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Highlights
- - Whitebark Energy (WBE) is advancing a major hydrogen and helium project.
- - Acquisition of King Energy opens access to key exploration opportunities.
- - Officer Basin identified as a promising underexplored frontier for resources.
Whitebark Energy (ASX:WBE) has taken a significant step towards enhancing its hydrogen and helium resource portfolio by signing an agreement to acquire unlisted public company King Energy. This acquisition positions Whitebark to control one of Australia’s largest prospective hydrogen and helium projects.
Under the agreement, Whitebark Energy will acquire all issued securities of King Energy through separate off-market offers. This strategic move aligns with the company’s focus on leveraging emerging opportunities within Australia’s evolving energy sector.
Strategic Significance of the Acquisition
Mark Lindh, executive director of Whitebark Energy, emphasized the acquisition’s value in providing access to extensive prospective resources. These include naturally occurring hydrogen, helium, and hydrocarbons, which are crucial for energy transition efforts.
Lindh highlighted the importance of seismically defined onshore structures within the Officer Basin, noting their potential to drive Whitebark’s exploration activities. This acquisition supports the company's broader objective to diversify its portfolio while contributing to the growing demand for clean energy resources.
Assets and Exploration Prospects
King Energy holds a 70% interest in Officer Energy, which owns two petroleum exploration licenses spanning 19,467 square kilometers in South Australia’s Officer Basin. These licenses cover key areas with significant potential for naturally occurring hydrogen and helium.
In addition, King Energy manages the Alinya project, which features more than 20 identified prospects. Notable targets include Rickerscote, Milford, and Milford West, each offering promising exploration opportunities.
The Officer Basin is described by King Energy director Richard King as an underexplored frontier with large seismically defined structures. Early exploration results suggest favorable conditions for discovering hydrogen, helium, and hydrocarbons.
Future Plans and Funding
Following the acquisition, Whitebark Energy plans to initiate exploration activities promptly, with drilling anticipated as early as the first quarter of 2026. The exploration will focus on conventional reservoirs at depths ranging between 1,200m and 2,000m, minimizing costs.
To support these activities, Whitebark intends to conduct a capital raising in early 2025. This funding will enable the company to progress its exploration program effectively and potentially acquire the remaining 30% interest in the Alinya project.
With this acquisition, Whitebark Energy is positioned to capitalize on the fast-growing hydrogen sector while meeting the increasing demand for helium and hydrocarbons, ensuring its active role in Australia's energy transition landscape.
