hartley's value whn @ 19c per share

Look I have acquired a copy of the Harley's report!!!
I have taken legal advise and have been told that the report is "in the mkarket" and can be acquired on demand.
It is not WHN's exclusive information....

So here goes....

Brief Business Description:
Significant exploration acreage position offshore Seychelles with large identified targets.


Hartleys Brief Investment Conclusion
Speculative upside potential likely to re-rate as milestones are achieved.


Chairman & CEO:
Mr Peter Bartter (Chairman)
Mr David Rowbottam (CEO)
Top Shareholders:
MR ROBERT ANTHONY HEALY (5.9%)
PETER BARTTER (5.7%)
SWORDFISH PTY LTD (2.1%)
Company Address:
2 Leura St, Nedlands
Perth, WA, 6009

Valuation: $0.19
Issued Capital: 849.1m
- fully diluted 1438.9m
Market Cap: $27.2m
- fully diluted $46.0m
Cash Equiv (31 Dec '10): $2.6m
Debt (31 Dec '10): $0.0m

Valuation Value (A$m) Risked ($ps)* Unrisked ($ps)

Beau Valon $84.0m 0.058 5.84
Coetivy Bank $42.0m 0.029 2.92
Junon Bank $84.0m 0.058 5.84
Creole $42.0m 0.029 2.92
Wind Farm $10.0m 0.007 0.01
USA $5.0m 0.003 0.003
Cash $2.6m 0.002 0.002
Debt $0.0m - -
Options/Equity $20.2m 0.014 0.014
Oheads -$10.0m - 0.007 - 0.007
Total $279.8m 0.194 17.54


*risked valuation for Seychelles assets assumes
1% chance of success (i.e. 1 in 100)





Source: Hartleys Research
Hartleys has provided corporate advice within the past 12 months and continues to provide corporate advice to Whl Energy Limited. See disclosure on back page for details.