Whitebark Energy Limited is pleased to present its Quarterly
Activities Report for the 3 months ending 30 June 2024 (Period or Quarter)
Highlights
• Capital raise successfully completed with a share placement of $500,000 to sophisticated and
institutional investors, with funds received
o The Company has an active Entitlement Offer which will allow shareholders to participate in a
capital raising of up to $1M for securities offered at the same price as under the completed
Share Placement
• Geothermal exploration permit added to the portfolio signifying a shift in strategy to deliver
renewable energy as the Company looks to future energy demand
o EPG2050 accepted in May 2025 Located South-West of Eromanga in SWQ adds highly
prospective geothermal energy to the portfolio
• Strategic appointment of Non-Executive Director to bolster technical expertise
o Professor Rosalind Archer, an industry expert in geothermal and renewable energy joined as a
NED in June
o Professor Archer holds a PhD in Petroleum Engineering from Stanford University, is Dean
(Academic) of the Sciences Group at Griffith University and is a Non-Executive Director of New
Zealand Oil and Gas Ltd
• Monetisation of the Wizard Lake assets with Conflux acquiring assets and liabilities of the Wizard
Lake field and Whitebark entering into a joint operating agreement with Conflux where Whitebark
retains a 10% interest.
o The transaction, which has a number of customary conditions precedent, involves Conflux
assuming all outstanding contingent liabilities in Rex Energy of CAD $1.44M
• Work overs in progress on Rex 3 and Rex 4 with production planned to resume in full from July 1
• Strategic technology partner Ceraphi Energy MOU in place to assist in the development of
geothermal to hydrogen design and feasibility studies
• Appointment of Avant Group to assist in positioning the company for current funding opportunities
o Whitebark’s hydrogen strategy aligns with both Federal and State Government renewable
energy targets enabling access to $11.2 billion in hydrogen development
o R&D refundable tax offsets
Geothermal to Hydrogen Project – EPG2049, EPG2050 & EPG2054 (SW QLD): Accelerating the development of
Australia’s first commercial geothermal energy to hydrogen project to Final Investment Decision (‘FID’). The
Company believes this project will represent a significant Australian milestone in validating the use of reliable,
dispatchable 24-hour geothermal energy to produce Hydrogen similar to other projects that are successfully
being commissioned internationally. Geological modelling and resource assessment is currently underway with
FID for initial operations expected to occur in H2 FY2025.
Canadian Operations
Wizard Lake – (Whitebark 10% WI)
Production
Whitebark continued to operate the Wizard Lake Oil Field in Alberta, Canada, during the December 2023 Quarter
and received 100% of proceeds from all hydrocarbons produced from the Rex-1, Rex-2, Rex-3 and Rex-4
production wells. The Company holds a 100% working interest in all site facilities, pipelines and infrastructure.
During the reporting period, production was halted whilst a divestment strategy was executed with all wells
being Worked over during the end of June and production expected to resume on 1 July. Workover costs were
covered by Conflux as a free carry.
During the period, the Company continued the formal process to explore the monetisation of all or part of the
wholly owned Wizard Lake assets. Following the prior period appointment of Canadian firm Sayer Energy
Advisors, based in Calgary, Alberta, the Company has executed the acquisition of a 90% WI to Conflux Energy.
the Company will be seeking relevant Shareholder and ASX approvals.
Western Australian Operations
Warro Gas Project (Whitebark WI 100%)
Whitebark Board has approved a realignment of the utilization of the Warro Gas Project as a renewable energy
project which aligns with the energy targets of Western Australia of being Net Zero by 2050 (Western Australia
Climate Policy). The Warro Gas Project is located in an ideal location for a renewable energy project with multiple
streams of energy able to be extracted from the location.
Budget focus will be to meet the current compliance requirements set by the Department of Energy, Mines,
Industry Regulation and Safety (DEMIRS) for the existing Retention Licence and developing a work program to
review renewable energy options for the site including gas production for beneficial use.
Environmental Plan has been brought up to date with current requirements and submitted for approval.
Planned Activities to 30 September 2024
• Compliance activities for Warro R7 to meet with current DEMIRS requirements
• UNFC Resource assessments of South-West Queensland Geothermal Tenements
• Basis of design for Windorah Geothermal and Hydrogen development and feasibility studies
• Continue strategic options analysis and preliminary developments of Warro Gas Project, including
necessary compliance activities, approvals and environmental plans.
Corporate
Financials
Whitebark held a cash balance of A$0.338 million as at 30 June 2024 with net debt of A$0.434 million.
Payments to related parties of the entity and their associates totalled $ 63,563 during the period. This includes
payment of $ 51,563 to Adelaide Equity Partners Limited for providing Corporate Advisory and Investor Relations
services to the Company, and $ 12,000 to Business Initiatives in respect of financial control, administration,
accounting and taxation services.
For this report, a conversion rate of CAD 1.00 – AUD 1.0978 has been used (as at 30 June 2024).
Chairmans Statement
Whitebark Energy Limited is pleased to present our Quarterly Activities Report for the period ending 30 June
2024. This quarter has been pivotal as we successfully completed a capital raise, added a geothermal
exploration permit to our portfolio, and made strategic appointments to strengthen our team. We are proud
to welcome Professor Rosalind Archer to our board. Her extensive expertise in geothermal and renewable
energy will be invaluable as we advance our renewable energy projects.
The completion of a $500,000 share placement demonstrates strong investor confidence in our strategic
direction. Our active Entitlement Offer further extends the opportunity for shareholders to participate in our
growth.
Our shift towards renewable energy is marked by the acceptance of EPG2050, expanding our geothermal
portfolio. This aligns with our vision to meet future energy demands and support sustainable development.
The monetisation of our Wizard Lake assets, with Conflux acquiring a 90% interest, is a strategic move to
optimize our portfolio. This transaction, alongside the planned workovers and production resumption,
positions us for improved operational efficiency and financial performance.
Our partnership with Ceraphi Energy and the appointment of Avant Group highlight our commitment to
pioneering geothermal to hydrogen projects. This aligns with government renewable energy targets,
positioning us to access significant funding opportunities.
In Western Australia, our focus on the Warro Gas Project realignment reflects our commitment to contributing
to the state’s Net Zero by 2050 targets. We are diligently working to meet compliance requirements and
exploring renewable energy options for the site.
Financially, we navigated a challenging quarter with a temporary halt in production at Wizard Lake to facilitate
necessary workovers. Despite this, we remain committed to maximising shareholder value and strategically
managing our resources.
As we look ahead, our planned activities for the next quarter include rigorous compliance activities, resource
assessments, and the development of renewable energy projects. We remain dedicated to sustainable growth
and responsible corporate governance. The Company continues to focus on the monetisation of Wizard Lake, in
conjunction with the strategic review of the Warro Gas Project and the Western Australian assets.
This ASX announcement was approved for release by the Board of Whitebark Energy Limited.
