|WHL managing director Steve Noske. Picture|
"The potential farminee has notified the company that it is withdrawing from any further negotiations at this time as it has been unable to formalise its board approval," WHL announced in a statement.
"The potential farminee had noted that timing issues on the proposed Seychelles farm-in work commitments needed to compete with its large portfolio of global developments for funding at this time."
WHL managing director Steve Noske said while the decision was disappointing, the potential farminee proposal had supported the company's internal valuation and view regarding the prospectivity of the project.
"The proposed farm-in transaction had also provided independent third party verification on the body of technical work completed by the company along with the valuation of the Seychelles acreage."
WHL said it was reconsidering its Seychelles strategy, including discussions with another party in regard to a potential agreement on a seismic acquisition in the Seychelles project area.
WHL shares closed off 0.8 cents, or 33.33 per cent, at 1.6 cents after touching an intraday low of 1.4 cents.
The West Australian July 18, 2013, 11:34 am