Whitebark Energy Expands Geothermal and Hydrogen Production Portfolio
WBE (WBE) Share Update July 2024 Wednesday 17th
Whitebark Energy Expands Geothermal Acreage in Southwest Queensland
Whitebark Energy Limited (ASX: WBE) has announced the acceptance of a new Geothermal Exploration Permit (EPG2054) in the Cooper Basin, enhancing its geothermal and hydrogen production capabilities.
Instant Summary:
- Whitebark Energy secures EPG2054 in Cooper Basin.
- New permit covers 3,873 square kilometers.
- Total Queensland geothermal portfolio now approximately 10,113 square kilometers.
- Project aligns with Federal Government's A$11.2 billion hydrogen incentives.
- Webinar scheduled for July 19, 2024, to discuss project details.
New Permit Secured
Whitebark Energy Limited has successfully obtained an additional Exploration Permit for Geothermal Energy (EPG2054) in the Cooper Basin. This new permit covers approximately 3,873 square kilometers and is located around 125km southwest of Eromanga, Queensland.
This acquisition follows the acceptance of EPG2049 and EPG2050, expanding Whitebark’s Queensland-based geothermal portfolio to a total of approximately 10,113 square kilometers. The new permit is expected to significantly enhance the Company’s capacity to produce hydrogen from geothermal energy.
High Geothermal Potential
Initial assessments suggest that EPG2054 has substantial geothermal development potential. Preliminary data from offset wells indicate an elevated geothermal gradient, suggesting the area’s capability for producing long-term, dispatchable renewable energy and hydrogen.
This positions Whitebark to leverage geothermal energy for hydrogen production, contributing to a sustainable energy future. The project aligns with the Federal Government's recent A$11.2 billion hydrogen production incentives and Whitebark’s hydrogen commercialization pathway study.
Strategic Development
The acceptance of EPG2054 allows Whitebark to consolidate its asset base in Queensland, particularly in the Cooper Basin. Together with technology partners and government bodies, the Company is developing a works program for EPG2050, EPG2049, and EPG2037, outlining timelines and financing strategies.
Whitebark employs a disciplined strategy for asset development and acquisition, focusing on proximity to market sites, access to National Energy Markets (NEM), emerging renewable energy sources, and commercial viability with near-term cash flow opportunities.
Webinar Announcement
The Company will be holding an investor webinar at 11:00 AEST on Friday, July 19, 2024, to outline plans for the progression of the Company’s portfolio, particularly the Southwest Queensland Hydrogen Hub. Shareholders and interested parties are invited to register for the webinar, where Chairman Mr. Mark Lindh and General Manager Mr. Adam Stepanoff will provide updates.
The acceptance of EPG2054 is a positive development for Whitebark Energy, potentially boosting the company's stock as it strengthens its position in the renewable energy sector. The alignment with government incentives and the strategic focus on hydrogen production are likely to attract investor interest and support.
Investor Reaction:
Investors and analysts have reacted positively to the news, highlighting the strategic importance of expanding the geothermal portfolio and the potential for long-term renewable energy production. The alignment with government initiatives is seen as a strong move to secure future growth.
Conclusion:
Whitebark Energy's expansion of its geothermal acreage in Southwest Queensland marks a significant step in its renewable energy strategy. Investors should stay tuned for further updates and consider the long-term potential of the company's hydrogen production capabilities.