Whitebark Faces Funding and Execution Challenges Ahead of Officer Basin Drilling

Exploration Momentum Builds in Officer Basin

Whitebark Energy Limited has taken significant strides this quarter in advancing its exploration ambitions within South Australia's Officer Basin. Central to these efforts is the giant Rickerscote prospect, one of Australia's largest undrilled onshore sub-salt structures. The company has completed a preliminary well design and rig market evaluation through international consultancy Zenith Energy, confirming that drilling to a target depth of 2,400 metres is both feasible and cost-effective. Whitebark is now focusing on securing regulatory approvals and finalising rig contracts, aiming to commence exploration drilling in the second half of 2026.

The Rickerscote prospect holds promising potential across multiple energy vectors, including hydrogen, helium, and hydrocarbons. This aligns with Whitebark's broader 3H Strategy, delivering white hydrogen, natural helium, and transition energy through gas, which positions the company at the forefront of Australia's evolving energy landscape.

Leadership and Asset Expansion

In a move to bolster operational expertise, Whitebark appointed Nikolaos Sykiotis as Chief Operating Officer during the quarter. Sykiotis brings over 15 years of upstream oil and gas experience, having held roles at major players such as Chevron and Beach Energy. His leadership is expected to be pivotal as Whitebark advances its geochemical surveys, seismic programs, and drilling preparations in the Officer Basin.

Complementing this leadership upgrade, Whitebark completed the acquisition of King Energy Limited, securing a 70% interest in the Alinya Project (PEL 81 and PEL 253). This acquisition significantly expands Whitebark’s footprint in the Officer Basin and enhances its portfolio of prospects with proven hydrogen, helium, and hydrocarbon elements.

Diversification and Financial Position

Beyond exploration, Whitebark is realigning its Warro Gas Project in Western Australia towards renewable energy, in line with the state's net zero by 2050 climate policy. The project’s strategic location offers potential for multiple energy streams, including gas production for beneficial use, reflecting a broader shift towards sustainable energy solutions.

Operationally, the company’s Canadian asset at Wizard Lake continues to produce oil and gas, albeit with a notable 53% decline in net production quarter-on-quarter. Despite this, Whitebark maintains a cash balance of A$0.941 million as of 30 June 2025 and is actively pursuing further capital raising to fund its exploration and development programs.

Looking Ahead

Whitebark’s immediate focus includes completing surface sampling and geochemical analyses to validate hydrogen presence, progressing seismic acquisition planning, and advancing drilling permit processes. These milestones are critical as the company gears up for its anticipated drilling campaign at Rickerscote in 2026, which could unlock substantial resource value and contribute to Australia’s energy security and clean energy transition.