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WHL Energy MD Shows Confidence, Increases Shareholding By 1m Shares

WHL Energy (ASX: WHN) managing director Steven Noske has increased his stake in the company through the acquisition of a further 1 million shares.

Noske bought the shares on-market for a total consideration of nearly $40,000, providing an average entry price of around $0.04.

Earlier this month WHL was officially awarded the VIC/P67 permit in the Otway Basin offshore Victoria that holds the La Bella gas field.

The company had committed to a primary work program totalling A$62.1 million in the first three years to beat out six other bids for the permit, which was released as V11-2, under the Federal Government's 2011 Offshore Petroleum Exploration Acreage Release round.

VIC/P67 is located close to existing infrastructure including the Santos (ASX: STO) operated Casino gas development, Origin Energy's (ASX:ORG) Otway gas project, the BHP Billiton (ASX: BHP) operated Minerva development and TRU Energy's Iona gas plant.

WHL has previously said the La Bella gas field will allow it to book an immediate best estimate (2C) contingent resource of 158 petajoules (149 billion cubic feet) of gas and 1.2 million barrels of condensate.

Further upside potential exists in the block including 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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