Whitebark Energy Set to Acquire Major Hydrogen and Helium Project in Australia
Key Ideas
- Whitebark Energy, through an agreement with King Energy, is poised to acquire a significant hydrogen and helium project in Australia.
- The acquisition presents Whitebark with access to vast potential resources for hydrogen and helium, supporting the growth of the white hydrogen industry.
- Exploration activities in the underexplored Officer Basin are expected to begin soon, with a focus on low-cost onshore drilling.
- The deal includes provisions for further acquisition of interests in the Alinya project, with a planned capital raising in 2025 to fund exploration endeavors.
Whitebark Energy (ASX: WBE) has entered into an agreement to acquire one of Australia's prominent hydrogen and helium projects by acquiring King Energy. The deal will see Whitebark obtaining all issued securities of King Energy through off-market offers. Executive director Mark Lindh expressed optimism about the acquisition, highlighting the potential of accessing significant resources for hydrogen and helium in Australia's onshore structures. The acquisition aligns with Whitebark's strategy to tap into the growing white hydrogen industry and meet the energy transition needs of Australia. King Energy's interests in the Officer Basin in South Australia present substantial exploration opportunities, with plans to initiate drilling activities in Q1 2026. The region, known for its underexplored nature, offers large seismically defined structures that hold promise for valuable resources. Studies indicate the presence of essential elements for discovering hydrogen, helium, and hydrocarbons. The acquisition's value is estimated at $1,669,700, with potential for King Energy to increase its stake in the Alinya project. Whitebark intends to raise capital in early 2025 to support upcoming exploration ventures, emphasizing the company's commitment to advancing in the energy industry.