As Interceptor was sort of saying, in such a bright environment and with the limited range of aperture values given by the G12 and no external strobe, you won't get a black background when shooting a whale shark. Nor will you likely have motion blur. The difference between AV and TV really depends on what you want to get out of it.
As per ISO, I forgot that the G12 allows for ISO 80. Generally speaking, you want to use the lowest ISO that your camera and conditions allow.
You should be able to fit the animal in the frame, just be prepared to swim like crazy away from the animal to do it. I had a similar zoom range the first time I happened across a whale shark and came away with some okay shots.
If you have the ability to shoot manual, do it. I usually start with ISO 100, shutter speed 1/120-150 and f-9 (aperture irrelevent because the G12 has a different set of aperture values than I usually use) and work from there depending on what I'm shooting under the given conditions.