ZIMI LIMITED — Capital/Financing Update 2009

Dec 10, 2009

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WHL Energy Ltd C/- Websters Solicitors ABN: 25 113 326 524

Level 11, 37 Bligh Street Sydney NSW 2000 Australia P: +61 2 9233 2688 F: +61 2 9233 3828 www.whlenergy.com

ASX ANNOUNCEMENT

Dated: WHN 11 December 2009

COMMENCEMENT OF KANSAS ENHANCED OIL RECOVERY PROJECT WITH SIGNIFICANT ACQUISITION.

• Acquisition of independent producer with 50+ production wells/facilities doing currently 15 bopd for USD$400 K.

• Immediate production & income with opportunity for accelerated production and reserves growth

• 100% working interest with an 86.7% NRI

• Commencing water injection followed by chemical addition to optimize production

• Wax/Smith acquisition OOIP 13-15 mmbbl with a 35-45% recovery on 500 acres based upon previous pilots in area

• Production expected to exceed 5,000,000 bbls over a 12-15 year period

• Forward plan to acquire 7500+ acres of prime Kansas acreage with 100+MM bbl OOIP potential as per Independent Geological studies.

The Company announces that the US focused hydrocarbon production and development company, are pleased to announce the start of the first phase of commercial production of light oil from the Bartlesville sandstone in Crawford County, southeast Kansas. The Company’s existing land position in the region exceeds 20,000 acres of CBM/CSG and light oil properties which will support multiple projects in the McCune & Walnut Light Oil Project areas. This initial light oil project will be referred to as the Wax/Smith - Phase I.

WHN’s experienced team of enhanced oil recovery specialists have completed a detailed technical review of the Bartlesville reservoir, including numerical reservoir simulation, and have updated the Company’s geological model with information obtained from previous work done by Conoco and other operators in the region. A water flood with thirteen inverted 5-spot patterns initially on 10 acres spacing has been chosen as the production method for this initial development in order to leverage the existing Wax/Smith infrastructure. This will be followed after 12 months by a combination of infill drilling down to 5 acres and surfactant addition with the water. Such a chemical based recovery process has proven very successful on numerous projects with similar types of deposits throughout Canada and the USA including the Loco field (Conoco) and the Deerfield areas (Megawest Energy) adjacent to us as per SPE 7548 and SPE 1918.

The economics of the field are excellent. Simulation studies indicated that oil production rates of between 10 to 20 barrels per day could be expected from each production well following the impact of enhanced oil recovery. With low drilling costs to completion of approximately US$20,000 per well and assuming a

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WHL Energy Ltd C/- Websters Solicitors ABN: 25 113 326 524 Level 11, 37 Bligh Street Sydney NSW 2000 Australia P: +61 2 9233 2688 F: +61 2 9233 3828 www.whlenergy.com

US$50 oil price, a well producing even at the lower end of the expected range would cover the capital cost in approximately three months.

The Wax/Smith acquisition includes inventory as follows:

• 11 Oil storage tanks in 5 batteries

-5 x Saltwater storage tanks

-16xInjection wells -Pump-jacks, gun barrel’s and down hole pumping equipment

-47xproduction wells

Permitting has been initiated on the Wax/Smith Project with the completion of commissioning and startup of Phase I expected within 3-4 months. The total estimated capital expenditure to construct and commission the facility and wells on a 500 acre block is US$1 million. With the Wax/Smith acquisition, WHN has saved tremendously both project time and respective cost.

WHN expects to recover up to 45% of the oil in place on the Wax/|Smith Project. This project is expected to produce in excess of 5,000,000 bbls of oil over an 12-15 year period. The average production rate over this period is forecast to be 750 barrels of oil per day (“bopd”) with a peak rate of 1250 bopd achieved after 12 months of operation. The produced oil will be sold at the plant gate to a local refinery and is expected to receive over 95% of the WTI posted price.

The Company’s CEO, Dr. David S. Kahn stated, “The Company anticipates that success of this 500 acre demonstration project could lead to an expansion of the Company’s operations in stages until over 7500 acres are under production at any time, resulting in an expected Project life of 20 years or more. This is a significant step for WHN in terms of proving and producing substantial deposits of light oil resources from the established by overlooked McCune and Walnut assets in Crawford County, Kansas. I am extremely pleased that the WHN team has been able to move from acquisition of this Project through exploration to the implementation of Phase I of commercial development in just under 6 months.”

Location of Crawford County USA (shaded areas are the CBM/CSG leases)

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WHL Energy Ltd C/- Websters Solicitors ABN: 25 113 326 524 Level 11, 37 Bligh Street Sydney NSW 2000 Australia P: +61 2 9233 2688 F: +61 2 9233 3828 www.whlenergy.com

Locale of Wax/Smith project below.

WHN is currently reviewing operations and data from its KY/Tenn joint venture in Tennessee and will provide a full update to shareholders shortly.

About WHL Energy Ltd:

WHL Energy Limited is an energy company engaged in the acquisition and development of properties for production of crude oil and natural gas in the continental USA. The Company focuses on properties that will be able to build value for shareholders and produce solid revenues and profitability. The company has recently focused on Cherokee Basin, Kansas, and Appalachian Basin, Kentucky/Tennessee.

Yours faithfully,

Ian Mitchell Company Secretary