ZIMI LIMITED — Capital/Financing Update 2013

Jan 22, 2013

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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 23 JANUARY 2013

WHL ENERGY PROVIDES ‘LA BELLA’ PROJECT UPDATE

• WHL Energy continues to progress commercialisation of the proven La Bella gas asset

• Non‐binding offers made to farm‐in to VIC/P67

• Discussions ongoing with potential farm‐in and joint venture partners

• Environmental submissions lodged for seismic acquisition

• Preliminary engineering work progressing on development cost estimates

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to provide an update on activities surrounding its 100% owned VIC/P67 (La Bella) permit located offshore South East Australia.

The Company has noted an increase in interest in proven gas assets ‐ such as the La Bella field ‐ in the wake of widespread reporting in the Australian media that the east coast of Australia is potentially facing a major domestic gas shortage.

This includes reports that major industrial users along the Eastern Seaboard have been unable to source firm up domestic gas supplies beyond 2015.

WHL Energy’s Managing Director, Steve Noske, said “industrial consumers’ concerns of a looming domestic gas shortage and reports that gas prices on the eastern seaboard are about to increase significantly has been raised in recent discussions the Company has had with potential partners. The Company also continues to work with technical consultants completing engineering studies that will provide a valuation on the estimated gas and condensate reserves associated with the La Bella development in VIC/P67. Initial modelling using conservative estimates for future commodity pricing provides estimated life of project revenues in excess of A$1.0bn for the development of a 150 Bcf recoverable resource.

“This ‘gas crisis’ has certainly opened up fantastic opportunities for companies like WHL Energy that have proven gas assets. This certainly has being reflected in the increasing interest we have received from potential farminees and joint venture partners,” Mr Noske said.

“While WHL Energy has received non‐binding farm‐in and Joint Venture offers from some individual organisations active in the area it has elected not to pursue these offers at this time as the Company believes there is significant upside in the VIC/P67 asset pending the outcome of the planned seismic activities in the permit.

After much consideration, the WHL Energy Board ascertained the offers didn’t provide the Company with sufficient value given the independent advice received regarding a proven gas field like La Bella; that can potentially be quickly tied into the Eastern States gas grids.”

However, the Company continues to hold discussions with a number of interested parties and will continue to do so as and work hard to obtain the best return for our shareholders on this highly valuable asset.”

WHL Energy is currently undertaking further independent preliminary engineering studies that will provide a valuation on the estimated gas and condensate reserves associated with the La Bella field.

WHL Energy is also pleased to report it has submitted documentation related to the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) as part of the Company’s application process to acquire 3D seismic over the VIC/P67 permit.

The Company is planning to acquire 811 sq. km of 3D seismic over the VIC/P67 permit as part of its work commitments for the permit. The information received from that survey will firm up the resource assessment and field development plans for the La Bella field along with the nearby prospects and leads the Company has already identified, which total in excess of 500 Bcf.

VIC/P67 (La Bella) background

Located approximately 200 km WSW of Melbourne, VIC/P67 contains the undeveloped La Bella gas/condensate field which has been by assessed by WHL Energy to contain a 2C Contingent Resources of 158 petajoules (PJ).

The La Bella field lies in 95 metres of water some 55 km off the southern Victorian coast near a number of other gas fields that are already in production with existing infrastructure. These include the Casino field operated by Santos and the Minerva field operated by BHPP.

The discovery well for the field was drilled in 1993 by BHP Billiton encountering a gas column that has been mapped to be up to 138 metres in the Waarre Sandstone formation.

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

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, practising 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.