Whitebark Energy Unlocks Significant Officer Basin Potential

Massive 1.11 Tcf Gas and 326 Million Barrel Resource Confirmed in Officer Basin

Whitebark Energy (ASX:WBE) has received a major boost with independent experts confirming substantial hydrocarbon potential across its Officer Basin permits, highlighting the emergence of a potential new energy province in South Australia.

Fluid Energy Consultants has assessed the prospective resources for PEL 81 at 1.11 Tcf of gas and 326 million barrels of liquids (Whitebark’s share), with the giant Rickerscote Prospect emerging as the crown jewel of the company’s exploration portfolio. The Whitebark Energy Officer Basin potential represents one of the most significant onshore exploration opportunities in Australia today.

Rickerscote: A Potential Game-Changer for Australian Energy Security

The Rickerscote Prospect stands as one of the largest undrilled, seismically-defined structures in onshore Australia, spanning an impressive 180-400 km² closure area. Independent assessment confirms best estimate (2U) prospective resources of 1.06 Tcf gas and 145 million barrels of liquids (total), with Whitebark’s 67% share equating to 707 Bcf gas and 97 million barrels of liquids.

Two additional nearby prospects, Milford and Milford East, contribute a combined 2U resource estimate of 58 Bcf gas and 181 million barrels of liquids (total), with Whitebark’s share representing 39 Bcf gas and 121 million barrels of liquids. Such discoveries remind us of major copper gold discovery successes in the Australian resources sector.

This latest assessment significantly enhances Whitebark’s resource inventory and highlights the potential for the Officer Basin to become a major contributor to Australian energy security.

“The independent resource estimate from Fluid Energy Consultants validates our strong belief in the world-class potential of our acreage in the Officer Basin. The geological fundamentals of the basin are supported by the recent resource estimate work.” – Richard King, Director

Proven Petroleum System Elements Already Identified

Multiple critical elements required for a working petroleum system have already been confirmed through well intercepts and outcrops in the Officer Basin:

• • Reservoirs: Conventional sandstones hundreds of meters thick with high porosity

• • Top Seals: Outstanding sealing efficiency, particularly from two thick salt layers

• • Source Rocks: Numerous hydrocarbon shows confirming multiple productive systems

• • Trap Structures: Large fault and canyon-bounded structures mapped on good quality 2D seismic data

Understanding Prospective Resources: What Investors Should Know

Prospective resources represent estimated recoverable volumes from undiscovered accumulations. Unlike reserves, these resources carry both discovery and development risk. The resource estimates are categorized using a probabilistic approach:

• • 1U (Low Estimate): Conservative case with high certainty of being exceeded

• • 2U (Best Estimate): Most likely outcome based on available data

• • 3U (High Estimate): Optimistic case with lower probability

For investors, the 2U (best estimate) figures provide the most balanced view of potential outcomes, though exploration success is required to convert these prospective resources into contingent resources and eventually reserves. Furthermore, the process bears similarities to how high-grade gold stockpiles are evaluated for their commercial potential.

What Are Prospective Resources?

Prospective resources are an important classification in the resource evaluation system used by the oil and gas industry. They represent potentially recoverable hydrocarbon volumes from accumulations that have yet to be discovered. These estimates are based on geological and geophysical data that suggest the potential for hydrocarbon accumulation, but require further exploration to confirm their existence.

The classification differs from reserves (proven, probable, and possible) and contingent resources in that prospective resources have not yet been discovered and therefore carry both exploration risk (the chance of discovery) and development risk (the chance of commercial development if discovered).

For Whitebark Energy’s Officer Basin potential, the prospective resource classification reflects the early-stage nature of the project, but the substantial volumes indicated by independent experts highlight the significant value that could be unlocked through successful exploration.

Exploration Strategy and Next Steps

Whitebark is implementing a methodical exploration program to de-risk the Rickerscote Prospect and the broader Officer Basin potential:

1. 1. Immediate Focus: Commencing soil geochemistry analysis in the field (30-day program)

1. 1. Technical Work: Ongoing geological and geophysical studies to further refine targets

1. 1. Strategic Options: Potentially seeking farm-in partners to accelerate exploration

1. 1. Ownership Upside: Whitebark retains an option to increase its permit ownership from 70% to 100%

The company’s strategic position across PEL 253 and PEL 81 (the Alinya Project) encompasses over 20 identified prospects, providing substantial exploration upside beyond the current focus areas. This approach mirrors successful strategies seen in other resource companies, such as those acquiring new gold projects to diversify their exploration portfolio.

The Investment Case for Whitebark Energy

Whitebark Energy presents a compelling investment proposition based on several key factors:

1. 1. Scale of Resource Potential: The 3U prospective resource for PEL 81 alone stands at 4.3 Tcf of gas and 1.3 billion barrels of liquids (total), with Whitebark’s share at 2.9 Tcf of gas and 844 million barrels of liquids.

1. 1. Diversified Energy Strategy: Beyond conventional hydrocarbons, Whitebark is actively exploring natural hydrogen potential in the same acreage (assessment pending) and holds geothermal exploration applications in Queensland.

1. 1. Significant Upside: With current market capitalization significantly below the potential value of its resource base, successful exploration could deliver substantial shareholder returns.

1. 1. Energy Security Focus: As Australia seeks to enhance domestic energy security, the Officer Basin could emerge as a strategically important new hydrocarbon province.

1. 1. Experienced Team: The company is led by industry professionals with extensive experience in both conventional and unconventional resource development.

Why Investors Should Monitor Whitebark’s Progress

Whitebark Energy represents a high-impact exploration opportunity with the potential to unlock a major new hydrocarbon province in Australia. The scale of the resource base, particularly the giant Rickerscote Prospect, positions the company for significant value creation upon exploration success.

With upcoming catalysts including soil geochemistry results, potential farm-in announcements, and separate hydrogen/helium resource assessments, Whitebark offers multiple paths to value creation. The company’s strategic focus on both conventional hydrocarbons and future energy solutions (hydrogen, geothermal) provides a balanced exposure to both current and future energy markets.

For investors seeking exposure to large-scale exploration potential with the backing of independent resource assessments, Whitebark Energy presents a compelling opportunity to participate in the potential unlocking of Australia’s next significant onshore energy province. In comparison to other resource investments like bonanza gold stockpiles or diamond project stakes, the Whitebark Energy Officer Basin potential offers a different but equally promising investment thesis in the resources sector.

The Officer Basin potential being developed by Whitebark Energy represents one of the most exciting onshore exploration opportunities in Australia today, with the scale and quality of prospects rarely seen in modern onshore exploration.

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