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WHL might have a project partner for Seychelles

26th March 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Emerging oil and gas explorer WHL Energy has identified a possible project partner to assist in the development of its Seychelles assets.

The ASX-listed company on Tuesday confirmed that it had signed a letter of intent (LOI) with a Fortune 500 company regarding a possible farm-in of its Seychelles assets, which cover some 20 476 km2 of exploration holdings off the southern Seychelles cost.

The LOI outlined a timetable for discussions with the local government, which was necessary to progress the proposal, as well as indicative commercial principles regarding the potential farm-in and principles for forward work programmes for the oil and gas assets.

WHL Energy MD Steve Noske noted that there were a number of pre-conditions to be met before any legally binding farm-in agreement was signed, but that the potential farm-in partner's technical capabilities and status were in line with WHL’s stated aim of partnering with an organisation with the capacity to help take the Seychelles assets forward.

WHL’s share prices surged by nearly 12% on Tuesday, to trade at a high of A$0.032 a share.

Edited by Creamer Media Reporter

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