SO4.L Regulatory News (SO4)

Wildhorse Energy Limited ('WHE' or 'the Company'), the AIM and ASX listed company focused on developing underground coal gasification ('UCG') and uranium projects in Central Europe, is pleased to announce that it has conditionally raised €2,499,999 (GBP£2,058,999 or AUD$3,154,248) through the issue of 40,964,259 fully paid ordinary shares at GBP£0.05 or AUD$0.077 per share. These funds, raised through an oversubscribed share purchase plan ('SPP') and in addition to the GBP£5.56 million or AUD$8.58 million of Firm Placing Shares announced on the 13 April 2012, will be utilised to initiate a Bankable Feasibility Study ('BFS') at the Company's primary Mecsek Hills UCG Project in Hungary. The proceeds will also be used to further develop joint venture negotiations for the Mecsek Hills Uranium Project with the Hungarian authorities.

Subscriptions to the SPP totalled approximately GBP£2,424,002 or AUD$3,723,505, exceeding the maximum number of shares which can be issued in accordance with the terms of the SPP. The total number of shares authorised is 40,964,259 to raise up to €2,499,999 (AUD$3,154,248 or GBP£2,058,999), before costs. Given the significant demand from shareholders under the SPP, the Company is scaling back applications in such a manner as the Directors see fit. The Directors are in the process of determining the method of the scale back and will advise shareholders in due course.

Under the SPP, announced on 18 April 2012, each eligible shareholder (being those persons registered as holders of shares or depositary interests in the Company at the Record Date with a registered address in Australia, New Zealand or the United Kingdom and who are not resident or located in the United States or any other jurisdiction in or into which an offer of shares would be unlawful) were able to apply for up to AUD$15,000 or GBP£9,740.25 worth of fully paid ordinary shares in the Company ('Shares') at a subscription price of AUD$0.077 or GBP£0.05 per Share.

Subject to shareholder approval at the Company's General Meeting to be held on 18 May 2012, 40,964,259 fully paid ordinary shares under the SPP are expected to be allotted and issued on or around 21 May 2012.

WHE Managing Director Matt Swinney said, "I believe the strong support for the SPP demonstrates an increasing understanding of the compelling value proposition offered by WHE as we focus on developing our UCG portfolio and advancing our uranium joint venture to capitalise on the highly favourable energy dynamic in Central and Eastern Europe. Having highlighted the attractive economic and technical viability of our Mecsek Hills UCG Project in Hungary through the recent completion of a Pre-Feasibility Study, I look forward to advancing a BFS at our flagship project and delivering on our strategy of being the major UCG player in the region."

**ENDS**

For further information please visit www.wildhorse.com.au or contact:

Further Information on Wildhorse:

Wildhorse Business Model

The WHE business model is focussed upon applying UCG technology to convert coal into syngas and then selling the syngas to power stations as a gas feedstock. The development and expansion of the UCG portfolio is underpinned by a potentially world class uranium project which the Company is advancing with its Hungarian uranium development partners Mecsek-Öko and Mecsekérc, with the support of the Hungarian Government.

Business Strategy

The Company's business strategy is to become a major supplier of gas feedstock to power stations in Central Europe. WHE's project development strategy is based primarily upon acquiring strategic UCG sites in key locations in Central Europe where gas markets are dominated by Russian gas imports, energy security is a major factor for governments and large scale industrial consumers of gas and gas prices are correspondingly high. The expansion is underpinned by the development of the Mecsek Hills Uranium Project. 

1 The review was prepared pursuant to a scope of work provided by WHE and is based upon information made available to WorleyParsons by WHE. The review is for WHE's benefit to assist WHE in concluding its PFS by validating that the engineering process and methodology used in the PFS maintains good engineering practices and design standards and rolls over into appropriate cost estimation for the capital project. The report is not intended to be relied upon by any third party other than WHE and WorleyParsons accepts no third party liability with respect to the report. For more information visit www.worleyparsons.com as well as WHE's announcement of 19 March 2012 at http://www.wildhorse.com.au.