{"id":2968,"date":"2015-05-20T18:20:26","date_gmt":"2015-05-20T18:20:26","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=2968"},"modified":"2015-05-20T18:35:19","modified_gmt":"2015-05-20T18:35:19","slug":"whl-energy-receives-4-million-funding-australia-seychelles-assets","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-receives-4-million-funding-australia-seychelles-assets\/","title":{"rendered":"WHL Energy Receives $4 million in Funding For Australia, Seychelles Assets"},"content":{"rendered":"<p>Australian energy company WHL Energy Limited has announced it has received new funding support providing for a commitment of US$4 million from New York-headquartered investment firm Magna Equities II, LLC.<\/p>\n<p>WHL Energy will have immediate access to US$125,000 of those funds which will enable the Company to maintain its momentum in increasing the prospectivity of its Seychelles and VIC\/P67 \u201cLa Bella\u201d projects.<\/p>\n<p>According to WHL Energy Managing Director David Rowbottam the new funding comes at a time when the junior-end of the resources market is struggling to raise fresh equity is a tremendous vote of approval for both WHL Energy and its existing assets<\/p>\n<p>\u201cThis is a sensible step for the Company and its shareholders and will allow us to continue the ongoing work with the Company\u2019s existing assets and to advance work on new opportunities currently being reviewed,\u201d says Rowbottam<\/p>\n<p>Under the Magna Facility, WHL Energy will receive an initial US$125,000 in funding on the date of closing and an additional US$125,000 within 30 days of closing.<\/p>\n<p>Subsequent funding in tranches of up to US$250,000 is available every 60 calendar days (to a maximum of US$3.75 million) at the Company\u2019s election, subject to customary conditions including no events of default or termination events having occurred.<\/p>\n<p>The Magna Facility has a 24 month term from the date of each drawdown, is unsecured, bears no interest costs, can be repaid at any time by the Company with a 15% premium and can be converted into WHL Energy shares at any time by Magna during the term at a 20% discount to the 5-day volume weighted average price (VWAP) of WHL Energy\u2019s ordinary shares.<\/p>\n<p>Magna CEO Joshua Sason on his part says the investment shows continued cooperation with companies in the Australian market<\/p>\n<p>\u201cMagna is delighted to support WHL Energy and the development of its world class Seychelles and Australian oil and gas assets. This investment marks our continued effort to build lasting and mutually beneficial relationships with exciting companies in the Australian market,\u201d says Sason.<\/p>\n<p>Magna makes direct investments across the worldwide public and private equity markets and the entertainment industry.<\/p>\n<p>Last year WHL Energy Limited announced it had completed a <a href=\"http:\/\/ow.ly\/NcHAy%20\">financing agreement<\/a> to raise A$3.2 million via a cash advance term loan facility to be utilized to fund WHL Energy\u2019s ongoing activities including the current interpretation of 3D seismic data acquired over the VIC\/P67 La Bella permit, offshore Victoria, and potential corporate transactions.<\/p>\n<p>In Seychelles WHL is now focused on processing and interpreting the data received from of the 1,528km2 Junon 3D seismic survey.The Junon 3D seismic survey was designed to mature a number of prospects for drilling on the Junon trend in the east of Ophir Energy plc\u2019s \/WHL Energy Seychelles acreage (Junon South, Junon East and Junon Central), an area high graded by WHL Energy\u2019s previous geological studies.<\/p>\n<p>WHL Energy holds a 12,856 km2 exploration area offshore <a href=\"http:\/\/ow.ly\/NcFZP%20\">Seychelles<\/a>, at 25% equity where <a href=\"http:\/\/ow.ly\/NcGh8%20\">Ophir Energy<\/a> is the operator.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australian energy company WHL Energy Limited has announced it has received new funding support providing for a commitment of US$4 million from New York-headquartered investment firm Magna Equities II, LLC. &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-receives-4-million-funding-australia-seychelles-assets\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[202,567,3237,1364,3236,2288,3235,2734],"class_list":["post-2968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-australia","tag-david-rowbottam","tag-joshua-sason","tag-la-bella","tag-magna-equities-ii","tag-seychelles","tag-vicp67","tag-whl-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/whl-energy.png?fit=393%2C238&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-LS","jetpack-related-posts":[{"id":1103,"url":"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-receives-funding-to-support-east-africa-australia-activities\/","url_meta":{"origin":2968,"position":0},"title":"WHL Energy Receives Funding to support East Africa, Australia activities","author":"Samuel Kamau Mbote","date":"May 29, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Australian energy company WHL Energy Limited focussed on East Africa and Australia has announced it has completed a financing agreement to raise A$3.2 million. The capital raised via the cash advance term loan facility will be utilised to fund WHL Energy\u2019s ongoing activities including the current interpretation of\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1925,"url":"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-says-initial-data-from-junon-3d-seismic-data-encouraging\/","url_meta":{"origin":2968,"position":1},"title":"WHL Energy says initial data from Junon 3D seismic data encouraging","author":"Samuel Kamau Mbote","date":"October 17, 2014","format":false,"excerpt":"Australian explorer\u00a0WHL Energy\u00a0has announced it received the initial 'fast-track' data volume from the\u00a0Junon 3D seismic survey acquired offshore the Seychelles by the\u00a0Ophir Energy\/WHL Energy JV\u00a0in July 2014. WHL says this post- stack migration volume is an intermediate product in the Pre-Stack Time Migration (PreSTM) processing of the 1,528 km2 Junon\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/junon.png?fit=800%2C421&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2664,"url":"https:\/\/www.oilnewskenya.com\/index.php\/whl-energy-revises-junon-prospective-resources-estimate-seychelles\/","url_meta":{"origin":2968,"position":2},"title":"WHL Energy revises Junon Prospective Resources Estimate in Seychelles","author":"","date":"March 5, 2015","format":false,"excerpt":"Australian energy company WHL Energy has provided an update to the Prospective Resources in our Seychelles acreage following interpretation of a preliminary PreSTM volume of the Junon 3D seismic survey. According to a detailed interpretation of the Junon PreSTM 3D data by WHL Energy the company \u00a0has firmed up key\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/seychelles-junon-seismic.png?fit=438%2C257&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":886,"url":"https:\/\/www.oilnewskenya.com\/index.php\/seychelles-signs-final-approval-for-whl-farmout-to-ophir-energy\/","url_meta":{"origin":2968,"position":3},"title":"Seychelles signs final approval for WHL farmout to Ophir Energy","author":"Samuel Kamau Mbote","date":"April 16, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Australian energy company\u00a0WHL Energy\u00a0has announced that the Republic of the Seychelles has signed formal documentation approving\u00a0Ophir Energy\u2019s\u00a0previously reported* farm-in to WHL Energy\u2019s large offshore Seychelles exploration position. Under the agreement Ophir is farming-in to earn a 75% interest in\u00a0WHL Energy\u2019s offshore Seychelles petroleum exploration project area. Vice-President Danny\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles1.jpg?fit=749%2C441&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1295,"url":"https:\/\/www.oilnewskenya.com\/index.php\/dolphin-geophysical-awarded-seychelles-3d-seismic-survey-contract\/","url_meta":{"origin":2968,"position":4},"title":"Dolphin Geophysical awarded Seychelles 3D Seismic Survey Contract","author":"Samuel Kamau Mbote","date":"June 24, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Australian energy company WHL Energy Limited has announced that Ophir Energy plc operator of the jointly held Seychelles exploration blocks, has contracted Dolphin Geophysical to undertake the 1500 km2 Junon 3D seismic survey over the Junon trend. Ophir Energy, as operator holds 75% equity in the Seychelles blocks\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/whl-energy.png?fit=393%2C238&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":843,"url":"https:\/\/www.oilnewskenya.com\/index.php\/seychelles-approves-whl-energys-farmout-to-ophir\/","url_meta":{"origin":2968,"position":5},"title":"Seychelles approves WHL Energy&#8217;s farmout to Ophir","author":"Samuel Kamau Mbote","date":"April 4, 2014","format":false,"excerpt":"Australian energy company\u00a0WHL Energy\u00a0has received notice that regulatory approvals will be granted for the previously reported farm-out agreement with\u00a0Ophir Energy. Under the agreement Ophir is farming-in to earn a 75% interest in\u00a0WHL Energy\u2019s offshore Seychelles petroleum exploration project area. Under the terms of the farm-out agreement, final approval was required\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/seychelles.jpg?fit=749%2C440&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2968"}],"version-history":[{"count":3,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2968\/revisions"}],"predecessor-version":[{"id":2971,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2968\/revisions\/2971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1296"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}