WBE has entered into a Bid Implementation Agreement with King Energy

Whitebark Energy Limited (ASX: WBE) entered into a Bid Implementation Agreement with King Energy Limited to acquire all issued securities of King Energy through off-market takeover offers for King Energy shares and options. The acquisition provides Whitebark access to significant prospective resources in some of Australia’s largest onshore, seismically defined structures, including natural hydrogen, helium, and hydrocarbon potential.

King Energy owns 70% of the Alinya Project in South Australia’s Officer Basin, with an option to acquire the remaining 30%. Whitebark will issue 100 million new shares at AU$0.012 each and 100 million new options exercisable at AU$0.05, with an implied acquisition value of AUD$1.67 million. The project’s P50 prospective resources include 710 million kg of white hydrogen, 97 Bcf of helium, and 153 million barrels of oil equivalent. With 30 years of energy project experience, Richard King will join Whitebark’s board to contribute to the project’s commercialization.

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