Australian energy company WHL Energy Limited has received an Independent Expert Report undertaken by Isis Petroleum Consultants Pty Ltd (Isis) that has confirmed previously identified leads and identified new additional leads based on a review of 2006 seismic data.

The report is a volumetric assessment of in-place volumes and also the probability of success ('POS') estimates for 12 leads in the 100%(1) held WHL Energy acreage off the coast of the Republic of the Seychelles. POS calculated by Isis reflects the relative sparseness of seismic information over the leads and the quality of the early seismic. POS range from 6.3% to 11.8% and are considered to be very encouraging at this early stage of the interpretation. Isis has noted that it expects the POS to increase with the provision and interpretation of the new 7,000 km 2D seismic.

The Isis report evaluated estimates for twelve leads in the WHL Energy held acreage. The top ten leads is noted in the table in the attached full announcement. Isis has noted that all of the leads will benefit from the interpretation of the 2D seismic data currently being shot in the area for WHL Energy. The current 2D seismic acquisition programme will provide crucial additional data to further delineate the existing leads, provide improved confidence in the volume potential estimates, and mature drilling targets. This work will also be important in discussions with potential farm-in partners. Initial indications from the current 2D seismic programme indicate significant data quality improvement over the data currently available.

WHL Energy's Chief Executive Officer, Mr David Rowbottam commented 'the Isis report has confirmed the Company's strong belief that the Seychelles exploration interests have the potential to hold world class hydrocarbon reserves. The ongoing 2D seismic acquisition program will add further value to this exciting asset and add momentum to WHL Energy's discussions with a number of interested potential farm-in partners.'

'Furthermore, it will enable the Company to aggressively progress and develop those areas that the Report shows as being highly prospective as the Company progresses key leads towards drilling' Mr Rowbottam said.

Tags: WHL Energy Limited