ZIMI LIMITED — Capital/Financing Update 2008

Jul 23, 2008

WHL Energy Limited ACN 113 326 524

24 July 2008 Manager Companies Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

WHL Energy Limited successfully acquires Kentucky Shale Gas Project

WHL Energy Limited (”WHL”) has signed a definitive asset purchase agreement and associated contracts, including an assignment of oil & gas leases, along with its joint venture partners, Gale Force Petroleum Inc. (TSX-V:GFP, “Gale Force”) and Derby Resources LLC (“Derby”), to acquire certain Kentucky shale gas assets (the “Project”) consisting of approximately 22,000 acres of oil and gas leases, nine (9) gas wells, and six (6) miles of gathering lines including compressors. WHL paid US$1.25 million to acquire its 33.33% share in the Project.

The Project is located in the Appalachian Basin in Eastern Kentucky where the primary target of development is the well established Devonian shale gas formation located at approximately 1000 feet deep with about 250 feet consistent thickness across the property.

Due to the shallow depth of the formation and reasonable associated services costs in the area, the cost of a typical well (drilled, stimulated and completed) is expected to be relatively moderate. An expert operating team with specialized knowledge of Devonian shale gas recovery has been contracted on behalf of the joint venture to manage the field development and well production programs.

The joint venture partners will commence shortly the Phase 1 development program focusing on generating immediate cash flow from:

• 1) starting production from the nine wells in place; and

• 2) drilling, coring and placing into production several additional wells corresponding to monthly budgets.

WHL Energy, in this part of its business, is focused on developing low risk unconventional oil and gas properties in mature basins where drilling and completion and production costs are low via an approach of leveraging new technologies to secure early cash flow and production.

For further details contact Larry Podrasky, Executive Chairman and CEO, WHL Energy Limited.

Suite 14, Level 12, 95 Pitt Street Sydney NSW Australia 2000 T: (61 2) 8249 8157 F: (61 2) 8249 8101 W: www.whlenergy.com