ASX:WHN

RIU Good Oil Conference September 2013

“Frontier

Explorer with a

Clear Path to

Production”

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Disclaimer ASX General Investor

This presentation has been prepared by WHL Energy Limited (“WHL Energy” or the “Company”). It should not be considered as an offer

or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect

to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a

guarantee of future performance and involve unknown risks and uncertainties, many of which are out of WHL Energy’s control. Actual

results and developments will almost certainly differ materially from those expressed or implied. WHL Energy has not audited or

investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum

extent permitted by applicable laws, WHL Energy makes no representation and can give no assurance, guarantee or warranty, express

or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or

completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation and (2) without

prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking

information contained or referred to in this presentation.

Throughout this presentation all figures are quoted in A$ dollars unless otherwise stated. You should not act in reliance on this

presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its

recipients may require in order to make an informed assessment of WHL Energy’s prospects. You should conduct your own

investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information,

statements and opinions contained in this presentation before making any investment decision.

This presentation has been prepared for the intended recipients only and remains confidential unless released to the Australian

Securities Exchange (ASX) by the Company. Any unauthorized use, disclosure or copying of this communication or any part thereof

is strictly prohibited and may be unlawful. If you have received this communication in error, please notify the Company immediately

and destroy this presentation and all copies thereof, including all attachments.

Competent Person’s Statement

The information in this report has been prepared by their full time employee Matt Fittall (Exploration Manager); a person qualified to

prepare information relating to reserves and/or resources in accordance with the Australian Securities Exchange Listing Rules. For

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WHL Energy

WHL Energy is Operator of its two major assets and is currently exposed to

significant upside through the La Bella development and Seychelles exploration

Seychelles 100%

La Bella 100%

Perth Head Office

WA – 460-P 33%

Seychelles Areas

17,345 sq km of exploration areas in the southern

and eastern flank of the Seychelles platform

>3 billion bbl mean prospective resource

WHL Energy 100%, Operator

Vic/P67 La Bella undeveloped gas field

2,885 sq km exploration block in

offshore Otway Basin, Victoria Australia

115PJ 2C contingent resource, >0.5 tcf

exploration upside

WHL Energy 100% Operator

WA-460-P

90 sq. km. block, southern Carnarvon Basin,

Western Australia, WHL 33.33%, non-operated For

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Vic/P67: History

50 km

Vic/P67

In deciding to acquire La Bella WHL Energy had identified value in

the transforming east coast Australia gas market. WHL Energy

secured La Bella and Vic/P67 exploration upside proximal to

existing infrastructure with access to east Australia gas markets

91

93 08 12 13 14 15

BHP/Santos

Awarded

Permit

La Bella

Discovered

BHP/Santos

Relinquish

Permit

May 12

WHL

Awarded

Permit

Sept 13

AWE

Farm-In

Executed

Planned

3D Seismic

Planned

2

Exploration

Wells

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Vic/P67 : East Coast Gas Market

“Already Australian Industry group members are being quoted an average of $8.70 a gigajoule for long-tern gas supply contracts..” Financial Review 17th June, 2013

“But with the first exports expected from Gladstone next year, the east coast gas market will move towards parity with global prices..” The Australian 17th June, 2013

• Development timing is right

• Legacy, low priced, long term gas contracts from the

Gippsland Basin expire in 2016-2017, the Otway

Basin in 2015-2018, and the Cooper Basin in 2017

• Recontracting of this supply imminent ~2015

• Good fit with La Bella Final Investment Decision

timeframe

• Upward pressure on gas price

• Cost competitive against alternate gas supplies

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Vic/P67: Proven La Bella field - Exploration Upside

5 km Top Main Gas (Waarre) Sand Depth Structure Map

Proven La Bella gas field

• Discovered BHPB 1993

• 2C Contingent Resources of 115 PJ

• High quality Waarre reservoir

• High condensate and LPG content

provides “cream on the cake”

Foundation for planned development

Multiple further exploration prospects identified

• La Bella North and North West, Ferrier,

Updip Mussel, Highlander, Lowlander

• 500 Bscf+ potential

• All within subsea tie-back distance to

La Bella Hub

Upside from low risk exploration

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Vic/P67 Resource Potential

Contingent Resources

1C (PJ) 2C (PJ) 3C (PJ)

La Bella 86 114 151

Prospective Resources

P90 (PJ) P50 (PJ) P10 (PJ)

LB North + North West

113 153 207

Highlander 80 178 326

Ferrier 26 56 167

Lowlander 49 137 378

Updip Mussel 20 46 102

Mylius 3 7 18

Exploration potential offers considerable upside

• 500+ PJ mid case (P50) Prospective

Resources

• With in tie-back distance to 114 2C La Bella

foundation development

• Running room further afield in the permit

NW Leads

South Champion

Leads La Bella

Near Field Prospects

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Vic/P67 : AWE Farm-In

• Farm-In executed with AWE on 3rd

September 2013

• AWE acquired 60% working interest

through payment of 75% of the costs of

the 3D Seismic Survey capped at $12M

• WHL Energy to retain Operatorship for

the 3D Seismic acquisition and

processing phase

• AWE have right to assume Operatorship

for Drilling, Project Development and

Operations

• WHL Energy willing to farm-out a further

working interest

AWE bring financial strength

coupled with proven project

execution, operations capability

and significant offshore Otway

Basin experience

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Vic/P67 Timeline

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

Q4 14

Q1 15

Q2 15

Q3 15

Q4 15

Q1 16

Q2 16

Q3 16

Q4 16

Q1 17

Concept

Development

Studies

3D Seismic

Acquisition

3D Processing

& Interpretation

Drill 2

Exploration Wells

Technical

Commercial

Execute AWE Farm-In

FEED and

Procurement

Select

Concept

Execute

First

Gas

WHL Energy has secured a valuable position that is expected

to result in production and significant cashflow from 2017/18

Execute Gas Sales

Agreement

Execute 3rd Party

Processing Agreement

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Vic/P67 : Economics Summary CAPEX $7.50/GJ $8.70/GJ

$M NPV

100%

$M

NPV

WHL

40%

$M

WHL

40%

$/share

NPV

100%

$M

NPV WHL

40%

$M

WHL

40%

$/share

La Bella

2C 115 PJ

255 85 34 0.024 120 48 0.034

La Bella + North +

Highlander

2C + P50 Prospective

Resource : 370 PJ

425 295 118 0.084 375 150 0.107

La Bella 2C 115 PJ; Production (Bcf/yr) (100%) La Bella 2C 115 PJ; Revenue ($M/yr) (100%)

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WHL Energy in The Seychelles

• High potential frontier exploration

opportunity

• Emerging East Africa oil play

• 3+ billion bbl exploration inventory (mean

Prospective Resources)

• Large portfolio of multi-hundred million

barrel leads

• Strategic acreage position

• Leverage for open areas

• Regional studies phase complete,

progressing to drilling key tests

WHL Energy identified the opportunity ahead of the industry and has

transformed the value of the Seychelles with industry leading, game changing

regional geological studies

Now moving into prospect maturation and exploration drilling phase

WHL – SEYCHELLES (100%)

MADAGASCAR

KENYA

MOZAMBIQUE

TANZANIA

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Seychelles : Forward Program

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

Q4 14

Q1 15

Q2 15

Q3 15

Q4 15

Commercial

Target Company engagement

Execute Farm-In Recent discussions with PetroSeychelles have

concluded with an extension to the “Period 2”

recommended to the PetroSeychelles Board

Proposed amendment allows completion of the

“Period 2” work program through to

exploration drilling

Technical

Seismic

Acquisition Drilling

Seismic Planning

& Procurement Processing &

Interpretation

Well Planning

& Procurement Seismic

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Seychelles : Value Delivered

Portfolio of some 20+ multi-hundred MMbbl prospects and leads

• Underpinned by a robust regional geological and petroleum system interpretation

• Junon South trend and Beau Vallon areas high-graded

• Additional seismic acquisition early 2014 next step

Moving to prospect maturation for drilling

Beau Vallon

Junon

P90 P50 P10 Mean

Junon South 88 273 809 394

Junon East 23 103 446 197

Junon Central 6 28 141 63

Junon NW 55 166 488 235

Junon NE 190 516 1322 672

Oil Recoverable (MMbbl)Prospect / Lead

P90 P50 P10 Mean

Beau Vallon Central 165 447 1111 571

BV South 58 208 740 337

BV East 82 227 576 292

Lead C 64 181 469 236

Lead L 32 83 204 106

Prospect / LeadOil Recoverable (MMbbl)

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Conclusion

“Frontier Explorer with a Clear Path to Production”

1. La Bella asset is moving forward into the 3D seismic acquisition phase

• AWE farm-in – followed by a Nov/Dec seismic acquisition

• Targeting Q1 2015 drilling, 2017/18 production

• A valuable asset providing foreseeable cash flow

2. Seychelles asset moving into prospect maturation phase

• Prospect maturation seismic acquisition in 1H 2014

• Permit extension offer to complete exploration program now

expected from Regulator in October 2013

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Company Board & Management

The WHL Energy team brings substantial experience with major operators

Trevor Benson (Non-Executive Chairman)

Trevor Benson has a strong background in

corporate advisory and investment banking. He

has over 25 years experience in Corporate

Advisory and cross-border experience, including

advising companies on M&A, restructuring and

listing on AIM in London.

David Rowbottam (Executive Director)

David Rowbottam was previously the founding

Managing Director of Exoma Energy Limited, an

ASX listed, US focused oil and gas exploration

company. Mr Rowbottam has worked as a senior

financial executive with international and

Australian experience

Gary King (Non-Executive Director)

Gary King is CEO of Dutco Natural Resources

Investments Ltd, based in Dubai. His experience

comprises a 30 year international career in

energy, commodities and asset management. He

founded and implemented unique regional and

emerging market private equity initiatives focused

on energy and natural resources. He was

founding CEO of the Dubai Mercantile Exchange

(DME) and CEO of Sovereign Wealth Fund “Dubai

Natural Resources World Based in Dubai

WHL ENERGY BOARD

WHL ENERGY

Current Organisation

Executive Director

David Rowbottam

Development Manager

Stuart Nichol

Exploration Manager

Matt Fittall

Geological Advisor

Paul Robinson (Part Time)

Chief Geophysicist

Mike Wilson

Chief Financial Officer

Bev Scully

Bookkeeper

Lisa Pilling

Company Secretary Ian Hobson

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Contact Details F

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