Whitebark Energy to Acquire King Energy in Strategic Takeover Deal

2 min read | December 20, 2024 02:15 PM AEDT | By Team Kalkine Media

Whitebark Energy to Acquire King Energy in Strategic Takeover Deal — Image source: Shutterstock

Details of the Acquisition

Asset Overview: King Energy owns 70% of the Alinya Project, with an option to acquire the remaining 30%. The project boasts substantial prospective resources, including:
- 710 million kilograms of white hydrogen.
- 97 billion cubic feet (Bcf) of helium.
- 153 million barrels of oil equivalent (mmboe).
Consideration Terms:
Whitebark will issue:
- 100 million new shares at $0.012 per share.
- 100 million new options exercisable at $0.05 by March 31, 2030.
  The transaction values the acquisition at AUD $1,669,700, providing both existing and new shareholders exposure to significant potential upside.
Leadership Addition: Richard King, with 30 years of experience in energy project commercialization and management, will join Whitebark’s board. Mr. King’s previous roles include positions at KUFPEC, Chevron, OTTO Energy, and Woodside, where he contributed to the development of major energy projects.

Strategic Significance

The acquisition aligns with Whitebark’s vision of expanding its portfolio into critical energy resources such as hydrogen and helium, alongside traditional hydrocarbons. The Alinya Project’s enormous scale and resource potential offer a strong growth platform, while the addition of Richard King strengthens Whitebark’s leadership team with proven expertise in energy project development.

Market Reaction and Future Outlook

Following the announcement, Whitebark shares surged 42%, reaching 1 cent as of 20 December 2024.

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