ZIMI LIMITED — Capital/Financing Update 2012

Dec 11, 2012

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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 12th December 2012

WHL Energy Continues Seychelles Farm‐out Negotiations as 3D Seismic Shoot is Confirmed for Neighbouring Acreage

Highlights:

• Exploration activity heating up in region with Afren to undertakle seismic acquisition and drilling in Seychelles waters

• In‐depth studies highlight oil prospectivy of Seychelles

• New Farm‐out discussions in response to strong industry interest

Australian oil and gas company WHL Energy Limited , (ASX: WHN ) (“ WHL Energy ” or “ the Company ”), is pleased to announce the Seychelles regulator has confirmed the operator of the neighboring acreage in the Seychelles, Afren Plc, is about to commence a 3D seismic acquisition programme over two Seychelles areas where it holds a 75% interest. This announcement has seen renewed interest in the Seychelles as WHL Energy continues discussions with multiple parties covering its large offshore Seychelles exploration acreage.

Following a strong show of interest in WHL Energy’s Seychelles Project at the recent 19[th] Africa Oil Week Conference in Cape Town, South Africa, the Company has been contacted by further parties regarding access to its Seychelles data‐room.

WHL Energy’s Managing Director, Steve Noske, said there had been a tremendous industry response to new data and play concepts presented by WHL Energy at the Cape Town event, including results from state‐of‐the‐art studies undertaken by the Company which had highlighted that the Seychelles is likely to be oil, rather than gas, prone.

He also revealed that the studies, which included assessment of modern 2D data acquired over large areas of WHL Energy’s significant Seychelles holdings, have interpreted that the long sought after East Africa oil play could in fact be in the Seychelles where the key source rocks are not too deeply buried and considered to be oil mature present day.

Mr Noske said the Company has already held in‐depth discussions with a number of companies following the Cape Town event, with East Africa clearly a “hot” destination for the international oil and gas industry at present.

“The strength of global interest in East Africa, combined with the exciting new data and targets uncovered by the Company and the recently concluded successful negotiations with the

Government of the Republic of the Seychelles over amendments to the work commitments, ensured that WHL Energy was the topic of much discussion at Africa Oil Week,” Mr Noske said.

Growing industry activity

Mr Noske noted that the Seychelles was also being closely watched by industry insiders following the announcement that Afren Plc is about to commence the first major 3D seismic acquisition programme conducted in the Seychelles.

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The state‐of‐the‐art seismic vessel “Polarcus Adira” is to begin acquiring the first 3D survey shot in Seychelles waters for Afren Plc’s wholly‐ owned subsidiary, Afren East African Exploration (EAX). Image © Polarcus Limited.

“Reports that Afren is also preparing for a 13 well drilling campaign in East Africa, including the drilling of a Seychelles well, has certainly created a good deal of excitement in the country.

The Seychelles also recently featured in global oil and gas news with Canada’s Vanoil Energy Ltd launching a C$15 million bid for Avana Petroleum Ltd which holds a 25% interest in the two blocks operated by Afren.

All this activity, along with the proposed Open Acreage bid round in 2014, is certain to generate even further interest in WHL Energy’s Farm‐out opportunity.” Mr Noske stated.

Speaking at the Africa Oil Week event, Mr Noske revealed that WHL Energy had made some major breakthroughs in “unwrapping” the exploration potential of the Seychelles over the past 12 months.

“The work carried out by WHL Energy’s experienced exploration team has refined a number of significant exploration targets, identified that the Seychelles is much more likely to an oil province and developed an exciting new exploration play surrounding an untested basin and potential petroleum province in the east of its Seychelles acreage.

The Company believes that the much sought after East Africa oil play is in the Seychelles. Recent work by WHL Energy has identified that the key source intervals in the Seychelles are oil mature present day, unlike the eastern Africa margin where they are deeply buried, which makes that area more likely to be gas prone,” Mr Noske said.

The WHL Energy Managing Director said the Company’s work, which had a significant input from the modern seismic data acquired in the SY10 2D seismic programme, has led to the completion of a major geological re‐interpretation of the Seychelles, with the improved data quality helping to remove key geological uncertainties.

“This work has led to a rebuilding of the Seychelles geological model and WHL Energy’s exploration portfolio from the ‘bottom up’.

“This tremendous volume of work and the recent agreements WHL Energy has reached relating to a reduction in current work commitments in the Seychelles, has rejuvenated the interest in the Company’s Farm‐out opportunities as it looks forward to continuing discussions with a number of prospective partners,” Mr Noske said.

WHL Energy has recently successfully completed an A$3.51 million capital raising, with a portion of those funds to be used for new exploration work on the Seychelles projects.

Ends.

To download a copy of Mr Noske’s presentation from Africa week, please go to www.whlenergy.com

FURTHER INFORMATION Shareholders/Investors: Media contact: Steve Noske Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0271 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 and an exploration drilling program is expected in the second half of 2013.

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 late 2012.

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