Whitebark Energy Ltd (ASX:WBE) is an oil and gas production and exploration company based in Perth, Australia, and listed on the Australian Securities Exchange. Whitebark’s objective is to increase shareholder value through the identification and development of a diversified portfolio of oil and gas assets.

Backed by a management team with substantial operational and corporate experience both in Australia and overseas, Whitebark prides itself on its skills at successful project identification, execution, management and operational expertise.

Whitebark’s core focus is on onshore oil and gas production in Alberta, Canada, and development and exploration opportunities in the Perth Basin, Western Australia.

In May 2017, Whitebark completed the acquisition of a 20% working interest in an oil and gas project in Alberta, Canada, that delivered net production of 180 barrels of oil a day and tolling income from a 70mcf gas processing plant. Whitebark and JV partner Point Loma Resources, have a clearly defined strategy to double production over a six-month period.

In the Perth Basin, Whitebark has an interest in two joint ventures: the Warro gas field (57%) with Alcoa of Australia Ltd, and the Xanadu project (15%) with Norwest Energy, Triangle Energy Group and 3C Group.

Point Loma

Whitebark’s Canadian subsidiary Salt Bush Energy has acquired a 20% working interest in Point Loma Resources’ land, property, equipment and production facilities in Alberta and agreed a six-month work program covering the drilling of wells, well workovers, well tie-ins and facilities upgrades and debottlenecking. Whitebark’s share of initial production is 180 barrels of oil a day and tolling income from the 70MMcf/d gas plant. The Point Loma project’s 1P reserves are 3.9MMboe. The 2P reserves are about 5MMboe (Whitebark’s net share is 0.78m barrels on a 1P basis and 0.99m barrels on a 2P basis).

Xanadu

Whitebark, through its Australian subsidiary Kubla Oil, has agreed to fund 20% of the cost of the Xanadu-1 exploration well to earn a 15% equity interest in the Xanadu prospect and permit TP15.  The Joint Venture also comprises Norwest Energy (Operator), Triangle Energy Group and 3C Group.The well is expected to be drilled late in 2017.

In addition to the farm-in, Whitebark acquired 100,000,000 shares in Norwest for $200,000, giving Whitebark an extra indirect economic interest in Xanadu/TP15 of about 3.5%.

Latent Petroleum – Warro Gas Project

Whitebark’s Australian subsidiary Latent Petroleum holds a majority interest (57%) in the Warro Gas Project about 200km north of Perth. Aluminium company Alcoa of Australia is Latent’s joint venture partner, holding the remaining 43% project interest.

Alcoa has earned its interest in Warro through funding the drilling of four wells (Warro-3, 4, 5 and 6) and 3D seismic acquisition as part of a staged farm-in evaluation program.

The completed farm-in program could see Alcoa increase its Warro interest to 65%.