ZIMI LIMITED — AGM Information 2014

Nov 25, 2014

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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 26 NOVEMBER 2014

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 12,856 km[2] exploration area offshore Seychelles, at 25% equity. A world class exploration portfolio and new exploration concepts are being matured in the acreage. WHL Energy has mapped a prospect and lead inventory containing at least 18 features. The company farmed in proven East Africa explorer, Ophir Energy plc as operator.

The high graded Junon leads will be matured for drilling with a 1500 km[2 ] 3D seismic survey completed in July 2014. Additional new play concepts are being developed. 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 La Bella 3D seismic survey was acquired in late 2013 to appraise the La Bella field and also firm up the exploration prospects.

Initial results of the 3D seismic survey are encouraging and have identified structurally conformable amplitude anomalies associated with several of the key prospects.

The Company also 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 drilled the Palta-1 well in the adjacent block which was subsequently relinquished in February 2014. WHL Energy has lodged an application to seeking to relinquish its interest in WA-460-P following a review of the Palta-1 well data.

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

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WHL Energy Ltd Annual General Meeting Managing Director’s Presentation

26 November 2014

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.

• Prospective Resources: Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons

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2

Disclaimer ASX General Investor

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Competent Person’s Statement

All Petroleum Reserves, Contingent Resources and Prospective Resources information relating to the oil and gas projects in this report are based on, and fairly represent, information and supporting documents prepared by, or under the supervision of, WHL Energy’s Limited full time Exploration Manager Mr Matt Fittall. He is a Geologist [BSc(hons)Geology] with more than 30 years’ experience, practicing in Petroleum Geology. Mr Fittall is a member of the Petroleum Exploration Society of Australia (PESA). Mr Fittall has consented in writing to the inclusion of the information in the form and context in which it appears.

The VIC/P67 Prospective Resources reported in this presentation are based on interpretation of the La Bella 3D seismic survey data, offset well data and other geologic information and prepared by a deterministic method in accordance with the Petroleum Resources Management System (PRMS) (2007).

The Seychelles Prospective Resources in this presentation were reported in the Africa Down Under presentation released to the ASX on the 4[th] September.

WHL Energy is not aware of any new information or data that materially affects the resource estimates and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

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3

WHL Energy – Capital Structure

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Capital Structure at 24 November 2014

Capital Structure	Capital Structure
Shares on Issue	1,678,752,282
Listed Options(expiry 30 Nov 2016)	36,334,024
Unlisted Options(ZEPO)	19,800,000
Unlisted Options (1.4 cents 3/12/17)	193,000,000
Market Capitalisation at A$0.008	A$13.0m

Capital Statistics at 24 November 2014	Capital Statistics at 24 November 2014
Total Number of Shareholders	3,990
Top 20 Shareholder %	29.8%
Top 50 Shareholder %	41.2%
Capital Liquidity Ratio	46.4%
Short Term Debt	A$3.5m

While there is investor concern that many <A$50.0m market cap Companies are illiquid WHL maintains an above average Share Liquidity Ratio

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Following the Seychelles Farm Out announcement the Company has out-performed the S&P ASX Small Resources Index and Industry peers., until the recent capital raising and consolidation.

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4

WHL Energy – Capital Raising & Consolidation

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Prospectus Dated 7 October 2014

	Number of Shares Number of listed Options Number of Unlisted Options Number of Performance Rights	Number of Shares Number of listed Options Number of Unlisted Options Number of Performance Rights	Number of Shares Number of listed Options Number of Unlisted Options Number of Performance Rights	Number of Shares Number of listed Options Number of Unlisted Options Number of Performance Rights
Balance now on issue	1,678,752,282	438,065,431	196,400,000(1)	16,400,000(2)
Expiring 30 Nov 2014		(401,731,407)
To be issued under the Shortfall Offer	150,000,000(3)	100,000,000	-	-
To be issued under the Lead Manager Offer	-	15,000,000(4)	-	-
Balance after Shortfall	1,828,752,282	151,334,024	196,400,000	16,400,000
Post Consolidation	182,875,228	15,133,402	19,640,000	1,640,000

Notes:

(1)Comprising: 3,400,000 unlisted Options which automatically convert into Shares on 1 July 2015; and 193,000,000 unlisted Options with an exercise price of $0.014 per Option and an expiry date of 6 December 2017. (2)Comprising: 11,600,000 Performance Rights that will convert into Shares on 1 July 2015 for nil exercise price; and 4,800,000 Performance Rights that will convert into Shares on 1 July 2014 for nil exercise price. (3)Assumes a further shortfall of $1.500m is placed.

(4) Lead Manager Options pending performance in placing the outstanding Shortfall.

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5

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 Exploration Manager Financial Controller Company Secretary
Manager Ian Hobson
Stuart Nichol Matt Fittall Bev Scully
Geological Advisor
Geophysical Bookkeeper Office Manager
Paul Robinson (Part Contractor (2) Cheryl Forster Anne Haskis
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 (TSX-V/AIM Listed KLG) as well as the founder and operator of Otsana Capital, a boutique advisory firm specialising in mergers and acquisitions. Mr Ismail is currently a nonexecutive director at the following ASX listed companies: Boulder Steel Limited, Emergent Resources Limited and Style Limited.

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 Australianexperience. Stuart Brown (Non-Executive Director)

Mr Brown has a proven and successful track record with extensive experience. He has been involved in all areas of the upstream oil and gas industry with demonstrated success in strategic, business, and technical. Mr Brown was previously the Vice President Strategic Planning for Woodside Energy Ltd. Mr Brown is currently a non-executive director at Empire Oil and Gas N.L and Cue Energy Limited as well as having a non-executive director role at Galicia Energy Corporation Limited (formerly Cossack Energy Limited).

6 1

WHL Energy – Projects Map

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WHL Energy has interests in two major assets and is currently exposed to significant upside through the development of gas resources in VIC/P67 and Seychelles exploration

VIC/P67 Offshore Otway Basin, Victoria Australia

Seychelles Areas

12,856 sq km of exploration areas in the southern and eastern flank of the Seychelles platform >3 billion bbl prospective resource WHL Energy 25%, Non-operator

2,885 sq km exploration block >1 Tcf Prospective Resources Undeveloped La Bella gas field WHL Energy 40% Operator

Seychelles 25%

WA-460-P 90 sq. km. block, southern Carnarvon Basin, Western Australia, WHL 33.33%, Nonoperator (seeking good standing agreement)

WA – 460-P 33%

Perth Head Office La Bella 40%

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7

VIC/P67 : WHL History

• 1993 BHP make the La Bella discovery but relinquish 2008

• Awarded to WHL May 2012 as 100% Operator

• September 2013 farm-in executed WHL 40%, AWE 60% plus Tap Oil seismic option signed for up to a further 15%

• 3D seismic acquisition completed December 2013 and final processed seismic delivered July 2014

• AWE option to go operator extended until late December 2014

• 2 Well Commitment by late 2015 subject to rig availability

• Adjacent to existing Otway Gas Developments with access to East Coast Australia gas markets

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Henry
Minerva
(BHPB)
Casino
(Santos)
La Bella
Ferrier Terrace
Geographe
Prospects
(Origin)
Thylacine
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WHL Energy identified value in the transforming east coast Australia gas market. The Company has secured a valuable position, proximal to existing infra-structure, that is planned to result in significant cashflow from 2018.

8

VIC/P67 : AWE & Tap Oil Farm-Ins

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• Farm-In executed with AWE on 3rd September 2013;

• Seismic Option executed with Tap Oil on 18th September 2013;

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

• WHL Energy to retain Operatorship for the 3D Seismic acquisition and processing phases;

• AWE have right to assume Operatorship for the Drilling, Project Development and Operations phases, now extended to 19 December 2014.

• Option to fund 20% of the costs of the 3D Seismic Survey capped at ~US$13M;

• Tap Oil negotiated an agreement to deferred payment terms on their firm liability;

• Under the right of the seismic option Tap can convert their payment to 10% equity in the project 10 days after AWE’s decision;

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9

VIC/P67 : Material Exploration Portfolio

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• The new La Bella 3D has delivered a highly material exploration portfolio

• Structurally conformable amplitude anomalies

• New play concepts

• 1,044 Bcf Prospective Resources

• Scale enough for an independent project

Prospective Resources

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200
180
160 Low risk High potential Less mature
amplitude Medium risk
140 anomalies
196 bcf total
120
100
80
60
40
20
0
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Prospective Resorces

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	Best Estimate Prospective Resources
	Sales Gas Condensa LPG bcf MMbbl MMbbl
West Mylius Mylius Ferrier FerrierSouth	57 0.7 1.2 44 0.5 0.9 53 1.1 0.6 41 0.5 0.8	Amplitude supported prospects, low geological risk
Ferrier 200/250 Lowlander A Alexandra Highlander Lowlander B TritonUpdip	134 1.5 2.8 136 1.6 2.7 72 1.0 1.7 129 1.5 2.6 100 0.5 0.9 93 1.1 1.9	Higher potential prospects, moderate risk
North La Bella Mussel Updip East La Bella Rayville	58 0.6 1.0 46 0.4 0.8 30 0.3 0.5 50 1.0 0.6	Less mature prospects and leads
	1044 12.2 19.0 74 0.9 1.5 2C Contingent Resources
Total Exploration	1044 12.2 19.0
	2C Contingent Resources
LaBellaField	74 0.9 1.5

WHL Energy’s net equity interest is currently 40% pending the Tap Seismic Option .

See ASX announcement dated 8 September 2014

10

VIC/P67 : Exploration Upside

Basin Margin Fault Blocks

Large rotated fault blocks on basin margin at Lowlander A, Lowlander B and Triton Updip

• Lowlander A is developing into a high potential prospect

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Highlander
Mussel Updip
Alexandra
Triton Updip North La Bella
Ferrier
Lowlander A
Lowlander B West Mylius Mylius
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Ferrier Terrace Waarre C 200 and 250

Amplitude anomalies and amplitude shut-offs against faults at Waarre C 200 and 250 levels suggest a large low-side fault trap

Alexandra and Highlander

Two very large structures with objectives at both the Waarre C and also Waarre A/Upper Otway group reservoirs

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Alexandra HorstAlexandra
200 horizon
400 horizon
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11

VIC/P67 : East Coast Gas Market

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Eastern Australia gas demand

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• LNG driving a three-fold increase in gas demand on the east coast

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• New sources of gas required in 2015-2020 to meet supply challenge

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• Demand for gas and higher development costs is resulting in gas prices trending towards $6–9/GJ, compared to unsustainable historical levels of $3 -$4/GJ

Demand in Eastern Australia set to triple, driven by the start-up of the three CSG to LNG projects in Queensland

Eastern Australia gas demand forecast

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PJ
2,500
2,000
1,500
x3
1,000
500
0
2010 2014 2018 2022 2026 2030
Retail, C&I Power Gen QCLNG GLNG APLNG
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18 | INVESTOR UPDATE - OCTOBER 2014

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12

VIC/P67 : Secondary Farmout Campaign

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Targeted Campaign Nine Companies contacted, seven has sought engagement. Three Companies would qualify as potential replacement operators, each aligned with one of the existing infrastructure /development options, and have further partners to complete the farmout target.

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13

VIC/P67 : Project Timeline

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Technical Concept
3D Processing FEED and
Development
& Interpretation Studies Procurement Execute
First
3D Seismic Drill 2
Gas
Acquisition Exploration Wells
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
17 18
13 13 14 14 14 14 15 15 15 15 16 16 16 16
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Commercial

Execute AWE Farm-In

Farm-out Data room

VIC/P67 prospectivity matured through the 3D acquisition and interpretation. WHL Energy is seeking a farm-in partner to participate in the drilling phase. Farm-out data room open in October.

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14

Seychelles : WHL History

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WHL – SEYCHELLES
(25%)
KENYA
Sunbird oil discovery Seychelles tar
ball occurences
Offshore Mozambique
TANZANIA and Tanzania
>100 Tcfgas
Ironclad-1 oil
MOZAMBIQUE MADAGASCAR
Bemolanga Tar Sands – 23 BbblOIP
Tsimiroro Heavy Oil – 3.9 BbblOIP 16 [o]
Manadaza-1
Rec 41 [o] API oil
SKL 2
Flowed 3000 BOPD, light oil
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• October 2010, WHL Energy signs agreement to acquire initial offshore blocks in Seychelles

• April 2011, Fugro multi-client 2D seismic survey, 8000 line km in the WHL acreage

• Completed Ophir farm-in in April 2014 whereby Ophir became 75% owner and operator.

• 1,500 km[2] 3D seismic acquisition completed in July 2014, with initial volume already delivered to WHL

• Final seismic volume (Pre-STM) due late November 2014

WHL Energy identified the opportunity ahead of the industry and has transformed the value of the Seychelles with seismic acquisition and detailed geological studies

The partnership with Ophir has introduced a company with extensive offshore technical in Africa and financial capacity to the project

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15

Seychelles : Ophir Farmout Terms

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• Farmout included a further revision to the original Petroleum Agreement Terms.

• Ophir has until 31 December 2015 to elect to either withdraw from the Petroleum Agreement or exercise the option proceed to drilling phase. If Ophir elects not to proceed to the drilling phase the it can elect to exercise the “Exit Option” in the Petroleum Agreement (sec 9) and the agreement will lapse without further liability.

Drilling Phase Obligation

• Upon exercising the option to proceed to drilling, Ophir will pay WHL Energy a further US$2 million in cash for further partial recovery of past costs.

• Fund the acquisition of a further 1,000km2 of 3D seismic, up to a total amount of US$12 million in the Beau Valon area.

• Fund 90% of the costs of the first exploration well, up to a total amount of US$30 million.

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Junon Junon
Beau South Central
Vallon
Junon 3D
seismic survey
Junon
East
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The 3D seismic acquisition and interpretation is the next step in the commercialisation of the acreage

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16

Seychelles : Prospective Resources

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Portfolio of 10+ multi-hundred MMbbl prospects and leads

• Junon South trend and Beau Vallon areas high-graded

• Currently focussed on Junon area prospect maturation

• WHL carried through the seismic phase and 90% of first well cost

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Beau Vallon
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Junon
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Prospect / Lead	Prospective Resources (MMbbl Oil)	Prospective Resources (MMbbl Oil)	Prospective Resources (MMbbl Oil)
	Low	Best	High
Junon South	89	273	804
Junon East	23	102	428
Junon NW WHL	55	171	495
Junon Central	33	109	349
Junon NE	189	518	1342

Prospect / Lead	Prospective Resources (MMbbl Oil)	Prospective Resources (MMbbl Oil)	Prospective Resources (MMbbl Oil)
	Low	Best	High
BVCentral (East Culm)	162	451	1114
BVSouth	58	207	711
BV East	82	225	572
Lead C	65	178	473
Lead L	32	84	204

Reference WHN ASX release of 4[th] September 2014

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17

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Seychelles : Initial Results of Junon 3D
Encouraging
Junon
Base Paleocene TWT Beau Vallon
Junon Central
Junon South
Junon 3D
Seismic
Mid Cretaceous TWT
Junon East
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Seychelles : Initial Results of Junon 3D Encouraging

• Interpretation of an interim volume of the Junon 3D seismic data

• key structures identified on the 2D seismic data are present in the Junon 3D seismic volume

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• Junon East and Junon Central

18

Seychelles : Forward Program

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Commercial

Farmout Farmout Drill Agreement Approval Participation US$4m back US$2m back costs costs Feb Mar Apr May Jun Jul Q3 Q4 Q1 Q2 Q3 Q4 Q1 14 14 14 14 14 14 14 14 15 15 15 15 16 Seychelles 3D Seismic PSTM Contract Tender Award Acquisition Processing Tender Interpretation Evaluation

WHL carried through the 3D seismic cost and 90% of the first well cost. Current focus is Junon area prospect maturation and late 2015/2016 drilling

Well Planning Drilling Beau Vallon Well#1 Seismic

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19

Growth – Assets and Corporate

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WHL Energy is seeking to grow its portfolio and investor base

African focus;

• Build on the Seychelles experience;

• Focus on line of sight to production opportunities, and

• Asset needs to assist in Dual Exchange Listing strategy with a preference for the AIM

• Additional listing will improve demand for shares on news flow and offer better opportunities to raise growth capital

Two targets currently identified with potential for near-term production from farmin opportunities in North Africa.

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20

Conclusion

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

1. VIC/P67 asset is progressing to exploration drilling in late 2015

• Final results of the 3D seismic interpretation ;

• Studies around the multiple development options progressing;

• Potential for AWE to become operator by mid-December;

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

• Seeking farm-in partner, data-room open in October

2. Seychelles asset moving into prospect maturation phase

• Seychelles 3D marine seismic survey acquisition completed in July following the Ophir Energy plc Farmout receiving full Government and Regulatory approval on 14 April 2014;

• Fast Track seismic volume received with final pre-STM volume expected in November 2014, and

• Looking to farmout a further part of the residual interest for cash and a part appraisal carry.

3. As the two key projects mature the Company is now looking to further growth with the target being set for near term production opportunities most likely in Africa and pursue a potential dual listing on AIM.

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21

Thank you & contact details

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