farm-In

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• Farm-In executed with AWE on 3rd September 2013 and TAP on 18[th] September

• AWE acquired 60% working interest through payment of 75% of the costs of the 3D Seismic Survey capped at $12M

• TAP pay up to a maximum of US$2.95M of the 3D Seismic Acquisition and Processing cost for an option to acquire an initial 10% participating interest : this equates to paying 20% of the seismic cost (capped at US$13.5M) for a 10% interest

• Following receiving the 3D seismic dataset both AWE and TAP have the option to maintain their participating interest or to return all or part of their participating interest to WHL

AWE and TAP bring financial strength coupled with proven project execution, operations capability and significant offshore Otway Basin experience

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VIC/P67 : Timeline

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Concept
Technical
3D Processing FEED and
Development
& Interpretation Studies Procurement Execute
First
3D Seismic Drill 2 Select
Gas
Acquisition Exploration Wells Concept
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
13 13 14 14 14 14 15 15 15 15 16 16 16 16 17
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Commercial

Execute AWE and TAP Farm-In

Execute Gas Sales Agreement Execute 3[rd] Party Processing Agreement

WHL Energy has secured a valuable position that is expected to result in production and significant cashflow from 2017

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VIC/P67 : Economics Summary

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	CAPEX	$7.50/GJ	$7.50/GJ	$7.50/GJ	$8.70/GJ	$8.70/GJ	$8.70/GJ
	$M	NPV 100% $M	NPV WHL 25% $M	WHL 25% $/share	NPV 100% $M	NPV WHL 25% $M	WHL 25% $/share
La Bella 2C 115 PJ	255	85	21	0.015	120	30	0.021
La Bella + North 2C + P50 Prospective Resource : 190PJ	315	174	43	0.030	224	56	0.039
La Bella + North + Highlander 2C + P50 Prospective Resource : 370 PJ	425	295	74	0.052	375	94	0.066

La Bella + North 190 PJ; Production (Bcf/yr) (100%)

La Bella + North 190 PJ; Revenue ($M/yr) (100%)

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VIC/P67 : La Bella 3D Seismic Acquisition

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• CGG Viking II commenced acquisition of the La Bella 3D Seismic Survey on 14 November 2013

• Operations are proceeding to plan:

• No HSE incidents

• Acquisition on schedule with 20% of the survey completed

• Scheduled completion mid-December 2013

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WHL Energy in The Seychelles

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KENYA
WHL – SEYCHELLES
TANZANIA
(100%)
MOZAMBIQUE
MADAGASCAR
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• High potential frontier exploration opportunity

• Emerging East Africa oil play

• 3 billion bbl exploration inventory (P50 Prospective Resources)

• Large portfolio of multi-hundred million barrel leads

• Strategic acreage position

• Leverage for open areas

• Regional studies phase complete, progressing to drilling key prospects

WHL Energy identified the opportunity ahead of the industry and has transformed the value of the Seychelles with industry leading, game changing regional geological studies

Now moving into prospect maturation and exploration drilling phase

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Seychelles : Forward Program

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Technical

Seismic

Seismic Planning Processing & Well Planning & Procurement Interpretation & Procurement

Seismic Acquisition

Drilling

Q3 13	Q4 13	Q1 14	Q2 14	Q3 14	Q4 14	Q1 15	Q2 15	Q3 15	Q4 15

Commercial

Execute Farm-In

Target Company engagement

Recent discussions with PetroSeychelles have concluded with an extension to the “Period 2” recommended to the PetroSeychelles Board

Proposed amendment allows completion of the “Period 2” work program through to first exploration drilling

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Seychelles : Value Delivered

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Prospect / Lead Prospective Resources (MMbbl Oil)
P90 P50 P10 Mean
Junon South 89 273 804 392
Beau Vallon Junon East 23 102 428 191
Junon NW WHL 55 171 495 241
Junon Central 33 109 349 164
Junon NE 189 518 1342 680
Junon
Prospect / Lead Prospective Resources (MMbbl Oil)
P90 P50 P10 Mean
BV Central (East Culm) 162 451 1114 571
BV South 58 207 711 329
BV East 82 225 572 294
Lead C 65 178 473 235
Lead L 32 84 204 106
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Portfolio of several multi-hundred MMbbl prospects and leads

• Underpinned by a robust regional geological and petroleum system interpretation

• Junon South trend and Beau Vallon areas high-graded

• Additional seismic acquisition early 2014 next step

• Moving to prospect maturation for drilling

• Farm-out ongoing

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Company Board & Management

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WHL ENERGY BOARD

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WHL ENERGY Current Organisation

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Managing Director
David Rowbottam
Development Chief Financial Company Secretary
Exploration Manager
Manager Officer Ian Hobson
Matt Fittall
Stuart Nichol Bev Scully
Geological Advisor
Geophysical Bookkeeper
Paul Robinson (Part Contractor (2) Lisa Pilling
Time)
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The WHL Energy team brings substantial experience with major operators Faldi Ismail (Non-Executive Chairman)

Faldi Ismail has significant experience both as a corporate advisor and in investment banking specialising in restructure and recapitalisation for both ASX listed and cross border companies. He is currently the CEO and Deputy Chairman of the dual listed Kalimantan Gold Corporation Limited (TSXV/AIM Listed KLG)

David Rowbottam (Managing Director)

David Rowbottam was previously the founding Managing Director of Exoma Energy Limited, an ASX listed, US focused oil and gas exploration company. Mr Rowbottam has worked as a senior financial executive with international and Australian experience

Gary King (Non-Executive Director)

Gary King is CEO of Dutco Natural Resources Investments Ltd, based in Dubai. His experience comprises a 30 year international career in energy, commodities and asset management. He founded and implemented unique regional and emerging market private equity initiatives focused on energy and natural resources. He was founding CEO of the Dubai Mercantile Exchange (DME) and CEO of Sovereign Wealth Fund “Dubai Natural Resources World Based in Dubai

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Conclusion

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WHL Energy - “Frontier Explorer with a Clear Path to Production”

1. Vic/P67 asset is moving forward into the 3D seismic acquisition phase

• AWE & Tap Oil farm-ins completed

• Seismic acquisition awarded and currently in progress;

• Potential for AWE to become operator;

• Tap Oil have the option to increase their rate of participation;

• This seismic Targeting Q1 2015 drilling, 2017/18 production;

• Company to review equity level post 3D results, and

• A valuable asset with potential medium-term cash flow.

2. Seychelles asset moving into prospect maturation phase

• Permit extension granted subject to 3D seismic acquisition;

• Prospect maturation seismic acquisition in 1H 2014;

• New structure for potential farmin to attract participants;

• Recent London data room participants remain engaged, and

• • The farmout process continues with the recently appointed advisors.

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