ZIMI LIMITED — Capital/Financing Update 2012

Mar 22, 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 23rd March 2012

WHL ENERGY BUSINESS UPDATE

Highlights:

• Company sees increasing value in its Seychelles acreage

• Seychelles farm-out discussions ongoing

• Additional seismic acquisition planned to mature targets for drilling in 2H 2013

• Further Seychelles and African acquisition opportunities continue to be reviewed

• Other investment proposals also under consideration

WHL Energy Ltd (ASX: WHN ) (“WHL Energy” or “the Company”) wishes to update the market regarding progress on its Seychelles project and several other growth initiatives.

Overview

Over the last six months the Company has expanded its portfolio, acquired high value contingent resources and undertaken rigorous geological modelling and interpretation of its “flagship” acreage in the Seychelles.

Ongoing exploration success and corporate takeover/merger activities for companies exploring in east Africa has provided support for increasing the value of WHL Energy’s Seychelles acreage. At the same time discussions have taken place with the Republic of the Seychelles concerning its planned acreage release in late 2012 with the aim of potentially supplementing the WHL Energy portfolio.

In parallel to the Company’s farm-out process, that remains on track albeit with a delay to the timetable, WHL Energy continues to progress activities across its Seychelles acreage including plans for further seismic acquisition.

With a “flagship” project in the Seychelles and exciting new exploration and development opportunities in western and eastern Australia, the Company believes it has a balanced portfolio that is attracting increasing interest from both the industry and the equity markets, and this will assist in ensuring increased value is delivered to shareholders.

Seychelles Project Update Farm-out progress

Against a background where the Company sees increasing value in its “flagship” Seychelles project, WHL Energy continues to actively progress partnering in its offshore Seychelles acreage. The Company has been in discussions with four separate organisations, and has two proposals remaining under negotiation.

A delay in the delivery of the final processed seismic has affected some of the farm-out negotiations. The farm-out was also undertaken at a relatively early stage in the long term exploration program for the acreage and a number of very large “Tier 1” organisations have advised WHL Energy that they wish to remain in contact as the Company continues to progress its interpretation and 2012 work programme.

In addition to the farm-in proposals received, WHL Energy is in confidential discussions with two multi–billion dollar organisations which may lead to a formal proposal in the short to mid-term. WHL Energy also continues to receive requests from organisations to review its Seychelles acreage.

WHL Energy is confident of capturing industry recognition of the significant value of its large 100% held position on the east Africa conjugate margin, and is committed to ensuring that this value is realised for its shareholders, and is confident in its ability to secure partner(s) for its Seychelles acreage.

To this end, the Company will continue with a relatively low cost forward work programme aimed at maturing and selecting prospects for drilling. The forward work programme will consist of an infill seismic programme and geological studies required to mature the key leads to drill ready status. The additional work will further define the exploration potential of the acreage and increase its attractiveness to potential farminees.

Commenting on the farmout process, WHL Energy’s Managing Director, Steve Noske, said: “The Company remains committed to continuing farmout negotiations, but it is not driven to execute a farm-in agreement based on cost imperatives.

The Company’s aim remains to deliver enhanced value back to its shareholders and introduce a partner to its Seychelles project that provides further growth opportunities. We will only conclude a farmout agreement if we believe that it will bring the best opportunity for WHL Energy and its shareholders to progress our very valuable Seychelles asset,” Mr Noske said.

Apart from its own work, the Company believes there are a number of activities in the region that will add value to its Seychelles acreage, including:

• The Republic of the Seychelles being expected to hold an open acreage bid round later in 2012. The open acreage release will serve to heighten industry awareness of the Seychelles and focus the industry on the WHL Energy held acreage. Given the detailed level of geological modelling, petroleum system modelling and seismic interpretation completed, WHL Energy is of the view that the industry will continue to increase its estimate of the Company’s value as 2012/13 progresses; and

• Ongoing exploration success and corporate takeover/merger activity for companies exploring in east Africa providing strong support for the value of WHL Energy ’s acreage in the Seychelles.

Interpretation Update

WHL Energy continues its interpretation of the Seychelles acreage and since its last report has evaluated the deep water, south east corner of the acreage. This review has identified a number of leads which appear to have substantial potential but require further definition because of relatively sparse data. At this early stage these leads appear to have amplitude support and they will be further evaluated with infill seismic acquisition.

One new area of interest, Lead Y, is a conventional tilted fault block in which potential reservoirs in the Cretaceous section appear to brighten up dip, which is often an indication of the presence of hydrocarbons.

A series of relatively bright seismic amplitudes have also been noted in the Cretaceous section in the area adjacent to the Seychelles platform margin in the south-east corner of WHL Energy’s acreage, suggesting a new play in this area also, which potentially will have a high upside. This play will be the subject of infill 2D seismic acquisition.

A total of 33 Leads are now mapped in WHL Energy’s Seychelles acreage and the Company is encouraged that additional leads continue to emerge with its interpretation of the acreage.

The Junon South trend has been identified as the lowest risk area in the acreage and a potential “sweet spot”. This area will be a key focus area for the maturation of drilling targets for 2H 2013 drilling.

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Figure 1; Deep Water Leads

The Bea Vallon area continues to be a key target in WHL Energy’s Seychelles acreage due to its robust high upside potential. Regional geological studies are ongoing to address the key risks of this very large prospect and mature it into an attractive drilling target.

Additional studies are ongoing to develop some of the more notional plays such as the intra-Karoo play and basement potential into firm leads.

The 2012 forward work programme is focused on maturing the currently identified prospects to drillable status for a potential drilling campaign in the 2H 2013 through the acquisition of additional seismic data.

Acreage Expansion Opportunity

As the WHL Energy interpretation has proceeded, additional prospectivity in the deep water within the Company’s held acreage has been identified. With new Seychelles acreage expected to be released for bidding, WHL Energy is well positioned to identify and capture additional prospective acreage that may be released in the anticipated 2012 bid round.

African Business Growth

WHL Energy has a strong priority to grow its portfolio in the Africa region. As such, the Company has completed an internal review of the region and has high graded a number of areas of interest in both east and west Africa.

A range of opportunities remain under review to enhance WHL Energy’s portfolio in Africa and the Company aims to capture at least one significant opportunity in 2012.

WHL Energy has also been approached by three private organisations with African acreage and these organisations are also currently under active review. WHL Energy is finalising a formal agreement with an African based organisation to assist WHL Energy to secure prospective large acreage positions on the east African margin.

As part of WHL Energy’s business growth plans, the Company has created an Advisory Panel – as announced to the ASX on March 21, 2012. The Advisory Panel members have key relationships and knowledge in the African region and this will further support the Company’s growth objectives.

Commenting on the Company’s African activities, Mr Noske said:

“While the delay in formalising a farmout agreement on our Seychelles acreage is frustrating, we continue to hold discussions with a number of potential partners and investors. WHL Energy is committed to achieving a farmout which meets our objectives of realising appropriate value and introducing a high quality Joint Venture partner/s.”

“We are also well placed to further grow our African position with a number of opportunities identified and under consideration,” Mr Noske said.

Ends

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.

The Company’s “flagship” project is its very large offshore Seychelles oil and gas exploration interests. This 21,426.3km[2] exploration holding is considered prospective for potentially very large hydrocarbon targets, and WHL Energy is currently undertaking further work to gain a higher understanding of that potential as it progresses the Seychelles oil and gas assets towards farm-out and drilling.

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