Whitebark Energy Ltd. (WBE) has exercised its option to acquire the remaining 30 percent shares in Officer Energy Pty. Ltd., taking full control of what it said is a “giant” potential in its Officer Basin acreage onshore South Australia.
Officer Energy indirectly owns PEL 81 and PEL 253, according to Whitebark. “Exercising the option provides the company with full control of the permits and timing of the Alinya Project”, it said in a statement online. “The additional equity provides scope to offer greater participation to third parties in any future farm-in process.
“As consideration for exercising the option, Whitebark will issue 2.955 million shares and 2.955 million options in the company for the additional 30 percent interest as per announcement dated 20 December 2024”.
Earlier this month the Adelaide-based company announced results from two separate assessments for the permits.
Sproule ERCE estimated 3U (P10) gross prospective resources of 1.2 billion kilograms of hydrogen and 209 billion cubic feet of helium for the Rickerscote Prospect with a 7-17 percent geological chance of success.
Meanwhile Fluid Energy Consultants’ assessment declared the 3U gross prospective resource for PEL 81 to be 4.3 trillion cubic feet of gas and 1.3 billion barrels of liquids.
“The giant Rickerscote Prospect is the largest structure in the acreage and Fluid has an assessed 2U prospective resource of 1.06 Tcf gas and 145 million barrels of liquids in total (707 Bcf gas; 97 million barrels of liquids WBE share)”, Whitebark said August 7.
“Additional prospects Milford and Milford East, located proximally to Rickerscote, are assessed by Fluid to have prospective resources on a combined 2U basis of 58 Bcf gas and 181 million barrels of liquids in total (39 Bcf gas; 121 million barrels of liquids WBE share)”.
Rickerscote is the biggest prospect in the Alinya Project, which straddles PEL 81 and PEL 253. Rickerscote is one of the largest, undrilled, seismically defined, sub-salt structures onshore Australia, according to Whitebark. Rickerscote comprises multiple, stacked reservoir targets and exceeds 180 square kilometers (69.5 square miles) of closure or productive area, according to the company.
“Sproule ERCE has confirmed that all the necessary elements exist in the Officer Basin for the generation and storage of hydrogen and helium”, Whitebark said August 12.
“PELs 253 and 81 have proven conventional reservoirs and salt seals directly overlying basement. A granitic source has the potential to generate substantial free hydrogen over geological time as seen in nearby basins.
“Success at Rickerscote will unlock the Officer Basin and establish these ancient onshore basins as world-class hydrogen and helium provinces”.
Whitebark director Richard King said, “The independent estimates of prospective resources made by Sproule ERCE validate our strong belief in the world-class potential of our acreage in the Officer Basin. Not only is it prospective for hydrocarbons but, in our view, is one of the best places in the world to test for conventionally reservoired natural hydrogen and helium. PELs 253 and 81 have the right rocks and the right amount of time for such a system to work”.
To contact the author, email jov.onsat@rigzone.com
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