ZIMI LIMITED — Capital/Financing Update 2014

Apr 3, 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 04 April 2014

WHL ENERGY REPORTS OPHIR FARM-OUT AGREEMENT RECEIVES NOTICE OF REGULATORY APPROVAL

Highlights:

• Notice of Regulatory approval received for Ophir Energy to farm-in to 75% of WHL Energy’s Seychelles Project interest

• Seychelles Government extends existing Petroleum Agreement to allow for new Petroleum Agreement to be executed

• Finalisation of Joint Operating Agreement expected within weeks

• WHL Energy to initially receive US$4 million of past costs

• Tenders received for Ophir funded and operated, 1,500km[2] 3D seismic survey

Australian energy company WHL Energy Limited ( ASX: WHN ) (“ WHL Energy ” or “ the Company ”) is pleased to announce it has received notice that regulatory approvals will be granted for the previously reported farm-out agreement with Ophir Energy plc (“ Ophir* ”). Under the agreement Ophir is farming-in to earn a 75% interest in WHL Energy’s offshore Seychelles petroleum exploration project area.

Under the terms of the farm-out agreement, final approval was required from the Government of the Seychelles and its regulatory representative, PetroSeychelles, for the farm-out and an amended and restated Petroleum Agreement (PA). WHL Energy is pleased to report that the Government of the Seychelles and PetroSeychelles have now advised that regulatory approval for the farm-in agreement will be granted and have agreed to an extension of the current PA until April 30, 2014 to allow for all necessary documentation to be executed and completed allowing the new PA to be formalised.

The amended and restated PA includes variations to the minimum work commitments, extending the term of the current exploration period to 31 July 2016, a reduction in the size of the Seychelles permitted area controlled by the JV and the transfer of operatorship over the project areas to Ophir.

The receipt of this notice following the earlier Farm-Out Agreement will permit the execution of the PA later this month. This step will meet the final condition required for Ophir and WHL Energy to complete and execute the Joint Operating Agreement (JOA).

WHL Energy Managing Director, David Rowbottam, said: “We have made significant progress in moving forward with this quite complex, international agreement.

“I would like to personally thank the Seychelles Government and PetroSeychelles for their diligence, hard work and support in recommending the all-important regulatory approval to allow our agreement with Ophir to continue to move forward.”

“This is not only a tremendous opportunity for WHL Energy and its shareholders, but for the people of the Seychelles, with Ophir Energy able to bring its technical expertise, experience and a strong cash balance to support exploration of the Seychelles’ petroleum prospectivity to unlock the high value potential contained within this large and vastly underexplored exploration area.”

“We look forward to executing the final documentation for the farm-out to become unconditional before the end of this month, heralding the official start-up of our JV with Ophir Energy,” Mr Rowbottam said.

As announced previously, on meeting the conditions of the farm-out agreement, including formal regulatory approval by the Government of the Seychelles, Ophir will pay WHL Energy US$4 million in cash for partial recovery of past costs.

Ophir Energy will also fully fund the acquisition of approximately 1,500 km[2] of 3D seismic, up to a total amount of US$17 million.

WHL Energy recently closed an invitation to tender period for the acquisition of the initial 3D seismic programme and has received a number of quality applications. Recommendations on the most suitable contractors will be made in the near future to Ophir Energy as the incoming operator.

As part of the terms of the new PA, WHL Energy and Ophir Energy have agreed to relinquish portions of the Seychelles licences, reducing the permitted area from 17,345 km[2 ] to 12,856 km[2] .

Ends

* 4 March 2014 ASX Announcement, "Seychelles farm in agreement with Ophir Energy PLC".

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.

About Ophir Energy plc

Ophir Energy (OPHR.LN) is an African focused, upstream oil and gas exploration company which is listed on the London Stock Exchange (FTSE 250). Ophir has an extensive deepwater acreage position in West and East Africa acquired since its foundation in 2004.

The Group’s headquarters are located in London (England), with an operational office in Perth (Australia), and regional offices in Dar es Salaam and Mtwara (Tanzania), Malabo (Equatorial Guinea), Libreville (Gabon), Nairobi (Kenya) and Accra (Ghana).