ZIMI LIMITED — Call Transcript 2013

Apr 15, 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 16th April 2013

MANAGING DIRECTOR INTERVIEW WITH BRR MEDIA

Highlights:

 VIC P/67 – La Bella project economics indicates significant value

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to provide an opportunity for investors to hear an interview by the Company’s Managing Director Mr Steve Noske, regarding an update on the economic forecasts for the VIC P/67 – La Bella project indicating significant value. The interview with Mr Noske was recorded by BRR Media and can be accessed through the following link;

http://www.brrmedia.com/event/111166

Alternatively, the interview can be accessed by visiting the Company’s website and following the link from the Investor tab on the homepage (www.whlenergy.com). A copy of the transcript from the interview is also attached for those without internet access.

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

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. The Company is progressing a farmin proposal from a Global Fortune 500 Company before reviewing the timing of the planned exploration drilling program

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-1 well in the adjacent block, with an expected completion in Q1 2013.

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

WHL Energy

Steven Noske, Managing Director at WHL Energy regarding an update on the economic forecasts for the VIC P/67 – La Bella project indicating significant value

BRR Joining me today on BRR Media is Mr Steven Noske, who is the Managing Director of WHL Energy. Steven thank you for your time today.

SN

Thanks Stacey and good to be back at BRR Media.

BRR Now Steven you recently released an update on activities at your La Bella Gas asset, which is just off the Victorian coast, firstly can you tell listeners more about what the recent review of the seismic and geological data has revealed about the La Bella field as well as touch on some of the nearby potential prospect areas?

• SN Yes I'd love to Stacey. Look WHL has been very busy, not just with our Seychelles project but also our La Bella project, and the exploration team have been spending a fair bit of time making sure that the work and the seismic and the geological interpretations are up to the best standard that we can possibly do. So we in the industry have known about the La Bella Gas Field for quite a while, we saw strong value in the east coast Australian gas market and that field and were able to, jump in front of our competitors and secure the VIC/P67 asset. So the team has spent the last couple of months really tightening up the geological interpretation, they've looked at the fault orientation and the known gas water contacts in the previous drilled wells, and so we're at a point now where we're pretty confident of what we've got in the La Bella field which is a robust project in itself. But more importantly we've been able to map very low risk prospects and leads that are close by the La Bella field. So we've mapped a number of prospects close by, as I said before they are low risk, and also we've got a couple of larger prospects, one namely the Highlander Field which has close to 200 petajoules. So the company's in great shape now, the asset is in great shape and we're looking to secure a partner of quality, and that's always been our modus operandi to work with partners of quality. So we believe now this work is sufficient to secure that partner of quality.

BRR Okay now you did just mention the robustness of the project, can you elaborate on the economic attractiveness of La Bella and where do you see La Bella sitting in terms of the energy demand of the east coast?

SN Yes look the company as part of the work we've completed employed some consultants in support to review the capital required to tie in the fields into either the Casino, Minerva or next door in the Geographe/Otway Gas Project. We've also looked at the gas pricing analysis and basically they come up with a very consistent view that says with the current expected increases for east coast gas price we can expect a project with NPVs conservatively at $85 million or as a high of $200 million in the La Bella area. So we're in a situation where we've got a great project, just the La Bella prospect by itself, is economic and a do-able project. So our shareholders should be comfortable and confident that this company already has a robust project on its books and we're moving to that the next phase. But importantly we also have a significantly greater valued project if we are able to prove up some of the nearby prospects and leads. So maybe the listeners may have read in the Australia Financial Review last week that AGL has

some issues regarding gas pricing and also gas supply out of NSW with the NSW Government I guess concerns on coal seam ether and that all plays to our advantage. AGL as an example is both an upstream and downstream gas buyer and also gas producer. AGL are looking for gas in 2016 as are a number of other competitors so already we're starting to see the downstream market, the gas buyers come to us, and look to secure gas out of the asset. But also your listeners can get some confidence that the industry is starting to see the value that we identified and we're starting to get a number of inquiries just from the general industry on the La Bella and VIC/P67 asset.

BRR Okay so what exploration works do you have lines up for La Bella? SN Right so the next stage of the work is really to do the 3D seismic and we've been active in making sure we've got the necessary regulatory approvals in place to do that, and which I'm pleased to say we now have. We just recently got a determination out of the Federal Department for the Environment which allowed us to go forward and shoot seismic in November/December 2013. Now that's quite a significant outcome for the company, there's a lot of work that goes into those submissions into the Department, and again the shareholders should be comfortable that this company is moving forward in a robust and professional manner to be able to get the seismic shot. The 3D seismic will essentially prove up all those prospects and leads and the La Bella prospect and lead. In the Otway area, most gas or hydrocarbons actually shine and you can see them on the 3D seismic, so that's a very interesting time and we have quite a reasonable level of confidence that our view on the value will be seen once that 3D seismic is shot and interpreted. BRR And finally Steve when can shareholders expect more news from WHL Energy? SN Well look in the immediate term our focus now that we've completed the geological work and the technical work, so we've got a robust basis on which to secure partners. So in the past I let the market know that we had been on the farm out trail to some extent, but really that was just a soft approach to the industry players that we knew in the region, and that led to proposals that WHL's since rejected. We have formally started a new farm out initiative and that's based on this robust information and data that we have, and we have a good level of confidence that it will conclude and we're starting see that. So we're in discussions with several parties, we're also in discussions with gas buyers and we look forward to being able to update the market. So the market should look forward to what I'd hope to believe is a news on a farm out in the medium term. BRR Excellent, Steven thank you very much for your time and the update today. SN Thank you Stacey. BRR And as always listeners if you did have a question for Steven, please email us on brr@brrmedia.com.