LETTER OF INTENT EXECUTED FOR FARMIN T0 WHL ENERGY'S SEYCHELLES ACREAGE
Highlights:
•Non-binding LOI agreed with potential farminee outlining forward work programme, indicative commercial terms and pathway forward to negotiate a binding Farmin Agreement
•Potential farminee is a top 100 Global Fortune 500 Company, and a leading, internationally recognised, exploration and production operator; consistent with WHL Energy’s previously advised objectives for the Seychelles acreage
Australian energy company WHL Energy Limited {ASK: WHN} ("WHL Energy” or ”the Company") is pleased to announce it has today executed a non-binding Letter of Intent [LOI] with a potential farminee which is a top 100 Global Fortune 500 Company with substantial production and technical exploration experience and assets.
The LDI outlines:
•timetable for discussions with the Government of the Republic of the Seychelles necessary to progress the proposal;
•indicative commercial principles in respect of the potential farmin to assist those discussions;
•principles for a forward work programme for the Seychelles oil and gas assets; and
•the conditions to a process for progressing the negotiation of fully-termed binding agreements (including a Farmin Agreement and Joint Operating Agreement (1DA)).
The LOI is initially non-binding and there is no guarantee that these discussions will result in a legally binding agreement to farmin or that all the conditions precedent to such an agreement will be satisfied.
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