Announcement • Apr 30
H3 Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 1.6 million. H3 Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 1.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 213,333,334
Price\Range: AUD 0.0075
Discount Per Security: AUD 0.00045
Transaction Features: Subsequent Direct Listing New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.9m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-AU$2.1m). Shareholders have been substantially diluted in the past year (177% increase in shares outstanding). Revenue is less than US$1m (AU$52k revenue, or US$37k). Market cap is less than US$10m (AU$5.97m market cap, or US$4.18m). Announcement • Oct 30
Whitebark Energy Limited, Annual General Meeting, Nov 28, 2025 Whitebark Energy Limited, Annual General Meeting, Nov 28, 2025. Location: steinepreis paganin, qv1, 250 st georges terrace, wa 6000, perth Australia Announcement • Oct 29
Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 0.85 million. Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 0.85 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 150,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Transaction Features: Subsequent Direct Listing New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.1m free cash flow). Share price has been highly volatile over the past 3 months (37% average weekly change). Negative equity (-AU$2.3m). Shareholders have been substantially diluted in the past year (179% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$3.52m market cap, or US$2.32m). New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Negative equity (-AU$3.1m). Shareholders have been substantially diluted in the past year (179% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$3.52m market cap, or US$2.32m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Announcement • Feb 06
Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 61,898,413
Price\Range: AUD 0.0065
Discount Per Security: AUD 0.00039
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 245,793,896
Price\Range: AUD 0.0065
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 30
Whitebark Energy Limited, Annual General Meeting, Nov 29, 2024 Whitebark Energy Limited, Annual General Meeting, Nov 29, 2024. Location: at steinepreis paganin, qv1, 250 st georges terrace, perth wa 6000 Australia New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-AU$2.9m). Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Market cap is less than US$10m (AU$1.98m market cap, or US$1.37m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Revenue is less than US$5m (AU$1.5m revenue, or US$1.1m). New Risk • Jun 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 59% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-AU$2.9m). Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Market cap is less than US$10m (AU$2.34m market cap, or US$1.56m). Minor Risk Revenue is less than US$5m (AU$1.5m revenue, or US$1.0m). Announcement • Jun 15
Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 1.011751 million. Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 1.011751 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 84,312,608
Price\Range: AUD 0.012
Discount Per Security: AUD 0.00072
Security Features: Attached Options
Transaction Features: Rights Offering New Risk • Apr 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-AU$2.9m). Revenue is less than US$1m (AU$1.5m revenue, or US$978k). Market cap is less than US$10m (AU$3.08m market cap, or US$1.98m). Minor Risk Shareholders have been diluted in the past year (31% increase in shares outstanding). Announcement • Mar 23
Whitebark Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.516999 million. Whitebark Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.516999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,148,400
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Name: Shares
Security Type: Common Stock
Securities Offered: 9,701,550
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$508k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$508k free cash flow). Negative equity (-AU$2.9m). Revenue is less than US$1m (AU$1.5m revenue, or US$1m). Market cap is less than US$10m (AU$3.60m market cap, or US$2.36m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Jan 12
Whitebark Energy Limited Announces Board Changes Whitebark Energy Limited advises of the resignation of Non-Executive Chairman, Mr. Duncan Gordon effective immediately. The Company also advises of the appointment of Mr. Mark Lindh as a Non-Executive Director effective immediately. Mark is a founder and principal of AE Advisors. He has acted as the principal corporate and financial advisor to a number of Australian corporate success stories and has extensive experience in Australian equity and debt markets and advising clients on capital raisings, mergers and acquisitions and investor relations. Mark brings extensive experience with listed companies in the Australian energy industry and is currently a Non-Executive director of ASX listed Bass Oil Ltd. and Non-Executive Chairman of Aerometrex Ltd. Mr. Lindh has accepted the role of Non-Executive Chairman. New Risk • Dec 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Market cap is less than US$10m (AU$3.60m market cap, or US$2.46m). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Revenue is less than US$5m (AU$2.4m revenue, or US$1.6m). Announcement • Nov 29
Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 0.516999 million. Whitebark Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 0.516999 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 16,148,400
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Name: Shares
Security Type: Common Stock
Securities Offered: 9,701,550
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 30
Whitebark Energy Limited, Annual General Meeting, Nov 29, 2023 Whitebark Energy Limited, Annual General Meeting, Nov 29, 2023, at 10:00 AUS Central Standard Time. Location: Ground Floor 70 Hindmarsh Square Adelaide South Australia Australia Agenda: To consider the Adoption of Remuneration Report; to consider the Re-election of Director Mr. Matthew White; to consider the Ratification of the issue of Convertible Notes; to consider the Approval of Issue of Convertible Notes to Mr. Duncan Gordon; to consider the Approval of Issue of Convertible Notes to Mr. Duncan Gordon; to consider the Approval of Issue of Convertible Notes to Mr. Tino Guglielmo; to consider the Approval Of 7.1A Mandate; and to consider the Ratification of prior issue of Convertible Notes to AE Advisors. Announcement • Oct 05
Whitebark Energy Limited announced that it has received AUD 1 million in funding On October 03, 2023, Whitebark Energy Limited closed the transaction. The transaction included participation from Board members. The company issued 1,000,000 redeemable convertible notes at a price of AUD 1 per note for the gross proceeds of AUD 1,000,000. The notes convert to ordinary shares at an Issue Price of AUD 0.0005 per share (being an equity value of AUD 3.6m). The conversion price may be adjusted to reflect the commercial terms of any subsequent capital raising or restructure, at the election of the noteholder. Reported Earnings • Sep 30
Full year 2023 earnings released: AU$0.001 loss per share (vs AU$0.01 loss in FY 2022) Full year 2023 results: AU$0.001 loss per share. Revenue: AU$2.36m (down 25% from FY 2022). Net loss: AU$4.30m (loss widened 370% from FY 2022). Announcement • Sep 13
Whitebark Energy Limited announced that it expects to receive AUD 1 million in funding Whitebark Energy Limited announced a private placement of 1,000,000 redeemable convertible notes at a price of AUD 1 per note for the gross proceeds of AUD 1,000,000 on September 12, 2023. The notes have a coupon rate of 20% and are convertible into equity shares of the company at a conversion price of AUD 0.0005 per share. The transaction is subjected to shareholders approval. The transaction is expected to close within 30 days. Reported Earnings • Mar 15
First half 2023 earnings released: AU$0.017 loss per share (vs AU$0 in 1H 2022) First half 2023 results: AU$0.017 loss per share (further deteriorated from AU$0 in 1H 2022). Revenue: AU$1.10m (down 43% from 1H 2022). Net loss: AU$832.0k (loss widened 94% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 41% per year whereas the company’s share price has fallen by 37% per year. Announcement • Jan 09
Whitebark Energy Limited Announces Rex-4 Status Update - Wizard Lake Field Production Now At 180 boe/d Whitebark Energy Limited announced progress on clean-up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field in Alberta, Canada. The Rex-4 well was allowed a ‘rest’ period prior to commencing clean-up; all incremental production is going directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well were reported as ~230 barrels of fracture stimulation fluid per day on November 20, 2022, at a pump-rate of 3 strokes per minute. Oil traces were noted in the recovered fluid on November 22, 2022 at a total of approximately 800 barrels of recovered fluid. Pump rate has been gradually increased to 5.5 spm as of December 13, 2022, with accompanying flow rates of ~500 barrels of fluid per day, and is being increased to 6 strokes per minute at January 9, 2023. Current oil cut is approximately 15% and increasing steadily. Rex-4 currently sits at ~48% recovery of injected fluid. Eventual oil cut is expected to be approximately 40% (as demonstrated in wells Rex-1 through Rex-3) and this will occur once all load fluid is recovered. This is a standard oil-saturation for sandstone reservoirs. Rex-4 is performing according to expectations and by comparison to the other wells. Overall field production at Wizard Lake has increased to ~180 barrels of oil equivalent per day (boe/d) from ~50 boe/d prior to gradually bringing Rex-4 online. Rex-4 is currently contributing ~25% of total production and this will increase as the oil cut at Rex-4 increases. The Company's strategy remains to manage the Rex-4 wellbore carefully as it is brought into stabilised production. During the clean-up period flow rates have been gradually increased as appropriate based on the behaviour of the well. As the frac fluid is increasingly recovered, Rex-4 oil flow-rates will be increased gradually over the course of several weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. Company believes that this strategy will contribute to greater well lifespan and increased ultimate recovery. Whitebark has modelled ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4 The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3. A total of 1,483.5 tons of proppant was pumped during the program. Wizard Lake Oil and Gas Field - Immediate development potential: It is planned for the next four Wizard Lake wells (Rex-5 through Rex-8) to address existing Proved (‘1P’) Reserves which is calculated to be 2.3 million barrels of oil equivalent,. Whitebark plans to drill and complete all four wells from the existing well pad without further infrastructure investment required. The Company has identified 20 additional development locations which will target the remainder of the Company's 2P reserves (5.12 million barrels of oil equivalent in total) and contingent resources (an additional 4.7 mmboe). Announcement • Dec 20
Whitebark Energy Limited Announce Progress on Clean-Up Flow Rates Following Completion of Hydraulic Fracture Stimulation Operations Whitebark Energy Limited announce progress on clean-up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field ("Wizard Lake") in Alberta, Canada. The Rex-4 well was allowed a "rest" period prior to commencing clean-up; all incremental production is going directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well were reported as ~230 barrels of fracture stimulation fluid per day on November 20, 2022, at a pump-rate of 3 strokes per minute ("spm"). Oil traces were noted in the recovered fluid on November 22 2022 at a total of approximately 800 barrels of recovered fluid. Pump rate has been gradually increased to 5.5 spm as of December 13 2022 with accompanying flow rates of ~500 barrels of fluid per day at December 18, 2022. Current oil cut is approximately 6% and increasing steadily. Rex-4 currently sits at ~28% recovery of injected fluid. Eventual oil cut is expected to be approximately 40% (as demonstrated in wells Rex-1 through Rex-3) and this will occur once all load fluid is recovered. This is a standard oil-saturation for sandstone reservoirs. Rex-4 is performing according to expectations and by comparison to the other wells. Overall field production at Wizard Lake has increased to ~70 barrels of oil equivalent per day (boe/d) from ~50 boe/d prior to gradually bringing Rex-4 online. Rex-4 is currently contributing ~30% of total production and this will increase as the oil cut at Rex-4 increases. The Company's strategy remains to manage the Rex-4 wellbore carefully as it is brought into stabilised production. Having allowed the wellbore to "rest" and to heal naturally from the fracture stimulation program will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. During the clean-up period flow rates have been gradually increased as appropriate based on the behaviour of the well. As the frac fluid is increasingly recovered, Rex-4 oil flow-rates will be increased gradually over the course of several weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonneof 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3. A total of 1,483.5 tonnes of proppant was pumped during the program. Announcement • Dec 06
Whitebark Energy Limited Announces Rex-4 Clean-Up Progress Whitebark Energy Limited announced progress on clean-up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field ("Wizard Lake") in Alberta, Canada. The Rex-4 well was allowed a "rest" period prior to commencing clean-up; all incremental production is going directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well were reported as ~230 barrels of fracture stimulation fluid per day on November 20 2022, at a pump-rate of 3 strokes per minute ("spm"). Initial oil traces were noted in the recovered fluid on November 22 2022 at a total of approximately 800 barrels of recovered fluid. Pump rate has been gradually increased to 5 spm as of November 29 2022 with accompanying flow rates of ~440 barrels of fluid per day at December 5 2022. Current oil cut is increasing steadily and is expected to wax at increasing rates. To provide context, previous wells achieved a 10% oil cut after recovery of approximately 20% of the injected fluid. Rex-4 currently sits at ~12% recovery of injected fluid. Eventual oil cut is expected to be approximately 40%, as demonstrated in wells Rex-1 through Rex-3. This is a standard oil saturation for sandstone reservoirs. Rex-4 is performing according to expectations and by comparison to the other wells. The Company's strategy remains to manage the Rex-4 wellbore carefully as it is brought into stabilised production. Having allowed the wellbore to "rest" and to heal naturally from the fracture stimulation program will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. During the clean-up period flow rates have been gradually increased as appropriate based on the behaviour of the well. As the frac fluid is increasingly recovered, Rex-4 oil flow-rates will be increased gradually over the course of several weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. Company believe that this strategy will contribute to greater well lifespan and increased ultimate recovery. Whitebark has modelled ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4 The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3. A total of 1483.5 tonnes of proppant was pumped during the program. Wizard Lake Oil and Gas Field - Immediate development potential: It is planned for the next four Wizard Lake wells (Rex-5 through Rex-8) to address existing Proved ("1P") Reserves which is calculated to be 2.3 million barrels of oil equivalent¹. Whitebark plans to drill and complete all four wells from the existing well pad without further infrastructure investment required. The Company has identified 20 additional development locations which will target the remainder of the Company's 2P reserves (5.12 million barrels of oil equivalent¹ in total) and contingent resources (an additional 4.7 mmboe). Announcement • Nov 30
Whitebark Energy Limited Announces Rex-4 Clean-Up Progress Whitebark Energy Limited announced progress on clean-up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field in Alberta, Canada. The Rex-4 well was allowed a "rest" period prior to commencing clean-up; all incremental production will go directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well were reported as ~230 barrels of fracture stimulation fluid per day on November 20 2022, at a pump-rate of 3 strokes per minute. Initial oil traces were noted in the recovered fluid on November 22 2022 at a total of approximately 800 barrels of recovered fluid. Pump rate has been gradually increased to 5 spm as of November 29 2022 with accompanying flow rates of ~380 barrels of fluid per day. Total fluid recovery to date is approximately 2,500 barrels of fluid. By comparison Rex-1 recovered first oil traces at ~3,500 barrels of fluid and reached 10% oil cut after ~9,500 barrels of fluid; Rex-2 had first oil traces at ~1,900 barrels of fluid and reached 10% oil cut after ~5,000 barrels of fluid; Rex-3 had first oil traces at ~1,600 barrels of fluid and reached 10% oil cut after ~1,900 barrels of fluid recovery. It should be noted that previous wells were brought online at initial rates of up to 1000 barrels of fluid per day, which is considered too high a rate - drawing-down the wells and pulling frac proppant sand into the horizontal section (particularly at Rex-3). Eventual oil cut is expected to be approximately 40%, as demonstrated in wells Rex-1 through Rex-3. Rex-4 is performing according to expectations and by comparison to the other wells. The Company's strategy remains to manage the Rex-4 wellbore carefully as it is brought into stabilised production. Having allowed the wellbore to "rest" and to heal naturally from the fracture stimulation program will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. During the clean-up period flow rates have been gradually increased as appropriate based on the behaviour of the well. As the frac fluid is increasingly recovered, Rex-4 oil flow-rates will be increased gradually over the course of several weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. Whitebark has modelled ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4 The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3. A total of 1483.5 tonnes of proppant was pumped during the program. It is planned for the next four Wizard Lake wells (Rex-5 through Rex-8) to address existing Proved ("1P") Reserves which is calculated to be 2.3 million barrels of oil equivalent¹. Whitebark plans to drill and complete all four wells from the existing well pad without further infrastructure investment required. The Company has identified 20 additional development locations which will target the remainder of the Company's 2P reserves (5.12 million barrels of oil equivalent¹ in total) and contingent resources (an additional 4.7 mmboe). The total 100% Field 2P Reserves in Whitebark's Wizard Lake Oil and Gas Field) at 30 June 2022 are assessed to be 5.12 million barrels of oil equivalent. The barrels of oil equivalent figure comprises 1.97 million barrels of crude oil, 16.87 billion cubic feet of natural gas and 0.34 million barrels of natural gas liquids. 2P Reserves include 1P Proven Developed Producing Reserves ("PDP" - those remaining reserves attributed to existing wells Rex-1 through Rex-3); 1P Proven Undeveloped Reserves ("PUD" - those reserves accessible from existing infrastructure and requiring the drilling of Rex-4 through Rex-8); and 2P Probable Reserves (those accessible and requiring a new well-pad, new facilities and the drilling of Rex-9 through Rex-15). The total 100% Field 2C Contingent Resources for Wizard Lake at 30 June 2022 are assessed to be 4.72 million barrels of oil equivalent. The barrels of oil equivalent figure comprises 1.91 million barrels of crude oil, 15.05 billion cubic feet of natural gas and 0.30 million barrels of natural gas liquids. The Field Contingent Resources comprise volumes attributed to future planned wells with identified locations nominated Rex-16 through Rex-28 within the modelled reservoir distribution. Drilling of these locations will require additional facilities and the expansion of the Whitebark land position. Announcement • Nov 24
Whitebark Energy Limited Announces the Initial Clean- Up Flow Rates Following Completion of Hydraulic Fracture Stimulation Operations At the Rex-4 Development Well At Wizard Lake Oil and Gas Field in Alberta, Canada Whitebark Energy Limited announced the initial clean- up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field ("Wizard Lake") in Alberta, Canada. Tie-in work for the Rex-4 well was completed during the "rest" period allowed to the well and all incremental production will go directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well are reported as 230 barrels of fracture stimulation fluid per day. The Company plans to manage the Rex-4 wellbore carefully as it is brought into stabilised production, learning from previous experiences at Rex-1 through Rex-3. This has involved allowing the wellbore to "rest" to allow it to heal naturally from the fracture stimulation program. This process will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. During the clean-up period flow rates will be maintained at the current rate which is seen as a good balance between optimizing the timing of first hydrocarbons and not drawing-down the well and pulling frac proppant sand into the horizontal section (as at Rex-3). Once the frac fluid is recovered, Rex-4 oil flow-rates will be increased gradually, over the course of 6 weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. The believe that this strategy will contribute to greater well lifespan and increased ultimate recovery. Whitebark has modelled ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately 750 boepd. The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4 The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3. A total of 1483.5 tonnes of proppant was pumped during the program. It is planned for the next four Wizard Lake wells (Rex-5 through Rex-8) to address existing Proved ("1P") Reserves which is calculated to be 2.3 million barrels of oil equivalent. Whitebark plans to drill and complete all four wells from the existing well pad without further infrastructure investment required. The Company has identified 20 additional development locations which will target the remainder of the Company's 2P reserves (5.12 million barrels of oil equivalent in total) and contingent resources (an additional 4.7 mmboe). Announcement • Nov 22
Whitebark Energy Announces Rex-4 brought online Whitebark Energy Limited announced the initial clean- up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field in Alberta, Canada. Tie-in work for the Rex-4 well was completed during the "rest" period allowed to the well and all incremental production will go directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well are reported as 230 barrels of fracture stimulation fluid per day. The Company plans to manage the Rex-4 wellbore carefully as it is brought into stabilised production, learning from previous experiences at Rex-1 through Rex-3. This has involved allowing the wellbore to "rest" to allow it to heal naturally from the fracture stimulation program. This process will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. During the clean-up period flow rates will be maintained at the current rate which is seen as a good balance between optimizing the timing of first hydrocarbons and not drawing-down the well and pulling frac proppant sand into the horizontal section (as at Rex-3). Once the frac fluid is recovered, Rex-4 oil flow-rates will be increased gradually, over the course of 6 weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. The company believe that this strategy will contribute to greater well lifespan and increased ultimate recovery. Whitebark has modelled ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4 The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3. A total of 1483.5 tonnes of proppant was pumped during the program. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Interim CEO & Director Simon Brealey is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Nov 03
Whitebark Energy Limited Announces Commencement of Hydraulic Fracture Stimulation at Rex-4 Whitebark Energy Limited announced the commencement of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field in Alberta, Canada. The Company successfully ran 4 1/2" production liner on 12-13 August 2022 which was designed to accommodate 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir. The Rex-4 development well achieved all of its objectives, landing the entire lateral section in the Rex Sandstone reservoir and demonstrating oil-saturation throughout the wellbore. 2,318 metres of the Rex Sandstone section has been drilled at approximately 1,420 metres True Vertical Depth per the drilling plan, encountering 100% reservoir sand. The lithology of the Rex Sandstone is fine to upper-medium grained, moderately sorted sandstone with good intragranular porosity. Returned drill cuttings demonstrated dull yellow fluorescence with instant milky white slow streaming cut fluorescence, indicative of the presence of crude oil. The fracture stimulation program is the most ambitious yet at Wizard Lake and is consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells following recent best-practice demonstrated in neighbouring fields. Each 30 Tonne frac will have 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 800-1000 kg/m3. As determined in the strategic development plan the Company plans to manage the Rex-4 wellbore carefully as it is brought into stabilised production, learning from previous experiences at Rex-1 through Rex-3. This will involve allowing the wellbore to rest for up to one week to allow the wellbore to heal naturally from the fracture stimulation program. This process will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. Rex 4 will be brought online gradually, with initial production constrained to 75 bopd and slowly increased over the course of 6 weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. We believe that this strategy will contribute to greater well lifespan and increased ultimate productivity. Whitebark has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately approx. 750 boepd. The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4. The Rex Sandstone Member producing horizon, interpreted as a channel sandstone facies, is at 1,403m-1,455m True Vertical Depth as defined by wells Rex-1 through Rex-3, and was first discovered at Wizard Lake by Rex-1 in December 2018. The Rex-1 horizontal section lies at approx. 1,415m TVD and is 1,200m in length with 27 fracture stages. Rex-2 was drilled in mid-2019, with a horizontal section 1,450m in length at between 1,415 and 1,430m depth, and 35 fracture stages. The Rex-3 (January 2020) lateral section demonstrates the greatest depth variation (1,412- 1,450m TVD) without breaching the channel floor or ceiling and demonstrates the reservoir sand thickness. The horizontal section is 2,100m in length and has 46 fracture stages. Top reservoir was encountered at 1,403m TVD and the well demonstrates a 50m oil column with no transition zone observed. All three were successful and are currently on production with total production of approximately 140,000 barrels of oil and 1.0 bcf of gas to date. Rex-4 was designed to achieve greater lateral extent within the Rex Sandstone reservoir sufficient to accommodate 50 hydraulic fracture stimulation stages. The well targeted essentially virgin reservoir pressure to the north of the Wizard Lake well pad, adjacent and to the north-west of the Rex-1 well location. It is planned for the next four Wizard Lake wells (Rex-5 through Rex-8) to address existing Proved (1P) Reserves which is calculated to be 2.3 million barrels of oil equivalent. Whitebark plans to drill and complete all four wells from the existing well pad without further infrastructure investment required. The Company has identified 20 additional development locations which will target the remainder of the Company's 2P reserves (5.12 million barrels of oil equivalent in total) and contingent resources (an additional 4.7 mmboe). Announcement • Oct 30
Whitebark Energy Limited, Annual General Meeting, Nov 30, 2022 Whitebark Energy Limited, Annual General Meeting, Nov 30, 2022, at 11:00 AUS Central Standard Time. Location: Business Initiatives, 20d William Street Norwood SA 5067 Norwood Australia Agenda: To review and approve the annual financial report of the Company and the reports of the Directors, the Auditor and the Remuneration Report for the financial year ended 30 June 2022; to consider the Adoption of Remuneration Report; to consider the Re-election of Director Mr Duncan Gordon; to consider the Ratification of Prior Issue of Shares - Placement; and to discuss the other matters. Reported Earnings • Oct 01
Full year 2022 earnings released: EPS: AU$0 (vs AU$0.002 loss in FY 2021) Full year 2022 results: EPS: AU$0 (improved from AU$0.002 loss in FY 2021). Revenue: AU$3.16m (up 18% from FY 2021). Net loss: AU$915.2k (loss narrowed 91% from FY 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Whitebark Energy Limited Announces Completion of Phase 1 of Rex-4 Development Well at its 100% Owned Wizard Lake Oil and Gas Field in Alberta, Canada Whitebark Energy Limited announced the completion of Phase 1 of the Rex-4 development well at the company's 100% owned Wizard Lake Oil and Gas Field in Alberta, Canada. The Star Valley 201 drilling rig was released at 12.30 am CST on 15 August 2022 after reaching a Measured Depth (MD) of 3,647 metres at 12.30 pm CST on 11 August 2022. The Company successfully ran 4 1/2" production liner on 12-13 August 2022 which has been designed to accommodate 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir. The Rex-4 development well achieved all of its objectives, landing the entire lateral section in the Rex Sandstone reservoir and demonstrating oil-saturation throughout the wellbore. 2,318 metres of the Rex Sandstone section has been drilled at approximately 1,420 metres True Vertical Depth (TVD) per the drilling plan, encountering 100% reservoir sand. The lithology of the Rex Sandstone is fine to upper-medium grained, moderately sorted sandstone with good intragranular porosity. Returned drill cuttings demonstrate dull yellow fluorescence with instant milky white slow streaming cut fluorescence, indicative of the presence of crude oil. Completion of Rex-4 to the achieved TD also fulfils the farm-in agreement in place with TWP50 in Section 20 (the toe location of the well) such that Whitebark is 100% owner of future Rex-4 production. The Rex-4 well Phase 1 drilling and casing program was achieved on schedule and within budgetary expectations. Whitebark expects to conduct the fracture stimulation program as soon as practicable. Whitebark has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4. This will be the final announcement with regard to Phase 1 of the Rex-4 development well. Announcement • Aug 08
Whitebark Energy Limited Provides Rex-4 Drilling Update Whitebark Energy Limited provided an update on the drilling status of the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field ("Wizard Lake") in Alberta, Canada. The Star Valley 201 drilling rig passed through the critical Sparky Coal marker on 4 August 2022 and has reached a Measured Depth (MD) of 2,380 metres at 12.00am CST on 8 August 2022. The Company successfully ran 7" intermediate casing on 5 August 2022 to a depth of 1,629 metres MD and the wellbore has entered the Rex Sandstone reservoir target. Whitebark has commenced drilling of the lateral section in the Rex Sandstone reservoir. To date 750 metres of the lateral section has been drilled at approximately 1,420 metres True Vertical Depth (TVD) per the drilling plan, encountering 100% reservoir sand. The lithology of the Rex Sandstone is fine to upper-medium grained, moderately sorted sandstone with good intragranular porosity. Returned drill cuttings demonstrate dull yellow fluorescence with instant milky white slow streaming cut fluorescence, indicative of the presence of crude oil. Whitebark expects to reach Stage 1 drilling completion within 4 days. The Company then plans to complete a 50-stage hydraulic fracture stimulation as soon as practicable thereafter. Whitebark has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4. Announcement • Aug 01
Whitebark Energy Limited Commences Drilling of the Rex-4 Development Well Whitebark Energy Limited announced that the StarValley 201 drilling rig has arrived at the Wizard Lake Oil and Gas Field (Wizard Lake) in Alberta, Canada and has spud the Rex-4 development well. Stage 1 activities will involve drilling a vertical hole to approximately 1,150 meters True Vertical Depth (TVD) at which point a tangent will be established to build the angle of the wellbore as it passes through the Vikingand Joli Fou stratigraphic markers, entering the Manville Formation and then passing the critical Sparky Coal marker. The Company will then drill a 2,400-meter horizontal section within the producing Rex sandstone reservoir which lies immediately beneath the Sparky coal. Whitebark aims to complete Stage 1 drilling activities within 14 days, targeting demonstration of oil saturation in the wellbore. If successful, the Company plans to complete a 50-stage hydraulic fracture stimulation shortly thereafter as part of its Stage 2 drilling plan. The Company has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf of gas per day which will lift total Wizard Lake production to approximately ~750boepd. The Company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4. Announcement • Jul 13
Whitebark Energy Limited Provides Rex-4 Development Well Operational Update Whitebark Energy Limited provided shareholders with an update on its Rex-4 development well at the Wizard Lake Oil and Gas Field ("Wizard Lake"). As announced 28 June 2022, the Company had intended to prepare the site for spud on or around 6 July 2022 but severe weather conditions in the region have impacted rig mobilisation. The Company now expects this to occur in approximately five days as weather conditions are forecast to improve considerably by the weekend, allowing the Company to complete earthworks and safely move the Star Valley 201 rig from its previous site to Wizard Lake. Whitebark expects to spud the Rex-4 well on or around 19 July 2022 and the initial 2,400-metre extended reach horizontal well is expected to take 14 days to drill. The Company has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4. Board Change • Jun 08
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Interim CEO & Director Simon Brealey is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. 