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ZIMI LIMITED — Capital/Financing Update 2010
Nov 18, 2010
66122_rns_2010-11-18_51bc8c9c-4bec-4d4c-9a95-618b3cb21d4e.pdf
Capital/Financing Update
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WHL Energy Ltd ABN: 25 113 326 524 2 Leura Street, Nedlands Western Australia P.O. Box 3445, Broadway Nedlands Western Australia 6009 T: +61 8 6500 0271 F: +61 8 6389 1151 www.whlenergy.com
ASX/MEDIA RELEASE NOVEMBER 19, 2010
US OIL & GAS ASSET UPDATE
ASX-listed WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” “ the Company ”) is pleased to provide an update on its US onshore oil and gas assets, following a recent site visit by Chief Executive Officer, David Rowbottam.
The Company is aiming to reduce its US asset suite to three key projects, and is working with various Joint Venture partners to have those projects reach self-sufficiency by early 2011.
At the Wardlaw oilfield in West Texas, where WHL Energy has a 50% non-operated interest, the Company is in discussions aimed at rationalising the ownership of the leases whilst increasing production through a new drilling program and the introduction of water flood technology in 2011.
At the Company’s leases in the McCune Oil Field, Crawford County, Kansas, where WHL Energy has a 100% interest, the Company is looking at options to treble the current production of this small, shallow, water flood oil project.
At the Girard Shallow Gas Project in Crawford County, Kansas, where WHL Energy has a 42.5% interest, the Company is considering surrendering operatorship, in line with the stated goal of rationalising its US oil and gas assets, enabling management to focus its attention on other growth initiatives.
The Company is also currently in discussions regarding the sale of its interest in the Kentucky Gas Project and East Tennessee Oil Projects.
It is anticipated that as a result of work undertaken in the US over the coming months, including the sale and relinquishment of certain project areas, the Company will move to a position where its interests in the US are fully self-funding in early 2011.
| FURTHER INFORMATION | |
|---|---|
| Shareholders/Investors: | Media contact: |
| David Rowbottam | Colin Hay |
| WHL Energy Ltd | Professional Public Relations |
| T: +61 8 6500 0271 | T: +61 8 9388 0944 |
| E: [email protected] | E: [email protected] |
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