trading halt requested re seychelles update., page-66

http://www.whlenergy.com.au/irm/content/pdf/WHL%20Energy%20-%20October%202012.pdf

Interesting chart of a success case and of course our fate if we fail.

Glad I'm holding :-))

Quote...

" WHL has just renegotiated the terms of the licences. Importantly, the two-well commitment in Exploration Period 2 has be reduced to one well. As part of this deal, WHL has agreed to relinquish immediately non-core outlier exploration acreage (Farquhar, Platte, Coetivy & Fortune Banks). Further relinquishment is not required until six months after completion of the first exploration well. WHL now plans to reinitiate its farm-out campaign for its Seychelles’ blocks, using its updated analysis of the 2011 2D seismic data. The company plans to conclude farm-out negotiations in the 4Q12/1Q13.

The new licence terms now require an additional ~2,000km of 2D seismic, and WHL already has proposals to shoot this, with costs ranging from US$2-8m. We believe that WHL could fund this work itself, if it wanted, but is likely to wait for farm-out negotiations to conclude and include this work in them. Once a farm-in partner has been secured, it is likely, though not required, that they will want to shoot 3D seismic over the first (and surrounding) lead(s), before drilling a well. Assuming 1,500km2 of 3D seismic is shot, we estimate this would cost ~US$25m. Currently WHL has identified the Junon Bank Q lead as the best location for the first well. Water depth here is just 50m and we estimate that a well here will cost ~US$20m (~US$25m if a discovery is made)."

Makes sence with the timing of this trading halt!!!!