ZIMI LIMITED — Capital/Financing Update 2014

Jun 2, 2014

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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 3 JUNE 2014

VIC/P67 SEISMIC UPDATE FURTHER UPSIDE IDENTIFIED AS SEISMIC EVALUATION CONTINUES

Highlights:

• Additional 183 Bcf Prospective Resource identified in amplitude supported, exploration targets adjacent to La Bella field

• Upside potential confirmed in Highlander, Ferrier Upside and Alexandra

• Risk level of a number of structures reduced significantly

• Well planning and development concept evaluation commenced

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to report on progress in the interpretation of an interim processed volume of the La Bella 3D Seismic Survey acquired in the VIC/P67 exploration permit (WHN: 40%) in the offshore Otway Basin, Victoria, in which AWE Ltd. subsidiary Peedamullah Petroleum also holds 60% equity.

WHL Energy acquired the La Bella 3D seismic survey in November/December 2013 and processing of the data commenced in January 2014. An initial “fast track”, Post-Stack Migration processed volume was delivered in April 2014 which provided an early insight into the resource potential of VIC/P67. However, the fast track volume was affected by significant noise contamination due to the limitations of the early stages of the processing stream and as a result the Joint Venture elected to generate a further interim Pre-Stack Time Migration volume in order to deliver a higher quality dataset in advance of the receipt of the final processed volume.

The interim volume, covering the priority area near the La Bella well, was delivered in May 2014, and is of superior quality to the initial fast track volume. This interim volume has been the subject of interpretation efforts throughout May. The seismic contractor is expected to deliver the fully processed La Bella 3D final volume seismic data at the end of July. Based on the assessment of the interim volume to date, a very high quality, state-of-the-art, broad-band seismic data set is expected.

The interpretation of the interim volume is sufficiently mature to report an initial characterisation of the exploration portfolio. The interim volume has enabled the portfolio to be constrained by the more detailed mapping enabled by the 3D seismic data set. Additionally a number of seismic amplitude anomalies have been mapped which reduce the geological risk of a number of features in the portfolio.

Near La Bella Prospects

A portfolio with some 11 prospects has been identified to date with total best estimate Prospective Resources* of 610 bcf of gas and 14.1 MMbbls of condensate and LPGs.

Within this portfolio, a group of 4 prospects immediately west of the La Bella Field are characterised by stacked, structurally conforming amplitude anomalies (Mylius, Mylius West, Ferrier and Ferrier South), and are considered to have relatively low geological risk. Best estimate Prospective Resources* for these features total some 183 Bcf sales gas and 5.8 MMbbls of condensate and LPG. Importantly, these features, along with the La Bella field, could form a core gas development in VIC/P67 with successful exploration drilling.

	_Prospective Resources* _
	Sales Gas Condensate LPG
	bcf MMbbl MMbbl
Mylius**	46 0.5 0.9	Amplitude supported prospects, lower geological risk
West Mylius**	48 0.6 1.0
Ferrier**	60 0.7 1.2
Ferrier South**	29 0.3 0.6
Alexandra**	49 0.5 0.8	Higher potential prospects, moderate risk
Highlander**	164 1.9 3.3
Lowlander**	56 0.6 1.1
North La Bella***	82 0.8 1.4	Less mature prospects and leads
Mussel Updip***	46 0.4 0.8
Rayville	Lead, volumes to be assessed
East La Bella**	30 0.3 0.5
Total Exploration	610 5.1 9.0

Best Estimate Prospective Resources – VIC/P67

Prospective Resources*; The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The reported best estimate Prospective Resources are 100% gross deterministic best estimates. WHL Energy’s net equity interest in these estimates is 40%.

** These Prospective Resource estimates are based on the interpretation of the interim volume of the La Bella 3D seismic survey initially reported to the ASX on 29[th] May 2014 and supercede previously reported estimates in the ASX release of 4th September 2013.

*** These Prospective Resource estimates were previously reported in the ASX release of 4[th] September 2013.

WHL Energy is not aware of any new information or data that materially affects the resource estimates and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

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La Bella Main Sand (300) Depth Structure

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400 Sand RMS Amplitude showing amplitude anomalies

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500 Sand RMS Amplitude showing amplitude anomalies

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Ferrier Mylius West
400 sand amplitude anomaly
500 sand amplitude anomalies
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Seismic section through Ferrier and Mylius West Prospects

The interim volume has also confirmed the key high upside prospects in the portfolio.

• Preliminary mapping on the Highlander structure has confirmed the presence of a large, high relief structure;

• The Lowlander feature is now well defined and is a robust structure with prospective resources of 56 bcf gas and 1.4 MMbbl of condensate and LPG;

• An upside scenario for the uppermost Waarre Formation reservoir on the Ferrier structure, where the amplitude response of this reservoir is poorly understood, is also being evaluated which could add further significant volumes to the near La Bella area, and

• Initial mapping of Alexandra prospect (formerly North-West La Bella) also indicates that this is also a potentially significant feature.

Additionally, the Rayville prospect on the North-West of the full 3D area has been mapped in the fast track volume and is also a potentially interesting feature. The other previously identified structures (North La Bella and Mussel Updip) and a new structure, East La Bella, have also been mapped on the interim volume.

Regarding La Bella Field, detailed interpretation and reservoir studies are ongoing and it is premature for the company to provide an update regarding Contingent Resources for the field at this time. 2C Contingent Resources of 114 PJ (115 bcf) gas were previously reported in WHL Energy’s ASX release of 4[th] September 2013.

WHL Energy Managing Director, David Rowbottam, said “The results seen in the interim volume are very significant and highlighted the commercial potential of the VIC/P67 permit.”

“In La Bella we have a proven field in close proximity to key gas pipeline and processing infrastructure, right on the doorstep of a gas hungry market, and now we have significant, high quality data validating the tremendous upside potential we have always believed that may be contained in other prospects in the permit.”

“What is particularly exciting are the amplitude supported prospects which support a possible commercial gas development in the block and the potential upside potential that has been identified to date at Highlander, and possibly in the Ferrier and Alexandra prospects.”

“We look forward to working closely with our JV partners to further firm up this potential and to develop a drilling and development programme for this high value asset.”

Forward Work Program

Full processing of the full area of the La Bella 3D seismic survey is ongoing and is expected to be completed by the end of July. Following receipt of this survey a fully detailed interpretation and evaluation of the prospects and leads inventory will be undertaken and the best candidates selected for the focus of drilling studies.

Well planning has also commenced and Aztech Drilling has been engaged by the VIC/P67 Joint Venture to undertake the next phase of well planning, which includes seeking relevant regulatory approvals, rig procurement and well design.

Development concept evaluation studies have also commenced based on the initial interpretation of the interim 3D volume. Along with the estimation of well planning costs, effective development solutions are being evaluated.

Mr Rowbottam commented further: “Although this is an interim report it is important to keep shareholders and the market informed of progress with our La Bella project. The interim volume of the La Bella 3D Seismic Survey is very promising with previously identified structures now having demonstrable, structurally conformable amplitude anomalies. This outcome reduces the risk of these features to relatively low risk and permits an initial assessment of the potential of these features. It is encouraging that a commercially valuable gas and liquids resource may be present in the La Bella area. In addition, significant upside potential is now also being demonstrated in the acreage.”

“WHL Energy has also been able to bring forward the well planning and start to develop and evaluate a range of development concepts for this La Bella project.”

“The fully processed seismic data is on-track to be available around the end of July and the Company looks forward to keeping the market appraised as this increasingly exciting project develops.”

Ends

FURTHER INFORMATION Shareholders/Investors: David Rowbottam WHL Energy Ltd

Media contact: Colin Hay Professional Public Relations

T: +61 8 6500 0277 : +61 8 6500 0277

T: +61 8 6500 0277 : +61 8 6500 0277 T: +61 8 9388 0944 E: contact@whlenergy.com E: colin.hay@ppr.com.au

Competent Persons Statement

Any Petroleum Reserves, Contingent Resources and Prospective Resources information on the oil and gas projects in this report are based on, and fairly represent, information and supporting documents prepared by, or under the supervision of, WHL Energy Limited full time Exploration Manager Mr Matt Fittall. He is a Geologist [BSc(hons) Geology] of more than 30 years, practising in Petroleum Geology. Mr Fittall is a member of the Petroleum Exploration Society of Australia (PESA). 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.

WHL Energy holds a 12,856 km[2] exploration area offshore Seychelles, at 25% equity. A world class exploration portfolio and new exploration concepts are being matured in the acreage. WHL Energy has mapped a prospect and leads inventory containing at least 18 features with total P50 prospective resources in excess of 3 billion barrels. The company farmed in proven East Africa explorer, Ophir Energy plc as operator.

The high graded Junon leads will matured for drilling with a 1500 km[2 ] 3D seismic survey in 2014. Additional new play concepts are being developed with further studies. 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 40% 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 La Bella 3D seismic survey was acquired in late 2013 to appraise La Bella field and also firm up the exploration prospects. Initial results of the 3D seismic survey are encouraging and have identified structurally conformable amplitude anomalies with several of the key prospects.

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 has recently drilled the Palta-1 well in the adjacent block which was subsequently relinquished in February 2014. WHL will review the Palta-1 well data and the forward strategy for WA-460-P.

The Company is also actively investigating growth opportunities in the wider East African region.