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WHL Energy Secures Applications For A$2.1M In Seismic Funding

WHL Energy (ASX: WHN) has secured option applications worth A$2.1 million to accelerate the acquisition of 3D seismic over the undeveloped La Bella gas field in offshore Otway Basin.

Valid acceptances for 164,035,028 options priced at A$0.01 each were received for the non‐renounceable Shareholder Entitlement Option Plan it had launched in mid-September, raising A$1.64 million.

The company also received initial applications for shortfall options to bring the total up to A$2.1 million.

The Plan had offered shareholders 1 option exercisable at A$0.04 on or before 30 November 2014 for every 4 shares held to raise about A$3.5 million.

The total shortfall of 160,517,432 options will be placed by Quattro Capital.

La Bella

WHL is seeking to bring forward the seismic program for La Bella, which hosts Best Estimate (2C) Contingent Resources of 158 petajoules, as part of the farm out process for the field. This would assist in keeping to the proposed timetable.

The company had launched the formal farm-out process for the field on 4 September and had said the process would run over the next two to three months.

Besides La Bella, VIC/P67 contains several other gas prospects and leads. These include the relatively low risk prospects present at Highlander and West La Bella which provide additional tie-back opportunities to a potential La Bella development.

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