Whitebark Energy Boosts Stake to 100% in Alinya Project After Positive Resource Reviews
Whitebark Energy has exercised its option to acquire the remaining 30% stake in the Alinya project, gaining 100% ownership after independent assessments confirmed significant hydrocarbon, hydrogen, and helium resources.
- Whitebark increases stake in Alinya project to 100%
- Positive independent resource assessments for hydrocarbons, hydrogen, and helium
- Acquisition includes issuing 2.955 million shares and options
- Full control enables strategic project timing and future farm-in opportunities
- Officer Basin positioned as a world-class energy province
Whitebark’s Strategic Move in the Officer Basin
Whitebark Energy Limited (ASX, WBE) has taken a decisive step by acquiring the remaining 30% interest in the Alinya project within South Australia’s Officer Basin, elevating its ownership to 100%. This move follows encouraging independent evaluations that highlighted the project’s substantial prospective resources across hydrocarbons, hydrogen, and helium.
The acquisition was executed by exercising an existing option to purchase the remaining shares in Officer Energy Pty Ltd, the entity holding the relevant permits (PEL 81 and PEL 253). Whitebark’s decision was influenced by recent assessments from Sproule ERCE and Fluid Energy Consultants, which validated the project’s resource potential and underscored the Officer Basin’s emerging status as a significant energy province.
Unlocking a Multi-Resource Opportunity
The Alinya project is notable not only for its hydrocarbon prospects but also for its promising hydrogen and helium resources; elements increasingly sought after in the global energy transition. The independent reports have positioned the Officer Basin as a potentially world-class province for these resources, which could diversify Whitebark’s portfolio and align with broader energy trends.
By consolidating full ownership, Whitebark gains strategic control over project development timelines and the flexibility to structure future partnerships. The company plans to offer participation opportunities to third parties through farm-in arrangements, potentially accelerating exploration and development activities.
Consideration and Market Implications
As part of the acquisition, Whitebark will issue approximately 2.955 million shares and an equal number of options to secure the additional 30% interest. This equity-based consideration reflects confidence in the project’s value and aligns shareholder interests with the company’s growth prospects.
Director Mark Lindh emphasized the significance of the independent assessments, describing the decision to exercise the option as straightforward given the “impressive” resource estimates. The move underscores Whitebark’s commitment to unlocking the full potential of its acreage and advancing its position in the evolving energy landscape.
Looking Ahead
While the resource estimates remain prospective and require further validation, Whitebark’s full ownership positions it well to drive the next phases of exploration and development. The company’s focus on conventional oil and gas, alongside emerging clean energy resources like hydrogen, reflects a balanced approach to energy transition challenges.
Bottom Line?
Whitebark’s full control of the Alinya project sets the stage for accelerated development and strategic partnerships in a promising energy frontier.
Questions in the middle?
- What are the timelines and capital requirements for advancing the Alinya project to production?
- Which third-party partners might Whitebark target for future farm-in agreements?
- How will the prospective hydrogen and helium resources influence Whitebark’s long-term strategy?
