ZIMI LIMITED — Capital/Financing Update 2012

Oct 15, 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

MEDIA RELEASE 16th October 2012

WHL ENERGY WELCOMES PALTA WELL SPUD CONFIRMATION

Highlights:

• WHL Energy holds 1/3[rd] interest in highly prospective offshore permit WA 460-P;

• Palta-1 exploration well underway in adjacent permit targeting an estimated 13.5 tcf;

• A significant portion of the Palta prospect is mapped to lie in WA-460-P.

WHL Energy Ltd (ASX: WHN ) ( WHL Energy or the Company ) welcomes reports confirming that the high profile Palta-1 exploration well has spudded in the vicinity of the WA-460-P exploration permit in which WHL holds a 33.3 per cent interest.

The Palta-1 well, located in the adjacent permit WA-384-P, has been confirmed to have spudded on Sunday 14 October 2012.

The well is being drilled by Mobile Offshore Drilling Unit (MODU) the “Noble Clyde Bourdreaux”; the Shelloperated Palta-1 is expected to take approximately 60-90 days to drill in a water depth of 1,350 metres. The well is targeting the very large Palta prospect which is estimated to contain upwards of 13.5 trillion cubic feet (tcf) of gas if hydrocarbons are in place.

An estimated 2.5 tcf of the Palta gas is mapped by WHL Energy to be located within the WA-460-P permit, which was awarded to a consortium of WHL Energy, Strike Energy Limited and Cottesloe Oil & Gas Pty Ltd in November 2011.

“We will be monitoring activity in the WA-384-P permit with great interest as it offers an opportunity to provide a real value uplift for WHL,” WHL Energy Managing Director, Steve Noske, said.

Ends

FURTHER INFORMATION Shareholders/Investors: Steve Noske WHL Energy Ltd T: +61 8 6500 0271 E: contact@whlenergy.com

Media contact: Colin Hay Professional Public Relations T: +61 8 9388 0944 E: colin.hay@ppr.com.au

The summary information on the oil and gas projects in this report has been prepared by WHL Energy Limited full time Exploration Manager Mr Matt Fittall. He is a Geologist [BSc(hons) Geology] of more than 28 years, practicing in Petroleum Geology. Mr Fittall has consented in writing to the inclusion of the information in the form and context in which it appears.

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-1well 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.