ZIMI LIMITED — Call Transcript 2013

Sep 19, 2013

WHL Energy (12 September 2013)

David Rowbottam, Executive Director at WHL Energy

BRR	Today on BRR Media I'm speaking with Mr David Rowbottam, who is the Executive
	Director of WHL Energy. David thank you for speaking with me today and welcome to
	BRR Media.
DR	Stacey thank you very much, and look it's fantastic to return to BRR Media after such a
	length of time and I'm really happy that today we got an opportunity to give an update
	to your subscribers. Look I think to get started the company acknowledges the deep
	disappointment over the July news around the termination of the potential farmin
	partner for the Seychelles. Since then the company has also had its Managing Director
	resign and we have still worked towards focussing on the progress for both our major
	projects. So I'm glad that I've got an opportunity to talk you through that progress
	today.
BRR	Now David just to recap on a couple of things of late for WHL Energy, you recently
	made an announcement in regards the VIC/P67 farm in with AWE, can you explain the
	benefits to WHL shareholders?
DR	Yes Stacey look thanks, that's a good question. I think some people question the matrix
	around the AWE farm in; as it is more than just their financial contribution we're after.
	VIC/P67 I'd like to remind you also includes the La Bella discovery in the Otway Basin,
	and provides a tremendous blend of both being a development project on the La Bella
	asset and also tremendous exploration upside around potential other areas adjoining it.
	The key to turning all this into reality though will be in the partners we chose and that's
	where AWE is just so important to the potential progress we could make. AWE brings
	with it proven strength in both project execution and that is shown through its
	performance in the Tui field in New Zealand, and will post 3D seismic phase potentially
	have the option to take on operatorship with the project for us. They will also have a
	present presence currently in adjoining producing fields, so they are aware with their
	knowledge of current production issues and also opportunities regarding shared
	infrastructure in the area. But more importantly AWE has tremendous financial
	strength compared to the balance sheet of our company and have shown through
	discussions with us that they are clearly motivated to having this project reach
	production in a timely fashion rather than just being a discovery that's put to the side
	while we won't.
BRR	Okay well as far as VIC/P67 is concerned there seems to be significant progress and
	activity over recent weeks and months, are there further milestones should we be
	watching for in the short to medium term?
DR	Yes Stacey that's a good question, now we're getting to a very exciting point in this
	project and this is, as I said, very important for the whole team. We are still in
	negotiations with the potential third farmin partner to join the joint venture and that is
	exciting and I hope that that is concluded soon. Also as people would be aware we had
	announced that we had put out to tender the 3D seismic and we are close to being in a
	position to award that seismic tender. And that followed on from the very important
	approvals that we gained regarding environmental through NOPSEMA which we gained
	last month, and the company is still proposing to progress the 3D seismic campaign
	across November and December when there is actually a window in terms of both

weather and whale activity that would allow the company to shoot that. This 3D seismic program is very important as it will validate the exploration upside that grows VIC/P67 from being just a La Bella discovery, but being into a much larger project which we feel there is that tremendous upside there for us.

BRR And WHL Energy recently released the Seychelles regulatory update, can you elaborate on the significance of the matters being considered by the Petro Seychelles Board early in October?

DR Yes the Seychelles remains our key asset in terms of frontier exploration and potential upside. We've always maintained a very good working relationship with Petro Seychelles and their board, and at the end of August we were there as part of our regular technical advisory committee meetings, and we put to them a proposal regarding an extension to the Period 2 work program that would allow us to continue our farm out efforts. Petro Seychelles in the meeting with the chairman of the board gave us an undertaking that they would give us a firm answer regarding our proposal in the first week of October. This allows us to keep the acreage in good standing, it gives us a reasonable plan to go forward and off that reasonable plan we also still have the opportunity to capture a potential partner looking for a 3D seismic opportunity within the Seychelles. And from that good standing it allows us to continue to attract interest in the data room. Since then we've had a new inquiry from the data room and the company's made efforts to re-engage with people that it visited – or parties that had visited the data room previously, including the farmin partner that we concluded with in July.

BRR Excellent David thank you very much for your time on the update today, and I look forward to hearing the next news from WHL Energy in the future, thank you. DR Thanks very much Stacey.

BRR And as always listeners if you did have any questions at all for David please email us on brr@brrmedia.com.