Independent Resource Study

RNS Number:5099Q
Wham Energy plc
01 February 2007


                                WHAM ENERGY PLC

                       INDEPENDENTLY AUDITED EXPLORATION
                           POTENTIAL RESOURCES STUDY

WHAM Energy PLC ("WHAM" or the "Company"), the UK petroleum exploration and
production company (LSE-AIM: "WAM"), is pleased to announce that the independent
petroleum consultants TRACS International Consultancy Limited ("TRACS") have
completed an evaluation of eight prospects on WHAM's 22nd and 23rd Round
licences in the UK southern North Sea through a Competent Persons Report (the
"Report"). The licences subject to the Report were awarded in 2004 and 2005, but
the prospects were not sufficiently well defined for independent evaluation at
the time of WHAM's AIM admission.

The TRACS report contains geo-technical, commercial and probabilistic
evaluations of the 8 prospects, and is designed to allow industry and investors
a better understanding of WHAM's exploration portfolio. TRACS estimates the
prospects with positive expected monetary values (EMVs) to contain prospective
unrisked natural gas resources of 422 BCF gross, 193 BCF net. An expected
monetary valuation (EMV) of these prospects is provided in the report.

TRACS was not asked to update the report on blocks 48/3a & 48/4 that contain the
Morpheus prospect and other leads which were covered in the WHAM Energy AIM
admission document's competent person's report in 2005. The blocks are currently
being re-interpreted following the acquisition of a 3-D seismic survey in 2006
and are the subject of farmout negotiations.

Commenting on the Report, WHAM Energy's CEO Tom Windle says,

"This work marks the conclusion of period of intensive and detailed evaluation
conducted by our exploration team that has now received an independent
assessment by TRACS, one of the UK's leading geoscience consultants and
highlights the implied value potential of WHAM's acreage more visibly. The
report provides a timely update of our progress and our challenge now is to
drill these prospects so as to add value for our shareholders and enhance the
UK's indigenous gas supplies."

This announcement has been reviewed by TRACS. TRACS International Consultancy
Limited is an independent consultancy specialising in petroleum reservoir
evaluation and economic analysis. The Report was managed and signed off by Mark
Graham, a TRACS director. Mr. Graham, a petroleum engineer, has 28 years
experience and co-founded TRACS in 1992 since when the company has conducted
valuations for many energy companies and financial institutions.

The full TRACS International report has been posted and can be downloaded from
our website at www.whamenergy.com.



Notes:

 1. In estimating prospective resources the Report has used standard
    petroleum engineering techniques. These estimates are based on the joint
    definitions of the Society of Petroleum Engineers, the World Petroleum 
    Congress and the American Association of Petroleum Geologists.
 2. The above resource and expected monetary value (EMV) estimates are based on
    WHAM's current interest in the respective licences. In practice, WHAM is
    seeking industry partners to share in drilling the prospects. The impact of
    such "farm-outs" or other co-venture deals on the EMV values are dependant
    on the terms of the respective deals and therefore cannot be assessed in
    advance.
 3. EMVs depend on many assumptions, not least future oil and gas prices and
    development costs. The above EMVs were calculated on an assumed "real terms"
    gas price of 45p/therm, approximating the average 2-year forward market
    price for gas when the calculations were made, reflecting the earliest date
    any discovery could reasonably be produced.
 4. Additional prospects on WHAM's blocks 42/25b, 43/11, 43/12, 43/16 and 43/21b
    are currently being evaluated. As and when these have been developed to an
    appropriate degree, they will be submitted for independent resource
    assessment and it is anticipated additional value will be added to the
    portfolio.
 5. Blocks 42/21 and 42/22 containing the Prometheus prospects previously
    independently valued have not been included in this valuation as additional
    work is being conducted by the Operator, Centrica.


Date: 1 February 2007
For further information:

WHAM Energy plc                      Tel: [phone]
Tom Windle

cityPROFILE                          Tel: [phone]
Simon Courtenay











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