ZIMI LIMITED — Capital/Financing Update 2012

Aug 27, 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 RELEASE 28 August 2012

WHL ENERGY FAST-TRACKING ACTIVITIES AT LA BELLA

Highlights:

• Tenders close for 3D seismic acquisition program

• Seismic program brought forward from Year 2

• Official farm-out program about to commence

• Company continues to field strong industry interest

• Initial development concept studies underway

Australian oil and gas company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to provide an update on activities related to its high-value La Bella gas and condensate asset in the Otway Basin off the Victorian coast.

The Company reports that tenders have recently closed for the acquisition of 811 sq. km of 3D seismic over the VIC/P67 permit, which contains the La Bella gas and condensate field discovery and substantial near field exploration potential.

WHL Energy will now assess the tender proposals for the acquisition and processing of data over VIC/P67 with the aim of awarding a contract in approximately 90 days and commencing the acquisition program in April 2013, subject to regulatory environmental approvals.

Mr Steve Noske, WHL Energy’s Managing Director, said the Company has elected to bring forward the 3D seismic acquisition program by almost 12 months due to the strong industry interest in the VIC/P67 asset.

“From the time it was announced that we had successfully bid for VIC/P67 which includes La Bella, earlier this year, we have been approached by leading international and local companies about the potential to participate in this highly valuable block.

To this end, we are beginning the official farm-out discussions from next month, with a number of well-credentialed companies already signalling their interest in participating.

We have also commenced the environmental approval process for the seismic acquisition and have begun stakeholder engagements.”

Mr Noske said a decision on what form a farm-out agreement may take and how much equity WHL Energy may retain will be finalised during the farm-out negotiation process.

Background VIC/P67 – 100% (La Bella), Otway Basin, Offshore South East Australia

WHL Energy was formally awarded Exploration Permit VIC/P67 by the Commonwealth – Victoria Offshore Petroleum Joint Authority. VIC/P67 contains the La Bella gas field discovery and several other nearby gas prospects and leads.

Located approximately 200km WSW of Melbourne, VIC/P67 benefits from its proximity to existing development infrastructure, including the Santos operated Casino development, the Origin operated Otway gas project, the BHPB operated Minerva development and TRU Energy’s Iona gas plant.

Concept studies based on a tie-back of La Bella to the various local infrastructure options have already been undertaken, and have provided very robust returns.

The undeveloped La Bella gas field is assessed by WHL Energy to contain 2C Contingent Resources of 158 petajoules (PJ).

Mr Noske said those resources, which have the potential to be significantly increased by future exploration work in VIC/P67, are rapidly growing in value.

“WHL Energy, its industry peers and Australian energy analysts have repeatedly stated that there is a strong likelihood of a significant gas shortage in the near to mid-term on the east coast of Australia,” Mr Noske said.

“An industry forum in Sydney was recently told by the chief executive of one of Australia’s biggest gas producers that eastern States gas prices have already increased significantly and are likely to at least double and possibly triple as demand grows and more and more gas is exported via LNG projects.”

VIC/P67 contains a number of exploration leads, with the relatively low risk prospects present at Highlander and West La Bella providing additional tie-back opportunities to a potential La Bella development. Larger potential leads, at higher risk, are also present within the La Bella area, including the Lowlander Leads, which offer additional significant upside potential.

End.

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

The summary information contained in this ASX release relating to VIC/P67 has been compiled by the WHL Energy Limited full time Exploration Manager Mr Matt Fittall. Mr Fittall is a Geologist (BSc (Hons) Geology) with 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 and Australia.

The Company’s “flagship” project is its 21,426 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.

WHL Energy 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 and several nearby exploration prospects, in proximity to existing neighbouring producing gas fields.

The Company also 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 is expected to drill Palta-1 in the adjacent block, during the second half of 2012.