ZIMI LIMITED — Capital/Financing Update 2012

Sep 16, 2012

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WHL Energy Ltd

ABN: 25 113 326 524 Level 2, 22 Delhi Street West Perth, Western Australia 6005 P.O. Box 1042, West Perth, Western Australia 6872 T: +61 (0) 8 6500 0271 F: +61 (0) 8 9321 5212 www.whlenergy.com

17 September 2012 17 September 2012 1 Sam Sample 1 Sample Street SAMPLE TOWN WA 6000

Dear Shareholder

WHL Energy Limited - Pro-Rata Non-Renounceable Entitlement Issue

As announced on 12 September 2012 WHL Energy Limited (ACN 113 326 524) ( Company or WHL ) is undertaking a pro rata non-renounceable entitlement issue ( Entitlement Issue or Offer ) on the basis of one (1) option ( Option ) to acquire a fully paid ordinary share ( Share ) for every four (4) Shares held by shareholders registered at 7.00pm AEST on 24 September 2012 ( Record Date ), at an issue price of $0.01 per Option, to raise up to approximately $3,517,596. The Company lodged a prospectus for the Offer ( Prospectus ) with ASIC and ASX on 13 September 2012.

The Options have an exercise price of $0.04 each, with an expiry date of 30 November 2014.

The funds raised from the Offer are intended to be first applied towards costs of the Offer ($115,901) and then used in accordance with the table set out below (applied proportionately across each item):

	Amount ($)	%
Initial Environment Costs	150,000	4.41
Front End Engineering design Costs	250,000	7.35
Initial Seismic Deposit	2,000,000	58.79
Working capital	1,001,695	29.45
Total	3,401,695	100

The above table is a statement of the intentions of the Board as of the date of the Prospectus. As with any budget, intervening events (including exploration success or failure) and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

The Offer is being made to all shareholders of the Company ( Shareholders ) named on its register of members at 7.00pm AEST on the Record Date, whose registered address is in Australia, New Zealand, Singapore, Hong Kong, Germany or Brunei.

The Company will apply to ASX for quotation of the Options to be issued pursuant to the Prospectus. If approval is not obtained from ASX before the expiration of 3 months after the date of issue of the Prospectus, (or such period as varied by the ASIC), the Company will not issue any Options and will repay all application monies for the Options within the time prescribed under the Corporations Act, without interest.

Following completion of the Offer, the Company will have issued approximately 351,759,597 Options resulting in total Options on issue of approximately 656,309,597.

A copy of the Prospectus is available on ASX’s and WHL’s website. Eligible Shareholders will be mailed a Prospectus together with an Entitlement and Acceptance Form no later than 26 September 2012. Your entitlement to subscribe for Options ( Entitlement ) will be set out on the personalised Entitlement and Acceptance Form accompanying the Prospectus.

For the purposes of calculating each Eligible Shareholders’ entitlement, fractions of entitlements have been rounded down to the nearest whole number of Options.

Actions required of Eligible Shareholders

There are a number of actions Eligible Shareholders may take:

• You may wish to accept all of your rights to subscribe for Options pursuant to the Prospectus ( Entitlement ). To take up all or some of your Entitlement you will need to ensure your application money for the Entitlement you wish to take up is received by Link Market Services Limited ( Share Registry ) by no later than 5.00pm (AEDT) on 15 October 2012, by completing and returning your Entitlement and Acceptance Form together with your cheque, drawn on an Australian bank or bank draft made payable in Australian currency, for the amount indicated on the Entitlement and Acceptance Form or by making a payment by BPAY in accordance with the instructions on your Entitlement and Acceptance Form.

• You may wish to accept part of your Entitlement. To take up part of your Entitlement you will need to ensure your application money for the Entitlements you wish to take up is received by the Share Registry by no later than 5.00pm (AEDT) on 15 October 2012, by completing and returning your Entitlement and Acceptance Form by filling in the number of Options you wish to accept in the space provided on the Entitlement and Acceptance Form together with your cheque, drawn on an Australian bank or bank draft made payable in Australian currency, for the amount indicated on the Entitlement and Acceptance Form or by making a payment by BPAY in accordance with the instructions on your Entitlement and Acceptance Form (at $0.01 per Option).

• You may do nothing. If you choose to do nothing with your Entitlement, while you will continue to hold the same number of Shares, your interest in the Company will be diluted and you will receive no value for your Entitlement.

Key dates for the Offer

Event	Proposed Date
Prospectus lodged with the ASIC	13 September 2012
Prospectus and Appendix 3B lodged with ASX	13 September 2012
Notice of Entitlement Issue sent to Option holders	14 September 2012
Notice of Entitlement Issue sent to Shareholders	17 September 2012
Existing shares quoted on an ‘ex’ basis	18 September 2012
Record Date for determining Entitlements	7.00pm (AEST) 24 September 2012
Despatch of Prospectus to Shareholders Offer Period Opens	26 September 2012
Closing Date*	5.00pm (AEDT) 15 October 2012
Securities quoted on a deferred settlement basis.	16 October 2012
Notification of under-subscriptions to ASX (if any)	18 October 2012
Despatch of holding statements	23 October 2012
Quotation of Options issued under the Offer*	24 October 2012

*The Directors may extend the Closing Date by giving at least 6 Business Day’s notice to ASX prior to the Closing Date. As such the date the Options are expected to commence trading on ASX may vary.

If you have any queries concerning the Entitlement Issue, or the action you are required to take to subscribe for Options, please contact your financial adviser or the share registry, Link Market Services Limited, on 1300 732 659 or +61 2 8280 7593.

Yours sincerely

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Steve Noske Managing Director WHL ENERGY LIMITED