ZIMI LIMITED — Capital/Financing Update 2009

Oct 22, 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/MEDIA RELEASE

Dated: WHN 23 October 2009

THREE MONTEAGLE WELLS PRODUCING 15+ BOPD EACH IN KY-TEN JOINT VENTURE.

• Martin #12, #14, #15 Wells encounter sustained oil production of 15 bopd+ after 64 hours.

• Less than 2 month payback

• Commencing rework program on additional wells with KTO.

• Long-term lease program with lateral jetting technology operator to further reduce workover costs.

The Company is pleased to announce that the first three wells in the Monteagle limestone formation to which it has applied lateral fluid jetting services are each producing in excess of 15+ barrels of 32 gravity oil per day after sustained production exceeding 48 hours on pump.

WHL advises that application of the proprietary Short Radius Stimulation (SRS) jet drilling operations on the Martin #12 and #14 and Martin #15 wells in Morgan County, Tennessee, have been successful. Open-hole logs indicate recoverable hydrocarbons in multiple formations; albeit, the Monteagle fractured limestone is the primary target in these wells at this point.

The technology provider jetted 8 laterals up to 300 feet at two depths in the wells. The laterals were cut at a rate of approximately 5 feet per minute using water, acid and other additives under a pressure of approximately 6000 psi in less than a day.

Economics

1. Workover costs averaged $20 K USD on the three wells inclusive of jetting operation, fluids, rig time and surface work. Please note that with the long-term leasing that WHL has arranged, we should be able to reduce the total.

2. With a maximum royalty of 20% and operating cost of less than $5/bbl, netbacks (WTI of $75) will exceed $50/bbl. Hence, it will require 400 bbl of production to pay for the operation.

3. A typical Monteagle fractured carbonate demonstrates initial flush production for at least a month at which point it may decline by 35% followed by an annual decline of 20%. Based upon these parameters, these wells will stabilize at around 6-9 bopd and average 7500 bbl of oil within 5 years.

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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

1. Based upon above, operations are expected to be paid back within less than 2 months followed by long-term consistent cash flow.

2. WHL will have a minimum of 33% Working Interest in the project post payout

Next Steps WHL plans to continue the field rehabilitation with Ky-Tenn and has executed a long-term monthly lease agreement with the technology provider in order to further lower costs and improve field logistics. It hopes to complete 7-10 wells monthly for the next 12 months and may consider adding an additional unit pending further results. Moreover, WHL will be recompleting the additional zones in the well in order to potentially further increase rates.

Managing Director, Dr. David Kahn commented, “These results provide concrete proof that lateral jetting service will provide dramatically higher initial flow rates relative to conventional well completions. This success, along with our candidate selection for carbonates represents another important step towards dramatically allowing WHL to grow production in an area that was previously believed to be marginally economic due to low flow rates"

Background The focus of the operations is to develop the shallow and prolific limestone reefs abundant in the area known as the Fort Payne and Big Lime albeit there are multiple additional horizons including the Sunnybrook, Devonian shale and Knox.

In fields where KTO has operations, there are in excess of 300 wells that have produced oil and/or gas for nearly thirty years and are still commercial wells. Many of these wells are drilled on 20 acre spacing and only have 10% recoveries thus providing the opportunity for accelerated production and increased reserves.

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 WHL Energy Limited