Whitebark Energy Advances Hydrogen and Helium Potential in Australia

Whitebark Energy Unveils World-Class Hydrogen and Helium Potential at Rickerscote

Independent expert Sproule ERCE has confirmed exceptional natural hydrogen and helium potential at Whitebark Energy's Rickerscote Prospect in the Officer Basin, South Australia. The evaluation reveals 3U prospective resources of 1.2 billion kg of hydrogen and 209 Bcf of helium (851 million kg hydrogen and 140 Bcf helium net to Whitebark's 67% share).

This validation strengthens Whitebark Energy hydrogen and helium potential, with the company having an option to increase its equity to 100% in the promising PELs 253 and 81.

Rickerscote: A Potentially World-Class Natural Hydrogen and Helium Province

The Rickerscote Prospect possesses all critical elements necessary for significant hydrogen and helium accumulation:

• Clearly defined structure through seismic imaging
• Access to proven radiogenic Mesoproterozoic granites as source rocks
• High-quality, laterally extensive conventional sandstone reservoirs
• Thick salt seals exceeding 300m in thickness

"The independent estimates of prospective resources made by Sproule ERCE validates our strong belief in the world-class potential of our acreage in the Officer Basin," said Director Richard King. "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."

Resource Potential Breakdown

The resource evaluation shows impressive potential across different confidence levels:

Total Recoverable Resources (100%)

Whitebark's Share (67%)

Note: The estimated quantities of hydrogen and helium that may potentially be recovered relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal, and evaluation will be required to determine the existence of significant quantities of potentially moveable hydrogen and helium.

Understanding Natural Hydrogen and Helium Systems

Natural hydrogen and helium systems represent an emerging opportunity in the energy landscape. Unlike traditional hydrocarbon systems, these deposits form under specific geological conditions:

1. Source rocks – Radiogenic granites generate hydrogen through water-rock reactions and helium through radioactive decay
2. Migration pathways – Allowing gases to move from source to reservoir
3. Reservoir rocks – High-quality porous sandstones to store the gases
4. Sealing mechanisms – Salt layers providing exceptional containment

What makes the Rickerscote Prospect particularly notable is the 700+ million years of generation time, allowing substantial accumulation of these valuable gases in the subsurface.

Natural Hydrogen Formation

Natural hydrogen (also called white or gold hydrogen) forms through several natural processes. In the case of the Rickerscote Prospect, the primary mechanism appears to be water-rock reactions. When water contacts certain minerals in radiogenic granites, chemical reactions can produce hydrogen gas. This process has been ongoing for hundreds of millions of years in the Officer Basin, potentially leading to significant accumulations.

Helium Genesis

Helium is produced through the radioactive decay of uranium and thorium in granite rocks. As these elements decay, they release alpha particles which capture electrons to form helium atoms. Over geological timeframes, substantial volumes of helium can accumulate, especially when trapped by impermeable layers like salt formations.

Regional confirmation of the hydrogen and helium potential comes from shows in nearby wells including Kanpa-1, Empress-1, and Vines-1, all located in the Western Australia portion of the Officer Basin.

Strategic Significance of the Rickerscote Prospect

The Rickerscote Prospect stands out as one of the largest undrilled, seismically defined sub-salt structures onshore Australia, with:

• Closure or productive area exceeding 180km² (up to 400km²)
• Multiple stacked reservoir objectives
• Regional confirmation of the concept through hydrogen and helium shows in nearby wells

Success at Rickerscote would not only validate the prospect but potentially unlock the entire Officer Basin as a world-class hydrogen and helium province, representing a significant opportunity for Australia in the clean energy transition.

Officer Basin: Ideal Geological Setting for Hydrogen and Helium

The Officer Basin provides exceptional geological conditions for natural hydrogen and helium accumulation:

• Similar granitic source rocks to those seen in the Ramsay Project underlying PEL81
• High-quality Pindyin Sandstone reservoir proven by nearby wells
• Excellent Alinya Formation salt seal confirmed by regional drilling
• Extensive generation time measured in hundreds of millions of years

This combination of geological factors creates what Whitebark Energy believes to be one of the world's most promising areas for conventionally trapped natural hydrogen and helium.

Whitebark Energy's Exploration Strategy

Following the confirmation of Whitebark Energy hydrogen and helium potential at Rickerscote, the company is advancing its exploration programme. Current plans include:

1. 2D seismic acquisition – Currently in the tender process
2. Soil gas sampling survey – On track for completion by Q4 2025
3. Drilling programme – To be developed following analysis of seismic and soil gas data

The company's approach involves systematic de-risking of the prospect through multiple technical evaluations before potential drilling operations.

Investment Opportunity

Whitebark Energy represents a compelling investment opportunity in the emerging natural hydrogen and helium sector for several key reasons:

1. Strategic positioning in a large-scale natural hydrogen and helium play with world-class potential
2. Independent validation from respected industry experts Sproule ERCE
3. Diversified energy portfolio spanning conventional hydrocarbons, natural hydrogen, and geothermal exploration
4. Multiple follow-up structures within Whitebark's acreage offering substantial exploration upside
5. Option to increase equity to 100% in the promising PELs 253 and 81

As global demand for clean hydrogen grows and helium supply constraints continue, Whitebark Energy's early-mover advantage in the Officer Basin positions the company for potential significant value creation if exploration efforts prove successful.

Furthermore, recent surveys have indicated promising results in Western Australia for similar resource exploration activities, potentially adding to the regional significance of Whitebark's discoveries. The detection of a powerful EM conductor in nearby areas also suggests the region may hold additional mineral wealth beyond hydrogen and helium.

Whitebark Energy combines the stability of conventional oil and gas production with high-grade potential in exploration, offering investors exposure to both current and future energy markets through its Whitebark Energy hydrogen and helium potential.

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