Interim Results

The Board of Directors of Wildhorse Energy Limited present their report on Wildhorse Energy Limited ("Company" or "Wildhorse Energy") and the entities it controlled during the half year ended 31 December 2014 ("Consolidated Entity" or "Group").  A full version of the report is available on the Company's website at www.wildhorse.com.au.

Operations

Highlights during the half year and since the end of the half year include:

· The Company substantially reduced costs for its operational and administrative functions and, as announced on 28 October 2014, is now accessing options to divest its remaining Hungarian uranium project.

· The Company increased its focus on its remaining Golden Eagle Uranium Project in the USA.

· The Company completed a 1 for 30 consolidation of capital ('Consolidation') as approved by shareholders at the Annual General Meeting on Tuesday 25 November 2014, reducing the number of shares on issue to 13.6 million.

· Following the completion of the Consolidation, the Company issued a prospectus detailing a 5 for 1 pro rata renounceable entitlements issue to raise up to approximately $3.8 million before costs.

· The Company received applications for 19,158,525 ordinary shares ('Shares') to raise A$957,926 under the Entitlement Issue. Directors placed 28,500,000 Shares to raise A$1,425,000 under the Shortfall Offer and have 28,010,305 Shares remaining to issue, which is expected to occur in the coming weeks. Upon completion of the Entitlement Issue associated Shortfall Offer, the Company will have approximately A$3.6 million in cash.

· The Company continues in its efforts to identify and acquire suitable new business opportunities in the resource and other sectors both domestically and overseas.

The Board is confident that, with the completion of the recapitalisation process the new low cost structure has placed the Company in a strong position to progress its current project and to pursue new opportunities in the resource and other sectors.

Golden Eagle Uranium and Vanadium Project

The Golden Eagle Uranium and Vanadium Project holds nine U.S. Department of Energy (DOE) Uranium/Vanadium Mining Leases, covering 22.7 km2 located in the Uravan Mineral Belt, Colorado USA.

Technical reports for a number of the leases have been drafted based on historic data, however, exploration drilling and core analysis need to be completed in order to finalise these reports. The leases will expire eight years after the courts complete their review of the Record of Decision (ROD) published in 2014 in the Federal Register and the DOE allows the lease holders to resume activities on their leases.

It should be noted that the leases, can be held beyond their expiration through continued renewals and the continuation of lease maintenance, including exploration work and future production. Historically these DOE leases have been renewed for 10 year periods after the expiration date; existing leases issued to past Lessee's have been renewed dating back to 1974.

Wildhorse Energy also possesses an option on Gold Eagle Mining Inc (GEMI) leases; GEMI has three DOE properties of which two have active operating permits.

Upon completion of the recapitalisation process, the Company will undertake a staged approach to advance this project, and will initially focus on a technical review of existing exploration information to determine the most appropriate manner to undertake further exploration activities.

Mecsek Hills Uranium Project

As part of the Company's ongoing restructuring efforts and decision to cease all activities in Europe, the Board resolved to divest of its holdings in the Mecsek Hills Uranium Project. As a result, the Company is continuing with its efforts to divest of its interest in this Project to extract the best value for shareholders. It is also noted that with effect from 31 December 2014, the Hungarian government has deemed the Project joint venture entity ("Magyar Uran Zrt") a company of national importance, which may impact on the sale process.

Mecsek Hills UCG Project

As previously disclosed, given that no recent development activities had been undertaken on this project and a number of unsuccessful attempts had been made to divest all or part of the Company's interest in this project, the Board resolved to formally cease all activities during the period, which resulted in the associated mineral interests terminating.

CORPORATE

Share Consolidation

As announced on 8 December 2014, the consolidation of the Company's capital, on the basis of 1 share for every 30 existing shares, as approved by shareholders at the Annual General Meeting of shareholders on 25 November 2014, has now been completed. The numbers of Options on issue have also been consolidated on a 1 for 30 basis, with the exercise price of the Options increasing in inverse proportion to the consolidation ratio.

Results of Operations

Net operating loss after tax for the half year ended 31 December 2014 was $786,840 (31 December 2013: $31,883,576).

Financial Position

At 31 December 2014, the Company had cash reserves of $39,578 (30 June 2014: $404,143) and net assets of $412,139 (30 June 2014: $1,060,554).

At the completion of the Entitlement Issue and associated Shortfall Offer, the Company's cash position will be approximately $3.6 million with a total of 90,802,596 ordinary shares on issue.

SIGNIFICANT POST BALANCE DATE EVENTS

Other than as disclosed below, at the date of this report there were no significant events occurring after balance date requiring disclosure.

(i) On 6 February 2015, the Company issued 19,158,525 Shares to raise $957,926 under the Entitlements Issue offer; and

(ii) On 27 February 2015, the Company issued 28,500,000 Shares to raise $1,425,000 under the Shortfall Offer. The placement included shares issued to Directors which were approved by Shareholders at a general meeting of the Company held on 28 January 2015.

(iii) Under the Shortfall Offer, the Company has 28,010,305 Shares remaining to be issued. The Directors have allocated these remaining Shares to unrelated third parties and to date the Company has received application forms and monies for 24,150,000 Shares (A$1,207,500). The Directors expect to issue the remaining Shares once all application forms and monies are received which is expected to be within the next one to two weeks.

AUDITOR'S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, KPMG, to provide the directors of Wildhorse Energy Limited with an Independence Declaration in relation to the review of the half year financial report. This Independence Declaration is attached to and forms part of this Directors' Report.

Signed in accordance with a resolution of the Directors.

MARK PEARCE

Director

13 March 2015

DIRECTORS' DECLARATION

In the opinion of the Directors of Wildhorse Energy Limited:

1. the interim financial statements comprising the statement of comprehensive income, statement of financial positon, statement of cash flows, statement of changes in equity and notes set out on pages 9 to 15 are in accordance with the Corporations Act 2001 including:

1. giving a true and fair view of the financial position of the consolidated entity as at 31 December 2014 and of its performance and cash flows for the six months ended on that date; and

2. complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001; and

2. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of Directors:

MARK PEARCE

Director

13 March 2015

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2014

Notes:

1. The 31 December 2013 comparatives for basic and diluted loss per share have been restated to take into account the 1 for 30 Consolidation that occurred during the period (refer to note 7).

* Refer to note 4 for details of the restatement due to the discontinuation of one of the Company's operations.

The above Condensed Consolidated Statement of Profit or Loss and other Comprehensive Incomeshould be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014

The above Condensed Consolidated Statement of Financial Position

should be read in conjunction with the accompanying notes

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2014

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2014

The above Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2014

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance

The interim condensed consolidated financial statements of the Group for the half year ended 31 December 2014 were authorised for issue in accordance with the resolution of the directors on 13 March 2015.

The interim condensed consolidated financial statements for the half year reporting period ended 31 December 2014 have been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.

This half year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report of Wildhorse Energy Limited for the year ended 30 June 2014 and any public announcements made by Wildhorse Energy Limited and its controlled entities during the half year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

(b) Basis of Preparation of Half Year Financial Report

The interim condensed consolidated financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars.

The consolidated financial statements have been prepared on a going concern basis which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.

The accounting policies and methods of computation adopted in the preparation of the half year financial report are consistent with those adopted and disclosed in the company's annual financial report for the year ended 30 June 2014, other than as detailed below.

(c) New Accounting Standards

In the current period, the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2014. New and revised standards and amendments thereof and interpretations effective for the current half year that are relevant to the Group include:

· AASB 132 Financial Instruments: Presentation and AASB 2012-3 Amendments to Australian Accounting Standards arising from AASB 132;

· AASB 136 Impairment of Assets and AASB 2013-3 Amendments to Australian Accounting Standards arising from AASB 136; and

· AASB 1031 Materiality and AASB 2013-9 (Part B) Amendments to Australian Accounting Standards to delete references to AASB 1031.

The adoption of new and revised Standards and Interpretations has not affected the amounts reported for the current or prior periods. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

2. SEGMENT INFORMATION

Management assesses the performance of the operating segments based on a measure of contribution. This measure excludes items such as the effects of equity settled share based payments, and unrealised gains and losses on financial instruments, interest income, corporate expenses, as well as other centralised expenses, which are not attributable to segments.

For six months ended 31 December 2014

For six months ended 31 December 2013

Reconciliation of reportable segment loss

3. EXPENSES

4. DISCONTINUED OPERATIONS

In October 2014, as part of the re-structure process, the Company commenced winding up proceedings or assessing options to divest entities associated with the exploration and evaluation assets for the Hungary Coal, Hungary Uranium and Central Europe segments. The Hungary Uranium segment was not previously classified as discontinued. The impairment expense recognised in the prior period resulted in a nil value of exploration and evaluation assets for these entities and further restructuring and impairment costs for the half year.

Note:

1. The 31 December 2013 comparatives for basic and diluted loss per share have been restated to take into account the 1 for 30 Consolidation that occurred during the period.

At 30 June 2014, Directors decided to relinquish Cikó, Bátaszék, Abaliget, Pécs CBM and Alwernia projects based on the performed exploration and evaluation work. As a result of year end fair value assessment, the remaining Hungarian uranium; and Hungarian and Czech UCG assets were written off to a fair value of zero. An impairment charge of $37,631,330 was recorded in the statement of comprehensive income ($28,171 for the Cikó project, $343,554 for the Bátaszék project, $6,570 for the Abaliget project, $10,491,666 for the Pécs CBM project, $42,870 for the Polish Alwernia project, $3,664,773 for the Hungarian uranium projects, $22,987,267 for the Hungarian UCG project and $66,459 for the Czech UCG project) in the year ended 30 June 2014.

5. SHORT TERM LOAN

Note:

1. On 27 November 2014, the Company executed a loan agreement with an unrelated proprietary company for a six month term at 4 percent interest per annum. The Company anticipates repaying the loan at the completion of the Entitlement Issue with funds raised.

6. CONTRIBUTED EQUITY

(b) Movement in Share Capital during the past six months

Notes:

1. Shares issued to GMP Securities Europe LLP in lieu of fees for broking services provided.

2. The Company completed a 1 for 30 Consolidation of capital.

3. As approved by Shareholders at the Company's Annual General Meeting on 25 November 2014, shares were issued to non-related party creditors at $0.05 per Share.

4. Share issue costs of $46,128 include expenses relating the Company's five for one Entitlement Issue is recognised as a prepayment at 31 December 2014. This will be transferred to equity when the shares are issued.

7. EARNING PER SHARE

On 8 December 2014, the Company completed a 1 for 30 Consolidation. The weighted average number of ordinary shares used in calculating basic and diluted earnings per share has been retrospectively adjusted in both the current and prior periods to reflect the impact of the Consolidation.

8. RESERVES

(a) Movement in share-based payment reserve during the past six months

9. COMMITMENTS AND CONTINGENCIES

There have been no changes to the commitments or contingencies disclosed in the most recent annual financial report of the Company.

10. DIVIDENDS PAID OR PROVIDED FOR

No dividend has been paid or provided for during the half year (31 December 2013: nil).

11. FINANCIAL INSTRUMENTS

(a) Fair Value Measurement

At 31 December 2014 the Group had no material financial assets and liabilities that are measured on a recurring basis and at 31 December 2014, the carrying amount of financial assets and financial liabilities for the Group is considered to approximate their fair values.

12. SUBSEQUENT EVENTS AFTER BALANCE DATE

Other than as disclosed below, at the date of this report there were no significant events occurring after balance date requiring disclosure.

(i) On 6 February 2015, the Company issued 19,158,525 Shares to raise $957,926 pursuant to the Entitlements Issue offer; and

(ii) On 27 February 2015, the Company issued 28,500,000 Shares to raise $1,425,000 under the Shortfall Offer. The placement included shares issued to Directors which was approved by Shareholders at a general meeting of the Company held on 28 January 2015.

(iii) Under the Shortfall Offer, the Company has 28,010,305 Shares remaining to be issued. The Directors have allocated these remaining Shares to unrelated third parties and to date the Company has received application forms and monies for 24,150,000 Shares (A$1,207,500). The Directors expect to issue the remaining Shares once all application forms and monies are received which is expected to be within the next one to two weeks.

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