ZIMI LIMITED — Capital/Financing Update 2013

Jul 17, 2013

==> picture [224 x 87] intentionally omitted <==

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 18 July 2013

COMPANY UPDATE

Highlights:

• Farminee elects not to proceed on $50 - $60m Seychelles farmin

• Board reconsidering Seychelles alternative strategy in light of discussions with another party for a seismic acquisition program

• VIC/P67 “La Bella” farmin progressing with a number of parties

• “Palta” drilling continuing in Western Australia

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) announces a number of key developments relating to its assets in the Seychelles and Australia.

OFFSHORE SEYCHELLES (WHL Energy 100%)

WHL Energy has been informed that the Letter of Intent with a leading oil and gas company regarding the Company’s Seychelles project has been terminated.

The potential farminee has notified the Company that it is withdrawing from any further negotiations at this time as it has been unable to formalise its Board approval. The original proposal was valued between $50 and $60m and was considered by the Company to be a fair reflection of the value the Company had placed on the Seychelles acreage. The potential farminee had noted that timing issues on the proposed Seychelles farmin work commitments needing to compete with its large portfolio of global developments for funding at this time.

WHL Energy Managing Director, Mr Steve Noske, said “that while the decision was disappointing, the potential farminee proposal had supported the Company’s internal valuation and view regarding the prospectivity of the Seychelles. The proposed farmin transaction had also provided independent third party verification on the body of technical work completed by the Company along with the valuation of the Seychelles acreage.”

“The Company and the proposed farminee had made substantial progress towards formalising a binding Farmin Agreement. The potential farmin had progressed to the stage where:

• The top 100 Global Fortune 500 Company had completed its internal due diligence on the project and agreed with WHL Energy’s confidence in the oil prospectivity of the Seychelles.

• The proposed farminee had designed a US$50-$60 million programme to meet farmin commitments and further develop the Seychelles project’s prospectivity; and

• The Government of the Republic of the Seychelles had reached agreement on the terms related to the proposed farmin.”

That following considerable due diligence, the formalisation of the proposed farmin was prepared for consideration by the potential farminee’s Board, where the Seychelles project had to compete technically and economically with other opportunities worldwide and to fit within its budget constraints.”

“Unfortunately, a positive decision has not been forthcoming and while it is highly disappointing that the potential farminee partner has elected not to proceed, their work programme had endorsed the technical and commercial merits of the Seychelles acreage” Mr Noske said.

WHL Energy will remain in contact with the proposed farminee. At the same time it is reconsidering its Seychelles strategy, including discussions with another party in regard to a potential agreement on a seismic acquisition in the Seychelles project area.

AUSTRALIA

VIC/P67 “La Bella” permit, Victoria (WHL Energy 100%)

The Company is pleased to report that farmin negotiations for the VIC/P67 permit and the La Bella gas and condensate field continue to move ahead and are currently on target to be agreed in the near –term.

“The Company remains in farm-out discussions with a number of companies that bring financial strength, operational expertise and market presence to the project and WHL Energy remains very confident that it will be able to unlock the significant value this project contains,” Mr Noske said.

Planning and regulatory approvals for a 3D seismic programme within VIC/P67 remains on track for the acquisition to be undertaken in the November to December 2013 window.

WA-460-P permit, WA (WHL Energy 33.33%)

WHL Energy continues to monitor drilling activity being undertaken by a Shell-led consortium in the adjoining WA-384-P licence area.

The Palta-1 well is expected to reach its Total Depth (TD) by the end of July, and drilling success there may provide a major value uplift for WHL Energy and its WA-460P partners, with the Palta prospect interpreted by WHL Energy as potentially containing up to of 13.5 Tcf of gas, with approximately 20% of the prospect lying within WA-460-P.

Ends

FURTHER INFORMATION Shareholders/Investors: Media contact: David Rowbottam Colin Hay WHL Energy Ltd Professional Public Relations T: +61 8 6500 0277 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 and Australia.

WHL Energy holds a 17,345 km[2] exploration area offshore Seychelles, at 100% equity. A world class exploration portfolio and new exploration concepts are being matured in the acreage. In-depth work by WHL Energy has to date identified an initial inventory containing ten, 200 million barrel plus potential targets, which is being expanded to quantify the potential in emerging concept areas.

Further work to develop the leads and targets may include 3D seismic acquisition and geological studies, followed by drilling.

Most structures identified to date are in < 50 m water with drilling targets at < 2000m depth, allowing for low cost drilling with a jack up rig.

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.