ZIMI LIMITED — Capital/Financing Update 2014

Apr 7, 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 8 APRIL 2014

WHL ENERGY PROVIDES LA BELLA 3D SEISMIC SURVEY UPDATE

Highlights:

• Initial assessment and mapping of the recently acquired La Bella 3D seismic survey data indicates the La Bella gas/condensate discovery and adjacent prospects are generally as previously interpreted.

• There is good seismic amplitude support for the Ferrier and Mylius prospects.

• A preliminary “Fast Track Volume” and a more refined “Intermediate Volume” have been received, facilitating early interpretation of the area.

• The fully processed seismic volume to be available early in Q3.

• Indications are that the data quality of the finally processed La Bella 3D will be excellent.

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to provide an update on the interpretation of data obtained from the La Bella 3D seismic survey acquired in the Otway Basin permit VIC/P67 (WHL 40% and AWE 60%), offshore Victoria, in late 2013.

While further state-of-the-art and more detailed interpretation studies still need to be completed, initial results are encouraging, with highlights including:

• Preliminary evaluation of an initial Fast Track Volume in the near La Bella area confirms the La Bella gas/condensate field and adjacent exploration prospects to generally be as previously interpreted;

• Stacked amplitude anomalies high-grade the previously identified Ferrier and Mylius features, and

• Preliminary mapping corroborates other previously mapped prospects, although additional work remains to be done.

In addition to the initial FTV, a further Intermediate Volume (IV) has been generated and received by WHL Energy. The data quality from the IV, which is an interim Pre-Stack Time Migration processed sub-volume (PreSTM), is a significant improvement over the previous version, and provides confidence that a high quality seismic data set will be delivered with full broadband

PreSTM processing. This fully processed PreSTM volume package is on target to be delivered in late July.

Interpretation of IV is ongoing and a range of additional geophysical, geological and reservoir engineering studies are also in progress as these will allow for a more accurate and reliable evaluation of La Bella Field and the nearby prospects. The initial phases of well planning have also now commenced.

WHL Energy Managing Director, David Rowbottam, said: “The Company is encouraged by the preliminary results and looks forward to providing a further update on the assessment of La Bella and the near field prospects in May.”

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Figure 1: Perspective View of Preliminary Time Structure Map : Top LaBella 1 Main Reservoir Level

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Figure 2: Perspective View : Preliminary Time Structure Map (same surface as Figures 1 & 2) with RMS Amplitude Draped.

Background

WHL Energy was Operator for the 867 km2 La Bella 3D survey that was successfully completed within budget in mid-December 2013. The seismic data was acquired by CGG’s state-of-the-art vessel “CGG Viking II” utilising CGG's broadband seismic surveying technology.

On 3 September 2013, WHL Energy executed a binding farm-out agreement with AWE Limited (AWE). Under the terms of the farm-out agreement, AWE is earning a 60% participating interest in VIC/P67 by funding 75% of the cost of the La Bella 3D seismic survey up to a cost cap of US$9.0m. AWE has the right following the 3D seismic phase to take over operatorship of VIC/P67 and continue at the 60% participating interest or to assign part or all of its equity back to WHL Energy.

On 18 September 2013, an Option Agreement was signed with Tap Oil Limited, under which TAP has agreed to pay up to a maximum US$2.95 million for an option to acquire an initial 10% participating interest in VIC/P67. Following the execution of the Seismic Option, TAP may continue in the Permit at 10% participating interest, increase their holding to 15% by funding 20% of the first exploration well cost, or exit the Permit and return their interest to WHL.

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 12,856 km[2] exploration area offshore Seychelles, at 25% equity following the farmout to Ophir Energy plc. 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 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 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 recently drilled the Palta-1 well in the adjacent block; the data surrounding the result of this well is expected to be made public in 2015.

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