WHITEBARK ENERGY LIMITED (ASX: WBE)
Annual Report
30 June 2024
ABN 68 079 432 796
WHITEBARK ENERGY LIMITED – Annual Financial Report 30 June 2024
Page 1
Table of Contents
Corporate Directory
2
Chairman’s Message
3
Review of Operations
4
Corporate
8
Reserves and Resource Statement
8
Consolidated Entity Disclosure Statement
12
Directors’ Report
13
Lead Auditor’s Independence Declaration
25
Independent Auditor’s Report
26
Consolidated Statement of Profit or Loss and Other Comprehensive Income
31
Consolidated Statement of Financial Position
33
Consolidated Statement of Changes in Equity
34
Consolidated Statement of Cash Flows
36
Notes to the Consolidated Financial Statements
37
Directors’ Declaration
69
Shareholder Information
70
Permits
72
WHITEBARK ENERGY LIMITED – Corporate Directory
Page 2
Corporate Directory
The Directors present their report together with the consolidated financial report
for the financial year ended 30 June 2024 and the review report thereon.
Directors
The Directors of Whitebark Energy Limited at any time during or since the end of
the financial year to the date of this report are:
Mark Lindh Chairman (Appointed on 12 January 2024)
Giustino Guglielmo
Director
Rosalind Archer Director (Appointed 17 June 2024)
Duncan Gordon Director (resigned on 12 January 2024)
Matthew White Director (resigned on 22 August 2024)
Company Secretary
Kaitlin Smith
Principal registered office in Australia
Principle place of business in Australia
Ground Floor, 70 Hindmarsh Square
Adelaide SA 5000
20d William Street
Norwood SA 5067
Tel: +61 8 6555 6000
Auditors
UHY Haines Norton
Level 9, 1 York Street
Sydney NSW 2000
Solicitors to the Company
Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan Street, Perth WA 6000
Share Registry
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth WA 6000
Tel: +61 3 9415 5000
Bank
ANZ Bank Ltd
Stock exchange
Whitebark Energy Limited shares and
options are listed on the Australian
Securities Exchange (ASX: WBE)
Company website
www.whitebarkenergy.com
WHITEBARK ENERGY LIMITED – Chairman’s Message
Page 3
Chairman’s Message
Dear Fellow Shareholders,
The past financial year has seen significant progress on the board’s vision of positioning the company to future growth
in the energy transition sector, through its increased investment in Australia, specifically the Geothermal sector.
During the year, Whitebark invested in a number of new geothermal portfolio opportunities outlining a stated goal of
becoming the first commercial geothermal producer in Australia. In addition, we executed a number of initiatives that
were designed to focus the business on a new strategy including the monetisation of Wizard Lake assets, as well as
strategic review of the Warro Gas Project and Western Australian assets.
Following a successful capital raising in June 2024, Whitebark continues to deliver on the shift towards renewable
energy, expanding our geothermal portfolio. This aligns with our vision to meet future energy demands and support
sustainable energy development. Your Company continues to assess a number of other opportunities that fit with this
ambition.
I was extremely pleased to have advised of the appointment of Professor Rosalind Archer as Non-Executive Director
bolstering the company’s technical expertise. Professor Archer is an industry expert in geothermal and renewable
energy joined as a NED in June. She holds a PhD in Petroleum Engineering from Stanford University, is Dean
(Academic) of the Sciences Group at Griffith University and is a Non-Executive Director of New Zealand Oil and Gas
Ltd. Her extensive expertise in geothermal and renewable energy will be invaluable as we advance our renewable
energy projects.
Recently, we executed a Purchase and Sale Agreement which will see Conflux Energy Corp. assume a 90% working
interest in the Wizard Lake assets in Alberta Canada. Rex Energy Limited, a wholly owned Canadian subsidiary of the
Whitebark, will retain a 10% working interest as part of the transaction. The transaction involves Conflux assuming all
outstanding contingent liabilities in Rex Energy of CAD$1.44M. In addition, Conflux will give the Company a “free
carry” on Rex’s 10% working interest for the initial capital required to bring the field back into full production. With a
10% working interest (WI) in the Wizard Lake asset, Whitebark’s share of production enhances cash flow stability and
providing a steady stream of revenue to the Company. As the transaction constitutes the disposal of the Company’s
main undertaking, the transaction is subject to the Company obtaining shareholder approval.
In Western Australia, our focus on the Warro Gas Project realignment reflects our commitment to contributing to the
state’s Net Zero by 2050 targets. We are diligently working to meet compliance requirements and exploring
renewable energy options for the site.
Although the Company’s financials have benefitted from a significant reduction in fixed costs. Working capital
restrictions have proven to be a significant impediment in the ability of your Company to grow current operations.
This has been a function of less-than-ideal market conditions in which to raise the necessary capital to fully prosecute
the opportunities we have in front of us.
As we look ahead, our planned activities for the next year include rigorous compliance activities, resource
assessments, and the development of renewable energy projects. We remain dedicated to sustainable growth and
responsible corporate governance.
On behalf of my fellow Directors, what we believe there is a very attractive asset base along with the pivot into
geothermal renewable energy production which will see shareholder value being delivered in the near term.
Yours sincerely,
Mark Lindh
Chairman
WHITEBARK ENERGY LIMITED – Review of Operations
Page 4
1. Review of Operations
2023-2024 Wizard lake and Renewable energy focus
Overview
Whitebark Energy Limited (ASX: WBE) continues its trajectory of growth and expansion in both its traditional oil and gas
assets and its strategic pivot towards renewable energy, with a focus on geothermal and green hydrogen production.
The 2023/2024 financial year has been a transformative period for the company, marked by key operational
achievements, including a notable recommencement of production at the Wizard Lake asset in Canada, substantial
progress in its renewable energy portfolio, and strategic expansions in South-West Queensland (SW QLD) for
geothermal energy exploration and hydrogen production.
Wizard Lake Asset Performance
On 28 August 2023, Wizard Lake was deliberately shut-in with the planned mitigation measures for each well and cost
estimates to return to optimal production.
In November 2023, the Company announced it had entered into a formal process to explore the monetisation of all or
part of the wholly owned Wizard Lake assets held by its wholly owned Canadian subsidiary company, Rex Energy Ltd.
The process resulted in a number of bids for the assets. On 14 June 2024, the Company announced it has executed a
Purchase and Sale Agreement which will allow Conflux Energy Corp. to assume a 90% interest in Wizard Lake assets.
The transaction is subject to shareholder approval in a general meeting.
In July 2024, Whitebark Energy successfully recommenced production from all four wells at its Wizard Lake asset,
located in Alberta, Canada after seven months of halted production following a successful partial divestment. With a
10% working interest in the asset, Whitebark's share of daily production amounted to 24 barrels of oil equivalent per
day (BOE/d), providing 720 BOE per month. This asset remains integral to Whitebark’s financial stability, generating
essential revenue to fund the company’s shift towards renewable energy projects.
The partnership with Conflux Energy Corp. ensured that Whitebark benefitted from a "free carry" on all expenditures
related to returning Wizard Lake wells to production. This strategic agreement also included the assumption of all
outstanding debt associated with the asset. The steady production from Wizard Lake supports the company’s ongoing
operations and investments in the Australian renewable energy sector, particularly geothermal energy and green
hydrogen production.
Strategic Focus on Geothermal and Green Hydrogen
Whitebark Energy’s renewable energy strategy has gained significant momentum with the acquisition of additional
geothermal permits and the development of a comprehensive Hydrogen Hub in South-West Queensland. The
acceptance of Exploration Permit for Geothermal Energy in the Cooper Basin and South East Queensland expanded the
company’s geothermal acreage to approximately 10,113 square kilometers, further solidifying Whitebark’s positioning
as a leader in Australia’s emerging geothermal market.
WHITEBARK ENERGY LIMITED – Review of Operations
Page 5
EPG 2037 – SEQ Geothermal Project.
Cooper Basin Hydrogen Hub
WHITEBARK ENERGY LIMITED – Review of Operations
Page 6
The addition of EPG2054 complements the previously secured permits EPG2049 and EPG2050, creating a consolidated
portfolio that supports Whitebark’s vision for hydrogen production using geothermal energy. The high geothermal
gradient observed in the Cooper Basin signals the potential for long-term, dispatchable renewable energy. The
integration of geothermal resources with hydrogen production facilities aligns with Australia's green energy transition,
supported by the Federal Government’s hydrogen production incentives.
South-West Queensland Hydrogen Hub
Whitebark's ambition to become a key player in the hydrogen economy is centered around the development of the
South-West Queensland Hydrogen Hub, where geothermal energy will be harnessed to produce green hydrogen. The
project has gained momentum with Whitebark’s acquisition of the four EPGs, further enhancing the company’s
renewable energy footprint. The company’s hydrogen commercialisation strategy aligns with Australia’s growing
commitment to hydrogen as a key energy source for the future.
These new permits add strategic value to Whitebark’s renewable portfolio, placing the company in an advantageous
position to capitalise on both domestic and international hydrogen markets. The proximity of Whitebark’s assets to
infrastructure and market demand further underscores the commercial viability of this project. The Hydrogen Hub
initiative will also benefit from the Federal Government’s A$11.2 billion funding package aimed at supporting hydrogen
production and commercialisation.
Corporate Strategy and Future Outlook
Whitebark Energy has pursued a disciplined approach to asset development, focusing on both short-term revenue
generation from its oil and gas assets and the long-term potential of its renewable energy portfolio. The company’s
strategy emphasizes market proximity, technical confidence in geothermal resources, and a clear pathway toward
commercializing hydrogen production. With continued support from government bodies and strong investor interest,
Whitebark is well-positioned to expand its renewable energy capabilities.
Moving forward, Whitebark will continue to prioritise the development of its geothermal and green hydrogen assets
while maintaining the financial benefits derived from its traditional oil and gas portfolio. The recommencement of
production at Wizard Lake provides a stable foundation for these renewable energy projects, ensuring the company can
capitalize on Australia’s renewable energy transition. The company’s ambitious plans for hydrogen commercialisation,
supported by strategic partnerships and government incentives, will enable Whitebark to emerge as a key player in the
Australian clean energy landscape.
The 2023/2024 financial year represents a pivotal period for Whitebark Energy as it transitions towards a more
sustainable energy future. The successful recommencement of production at Wizard Lake, the expansion of the
company's geothermal footprint, and the progression of its hydrogen commercialisation strategy demonstrate
Whitebark’s commitment to becoming a leader in Australia’s green energy market. With a solid foundation in both
traditional and renewable energy, Whitebark is poised for continued growth and long-term success.
This operational summary encapsulates Whitebark Energy’s achievements over the past year, positioning it at the
forefront of Australia’s clean energy revolution while maintaining a robust and diverse energy portfolio.
Climate Change
The Company recognises climate-related risks and the need for these to be managed effectively particularly across the
energy industry.
Key climate-related risks and opportunities relevant to the Company’s operations include:
•
The transition to a low carbon economy through technological improvements and innovations that support a
lower carbon energy efficient system with decreased demand and changing community sentiment for fossil fuels. In
addition, there is increased time and cost associated with regulatory bodies granting approvals or licences on fossil fuel
intensive projects. Transition to a lower carbon economy also gives rise to opportunity for the Company’s gas production
assets. Natural gas is viewed as a key element to supporting a sustainable energy transition.
•
Physical changes caused by climate change include increased severe weather events and chronic changes to
weather patterns which may impact demand for energy and the Company’s production assets and production capability.
These events could have a financial impact on the Company through increased operating costs, maintenance costs,
revenue generation and sustainability of its production assets.
WHITEBARK ENERGY LIMITED – Review of Operations
Page 7
•
Policy changes by governments which may result in increasing regulation and costs which could have a material
impact on the Company’s operations.
The Company is committed to continually improve climate change related disclosures as processes and understanding
of climate change related matters improve alongside the Company's activities and operations.
Western Australian Operations – Warro Gas Project (WBE 100%)
The Warro gas field is located in Retention Lease 7,200 kilometres north of Perth and is 100% owned by Whitebark. The
project is ideally located just north of the large ~650 Terajoule per day Perth market and is 30km east of both the
Dampier-Bunbury Natural Gas Pipeline and the Dongara-Perth Parmelia Pipeline which gives full access to the 1,200
Terajoule per day Western Australian gas market.
The Warro project continues to be in care and maintenance, awaiting Government guidance on the regulatory changes
to be made to implement the recommendations of the Fracking Inquiry. All necessary work to maintain the regulatory
compliance of the Warro gas field (well inspections, soil and water sample analysis) continues to be conducted along
with the administration of the Title (fees, insurance, lease access costs and rates).
The Board of Directors continues to assess the Warro Gas Project to determine whether it is to be retained or divested
to focus on core projects.
Figure 4 - Drill rig on site at Rex-4
WHITEBARK ENERGY LIMITED – Reserves and Resources Statements
Page 8
Corporate
Capital Raising
In October 2023 the Company completed a 50:1 share consolidation as approved by shareholders at an EGM on 27
September 2023.
On 23 October 2023 the Company raised $265,000 (before costs) via a convertible note issue. The notes had a face value
of $331,250 and were issued to sophisticated and institutional investors. The notes are redeemable before the 12-
month maturity date or convertible into ordinary paid shares at a conversion price of $0.025 per note. AE Advisors was
paid $150,000 (face value $187,500) via the convertible note issue on different terms to the sophisticated and
professional investors and in lieu payment for outstanding fees. The AE convertible note will automatically convert into
7,500,000 ordinary shares. Directors Matthew White and Tino Guglielmo participated in the convertible note issue
totalling $60,000 (face value $75,000) which was approved by shareholder at an EGM held on 8 March 2024. The
convertible notes will be issued in the near term.
On 27 November 2023, the Company announced a two Tranche placement to raise $517,000 (before costs). On 13
December 2023, 16,148,400 fully paid shares were issued from the completion of Tranche 1 of the placement raising
$322,968 before costs. On 21 March 2024, 9,701,550 fully paid shares worth totalling $194,031 were issued after
obtaining shareholder approval at an EGM held on 8 March 2024.
The Company has raised $498,370 and issued 41,530,833 fully paid ordinary shares to Sophisticated and Professional
Investors at a price of $0.012 per ordinary share before costs via a placement which was completed on 24 June 2024.
2. Reserves and Resources Statement
The following summarises Whitebark Energy Limited’s (WBE) Proved Reserves (1P), Proved plus Probable Reserves (2P)
and contingent and prospective resources as of the evaluation date of 30 June 2024. The Company conducted an
independent review of its booked 1P and 2P reserves and resources during Q1 FY24 which resulted in decreases in 1P
reserves 2P reserves. Reserves are most significantly affected by less than forecast oil production rates from all four
existing wells and are attributed within 1P PDP and PUD Reserves.
Whitebark is confident in its revised reserves and resource metrics and its ability to extract maximum value for
shareholders.
Resources & Reserves as at 30 June 2024
100% Field Reserves (MMboe)
Category
Proved
1P
Proved & Probable
2P
Developed & Undeveloped
1.187
1.973
100% Field Contingent Resources (MMboe)
Contingent Resources were not assessed for FY24
Table 1: Proved and Probable Reserves and Contingent Resources, 100% Rex Energy, 30 June 2024
WHITEBARK ENERGY LIMITED – Reserves and Resources Statements
Page 9
Reserves
The total Field 2P Reserves Net to Whitebark (after Royalties) at its 100% owned Wizard Lake Oil and Gas Field (Table
1) at 30 June 2024 are assessed to be 1.97 million barrels of oil equivalent. The barrels of oil equivalent figure
comprise 0.750 million barrels of crude oil, 6.52 billion cubic feet of natural gas and 0.15 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-4); 1P Proven Undeveloped Reserves (“PUD” – those reserves accessible from existing
infrastructure and requiring the drilling of Rex-5 through Rex-7); and 2P Probable Reserves (those accessible and
requiring a new well-pad, new facilities and the drilling of Rex-8 and Rex-9 (for the purpose of this assessment).
Contingent Resources
The Field Contingent Resources comprise volumes attributed to future planned wells with identified locations within
the modelled reservoir distribution. Drilling of these locations will require additional facilities and the expansion of the
Whitebark land position. Contingent resources were not assessed for the FY23 or FY24 Reserves Report.
Reporting Period Movements in Reserves
Resources & Reserves as at 30 June 2022
100% Field Reserves (MMboe)
Category
Proved
1P
Proved & Probable
2P
100% Field Reserves at 30 June 2023
1.196
1.982
FY24 Production
(0.009)
(0.009)
Revisions
% change from 30 June 2021
-
Nil
-
Nil
100% Field Reserves at 30 June 2024
1.187
1.973
100% Field Contingent Resources (MMboe)
Contingent Resources were not assessed for FY23 or FY24
Table 2: Reporting Period Movements in Reserves and Contingent Resources
The Reserves and Contingent Resources Report dated 30 June 2024 has utilised the Reserves and Contingent Resources
Report dated 30 June 2023 that were adjusted for production during the period. The production for the period was
only 8,600 boe for the year due to the extended shutin of the Wizard Lake field as reported herein.
The Reserves and Contingent Resources report dated 30 June 2023 is considered the most current view of the field
reserves as it was independently assessed and verified by Insite Petroleum Consultants at that time. In that review there
was a decrease of 51% to Proved 1P reserves and a decrease of 61% to Proved plus Probable 2P reserves against 30
June 2022.
WHITEBARK ENERGY LIMITED – Reserves and Resources Statements
Page 10
That decrease reflected the results of the analysis of 12 months of further historical production data to 30 June 2023
from existing wells Rex-1 through Rex-4, and recalculated forecast decline curves to arrive at revised, more conservative
estimated ultimate recoverable (“EUR”) reserves per well.
Critically, in the June 2023 Reserves Assessment, only three Proven (PUD) well locations were assessed (Rex-5 through
to Rex-7) and two Probable (2P) well locations. The reserves associated with these locations carry a high degree of
confidence; due to the principal of aggregation of reserves, the total portfolio reserves estimate carries a higher degree
of confidence than the estimates for the individual wells and locations. Reserves were then adjusted for production
during the period.
Notes on Calculation of Reserves and Resources:
The Wizard Lake Oil and Gas Field has one producing reservoir, the Rex Sand Member of the Lower Cretaceous Upper
Mannville Group.
All reserves and resources are estimated by deterministic estimation methodologies consistent with the definitions and
guidelines in the Society of Petroleum Engineers (SPE) 2007 Petroleum Resources Management System (PRMS).
Under the SPE PRMS guidelines, “Reserves are those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to known accumulations from a given date forward under defined
conditions”. Contingent Resources are “those quantities of petroleum estimated, as of a given date, to be potentially
recoverable from known accumulations by application of development projects, but which are not currently considered
to be commercially recoverable owing to one or more contingencies”.
Qualified Petroleum Reserves and Resources Evaluator Statement:
The information contained in this report regarding the Whitebark Energy Ltd reserves and contingent resources is based
on and fairly represents information and supporting documentation reviewed by Professor Rosalind Archer who is a
Director of Whitebark Energy Ltd and holds a PhD. in Petroleum Engineering (Stanford University), a Distinguished
Member of the Society of Petroleum Engineers .
All Cashflow runs and decline analysis of the existing wells and future type curve wells were generated by Insite with
input parameters reviewed and validated for this report. Insite Petroleum Consultants Ltd. (“Insite”) consent that the
reserve and resource forecasts used in this report relating to the Wizard Lake Oil and Gas Field are based on an
independent review conducted by Insite and fairly represent the information and supporting documentation reviewed.
The information was prepared and reviewed by:
•
Ron Bojechko, Professional Engineer, of Suite 2000, 801 Sixth Avenue SW, Calgary, Alberta, Canada: Senior
Reservoir Engineer employed by InSite Petroleum Consultants Ltd., which Company did prepare an evaluation
of the oil and gas interests of Rex Energy Ltd. The effective date of this evaluation is June 30, 2023. Attended
the Southern Alberta Institute of Technology in the years of 1980-82 and I graduated with a diploma in
Petroleum Technology. Also attended the University of Calgary in the years of 1986-87 as well as the University
of Wyoming in the years of 1988-89 and graduated with a Bachelor of Science Degree in Petroleum
Engineering; a registered Professional Engineer in the Province of Alberta; and have in excess of thirty years
of experience in the conduct of evaluation and engineering studies related to oil and gas fields.
•
J. Ed Hasiuk, Professional Geologist, of Suite 2000, 801 Sixth Avenue SW, Calgary, Alberta, Canada: a Senior
Geologist employed by InSite Petroleum Consultants Ltd., which Company did prepare an evaluation of the oil
and gas interests of Rex Energy Ltd. The effective date of this evaluation is June 30, 2023. Attended the
University of Brandon and graduated with a Bachelor of Science Degree in Geology in 1974; a registered
Professional Geologist in the Province of Alberta; and has in excess of thirty-five years of experience in the
petroleum industry with twenty-eight years of experience in the conduct of evaluation and
engineering/geological studies related to oil and gas fields.
•
INDEPENDENT PETROLEUM ENGINEERS CONSENT The undersigned firm of Independent Petroleum Engineers,
of Calgary, Alberta, Canada, knows that it is named as having prepared an evaluation of the oil and gas interests
of Rex Energy Ltd., dated August 10th, 2023, and hereby gives its consent to the use of its name and to the
use of the said estimates.
WHITEBARK ENERGY LIMITED – Reserves and Resources Statements
Page 11
Warro Field, Western Australia
Retention Licence 7 in WA, which contains the Warro tight gas discovery, is the subject of ongoing review by
Management. At this time no commercial resources are associated with the license.
Figure 5 – Wizard Lake Oil Field: Field reservoir map
WHITEBARK ENERGY LIMITED – Director’s Report
Page 12
Consolidated Entity Disclosure Statement
Basis of Preparation
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001
and includes required information for each entity that was part of the consolidated entity as at the end of the financial
year.
Consolidated entity
This CEDS includes only those entities consolidated as at the end of the financial year in accordance with AASB 10
Consolidated Financial Statements (AASB 10).
Determination of Tax Residency
Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment
Act 1997. The determination of tax residency involves judgment as there are currently several different interpretations
that could be adopted, and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax
Commissioner’s public guidance.
Foreign tax residency
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its
determination of tax residency to ensure applicable foreign tax legislation has been complied with.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 13
1 Directors’ Report
1.1 Directors’ Meetings
Board meetings held during the year and the number of meetings attended by each Director was as follows:
Board of Directors
Director
Present
Eligible to attend
Mark Lindh
6
6
Giustino Guglielmo
13
13
Rosalind Archer
1
1
Matthew White*
13
13
Duncan Gordon**
7
7
* Mr Matthew White resigned on 22 August 2024
** Mr Duncan Gordon resigned on 12 January 2024
Board and Management Committees
In view of the current composition of the Board (which comprises a non-executive chairman and two non-executive
directors) and the nature and scale of the Company’s activities, the Board has considered that establishing formally
constituted committees for audit, board nominations, remuneration and general management functions would
contribute little to its effective management.
1.2 Corporate Governance
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of Whitebark
Energy Limited support the principles of sound corporate governance. The Board recognises the recommendations of
the Australian Securities Exchange Corporate Governance Council and considers that the Company is in compliance with
those guidelines which are of importance to the commercial operation of a junior listed resource Company. During the
financial year, shareholders continued to receive the benefit of an efficient and cost-effective corporate governance
policy for the Company.
1.3 Directors’ Information
Mark Lindh| Non-executive Chairman
Appointed 12 January 2024
Experience and expertise:
Mark is a founder and principal of AE Advisors, an investment house established in 2006. Mark is a corporate advisor
with significant experience in advising predominantly listed companies encompassing a range of industries including
technology, energy, resources, infrastructure and utilities. 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.
Other ASX Directorships in the last 3 years:
Aerometrex Ltd appointed May 2019 (current)
Bass Oil Ltd appointed December 2014 (current)
Advanced Braking Technology Ltd resigned in November 2022
WHITEBARK ENERGY LIMITED – Director’s Report
Page 14
Giustino (Tino) Guglielmo B. Eng | Non-executive Director
Appointed 8 July 2021
Experience and expertise:
Mr Guglielmo is a Petroleum Engineer with over 40 years of technical, managerial and senior executive experience in
Australia and internationally. Mr Guglielmo was the CEO and Managing Director of two ASX listed companies; Stuart
Petroleum Limited for seven years and Ambassador Oil & Gas Limited for three years. Mr Guglielmo has also worked at
Santos Limited, Delhi Petroleum Limited, and internationally with NYSE listed Schlumberger Corp. His experience spans
the Cooper basin, Timor Sea, Gippsland basin, and exposure to US land and other international basins. Mr Guglielmo
was a member of the Resources and Infrastructure Task Force and the Minerals and Energy Advisory Council, both South
Australian Government advisory bodies. He is a Fellow of the Institution of Engineers, Australia, a member of the Society
of Petroleum Engineers and Australian Institute of Company Directors.
Other ASX Directorships in the last 3 years:
Appointed Managing Director of Bass Oil Limited 1 February 2017 (current) previously Executive Director (Appointed
16 December 2014)
Prof. Rosalind Archer | Non-executive Director
Appointed 17 June 2024
Experience and expertise:
Professor Archer has over 25+ years of executive and academic experience across Renewable Energy and Oil and Gas
and is currently the Dean (Academic) of Griffith University and a Non-Executive Director at New Zealand Oil & Gas Ltd.
Rosalind brings a wealth of knowledge and experience in geothermal energy and renewable technologies. In addition
to her geothermal expertise, Rosalind's forward-thinking perspective on green hydrogen production supports
Whitebark Energy's commitment to pioneering sustainable energy solutions. Her understanding of the hydrogen
economy will be crucial in the Company’s plans to integrate hydrogen production into our existing geothermal energy
portfolio and capitalise on the synergies between geothermal energy and green hydrogen production.
Other ASX Directorships in the last 3 years:
Echelon Resources Limited (ASX: ECH) appointed in November 2014 (current)
Matthew White ACA, B. Accg | Non-executive Director
Appointed 3 March 2021, resigned 22 August 2024
Experience and expertise:
Mr White has over 30 years’ experience as a Chartered Accountant and has a Bachelor of Arts in Accountancy, Diploma
in Financial Planning and a Diploma in Mortgage Broking. Mr White is the founder and sole director of Business Initiatives
Pty Ltd, an Adelaide based Chartered Accountancy and financial services firm. Mr White works in a client tax and
business advisory role for small to medium sized businesses.
Other ASX Directorships in the last 3 years:
Aerometrex Limited appointed in September 2011 (current)
Duncan Gordon B. Eng| Non-executive Chairman
Appointed 8 July 2021, resigned 12 January 2024
Experience and expertise:
Mr Gordon has extensive experience working within the mining and natural resources sector. A qualified engineer with
accompanying financial background, he has taken principal roles in assisting ASX-listed companies in an advisory
WHITEBARK ENERGY LIMITED – Director’s Report
Page 15
capacity, including the identification of major corporate acquisition and divestment opportunities, Initial Public
Offerings and raising debt and equity capital both within and outside Australia.
Other ASX Directorships in the last 3 years:
Nil
Kaitlin Smith CA, FGIA, B. Com (Acc)|Company Secretary
Appointed 11 June 2021
Experience and expertise:
Ms Kaitlin Smith was appointed to the position of Company Secretary on 11 June 2021. Ms Smith provides company
secretarial and accounting services to various public and proprietary companies. She is a Chartered Accountant, a
fellow member of the Governance Institute of Australia and holds a Bachelor of Commerce (Accounting).
WHITEBARK ENERGY LIMITED – Director’s Report
Page 16
2 Remuneration Report (Audited)
This Remuneration Report outlines the remuneration arrangements which were in place during the period and remain
in place as at the date of this report, for the key management personnel of Whitebark Energy Limited. For the purposes
of this report, “key management personnel” is defined as persons having authority and responsibility for planning,
directing and controlling the activities of the Company, directly or indirectly, including any Director (whether executive
or otherwise) of the Company.
2.1 Remuneration Policy
Key management personnel remuneration is based on commercial rates and the existing level of activities in the Group
at this point of time. Should the extent of those activities change, the remuneration of key management personnel
would be amended to reflect that change.
2.2 Principles of Compensation
Remuneration is referred to as compensation throughout this report.
Under overall authority of the Board, key management personnel and other executives have authority and responsibility
for planning, directing and controlling the activities of the Company and the consolidated entity. Key management
personnel include the most highly remunerated executives for the Company and the consolidated entity.
Compensation levels for key management personnel of the Company and relevant key management personnel of the
consolidated entity are competitively set to attract and retain appropriately qualified and experienced key management
personnel. The Company from time to time obtains independent advice on the appropriateness of compensation
packages of both the Company and consolidated entity given trends in comparative companies both locally and
internationally and the objectives of the Company’s compensation strategy. For the year ended 30 June 2024 no
independent advice has been obtained in relation to compensation packages.
The compensation structures explained below are designed to attract suitably qualified candidates, reward the
achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders. The
compensation structures take into account:
The capability and experience of the key management personnel;
The key management personnel’s ability to control the relevant assets’ performance;
The amount of incentives within each key management person’s compensation.
Compensation packages may include a mix of fixed and variable compensation and short and long-term performance-
based incentives.
In addition to their salaries, the consolidated entity may also provide non-cash benefits to its key management
personnel in the form of share-based payments.
2.2.1.1 Fixed Compensation
Fixed compensation consists of base compensation, which is calculated on a total cost basis and includes any Fringe
Benefit Tax charges related to employee benefits.
2.2.1.2 Performance-linked Compensation
The Company currently has no performance-based remuneration built into key management personnel remuneration
packages.
2.2.1.3 Long-term Incentive
The Company currently has long-term incentives built into key management personnel remuneration packages,
specifically unlisted options in Whitebark Energy Limited.
2.2.1.4 Service Contracts
On appointment to the Board, all non-executive directors enter into a service agreement with the Company in the form
of a letter of appointment. The letter summarises the terms, including compensation, relevant to the office of the
director.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 17
Remuneration and other terms of employment for the executive directors and other non-director key management
personnel are also formalised in service agreements. Each of these agreements provide for the provision of bonuses,
other benefits including health and superannuation, and participation in the issuance of options. Other major provisions
of the agreement relating to remuneration are set out below.
Directors and key personnel
Term of agreement
Base fee or salary package
Termination
benefit
Directors
Mark Lindh
Non-Executive Chairman
(appointed 12 January 2024)
On-going commencing 12 January
2024
$50,000 pa
Nil
Giustino Guglielmo
Non-Executive Director
On-going commencing 8 July 2021
$50,000 pa
Nil
Rosalind Archer
Non-Executive Director
(appointed 17 June 2024)
On-going commencing 17 June 2024
$50,000 pa
Nil
Matthew White
Non-Executive Director
(resigned 22 August 2024)
3 March 2021 – 22 August 2024
$50,000 pa
Nil
Duncan Gordon
Non-Executive Director
(resigned 12 January 2024)
3 March 2021 – 12 January 2024
$50,000 pa
Nil
Executives
Dr Simon Brealey
Interim Chief Executive Officer
(departed 6 December 2023)
29 April 2021 – 6 December 2023
$120,000 pa
Nil
Non-Executive Directors
Total compensation for all non-executive Directors is to be approved by the Company in general meeting as detailed in
the Company’s Constitution.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 18
3 Directors and Executive Officers’ Remuneration (Consolidated Entity)
The following table sets out remuneration accrued (paid and unpaid) to Directors and key executive personnel of the
Company and the consolidated entity during the reporting period:
30 June 2024
Salary and
Fees
AUD
Cash
Bonus
Termina
-tion
payment
Non-
cash
Bonus
Superann-
uation
Share
based
payments
Total
Value of share-
based
payments as a
proportion of
remuneration
Performance
related
payments as a
proportion of
remuneration
Non-Executive
directors
Mark Lindh1
32,500
-
-
-
-
221,306
253,806
87.2%
-
Giustino Guglielmo
50,000
-
-
-
-
147,538
197,538
74,7%
-
Rosalind Archer2
-
-
-
-
-
-
-
-
-
Matthew White3
50,000
-
-
-
-
147,538
197,538
74.7%
-
Duncan Gordon4
25,000
-
-
-
-
-
25,000
-
-
Executive
Simon Brealey5
10,000
-
-
-
-
-
10,000
-
-
Total
167,500
-
-
-
-
516,382
683,882
1: appointed 12 January 2024
2: appointed 17 June 2024
3: resigned 22 August 2024
4: resigned 12 January 2024
5: departed 6 December 2023
30 June 2023
Salary and
Fees
AUD
Cash
Bonus
Termin
ation
payme
nt
Non-cash
Bonus
Superann-
uation
Share
based
payments
Total
Value of share-
based
payments as a
proportion of
remuneration
Performance
related payments
as a proportion
of remuneration
Non-Executive
directors
Duncan Gordon
50,000
-
-
-
-
-
50,000
-
-
Matthew White
50,000
-
-
-
-
-
50,000
-
-
Giustino Guglielmo
50,000
-
-
-
-
-
50,000
-
-
Executive
Simon Brealey
120,000
-
-
-
-
-
120,000
-
-
Total
270,000
-
-
-
-
-
270,000
-
-
WHITEBARK ENERGY LIMITED – Director’s Report
Page 19
4 Equity Instruments
4.1 Options Granted as Compensation
35,000,000 unlisted options were granted to key management personnel during the year ended 30 June 2024 (30 June
2023: Nil)
4.2 Option Holdings of Key Management Personnel (Consolidated Entity)
Details of options and rights held directly, indirectly, or beneficially by key management personnel and their related
parties are as follows:
Unlisted Options
Balance at
01-Jul-23
Acquired
during
financial year
Granted as
Remuneratio
n
Net other
changes
Balance at
30-Jun-24
Not
Exercisable
Non-Executive
directors
Mark Lindh1
10,481,560
-
-
(10,271,928)
209,632
-
Giustino Guglielmo
27,500,000
-
10,000,000
(27,250,000)
10,250,000
-
Rosalind Archer2
-
-
-
-
-
-
Matthew White3
15,000,000
-
10,000,000
(15,000,000)
10,000,000
-
Duncan Gordon4
25,481,560
-
-
(25,481,560)
-
-
Executive
Simon Brealey5
25,000,000
-
-
(25,000,000)
-
-
Total
103,463,120
-
20,000,000
(103,003,488)
20,459,632
1: appointed 12 January 2024
2: appointed 17 June 2024
3: resigned 22 August 2024
4: resigned 12 January 2024
5: departed 6 December 2023
No Key management personnel and their related parties held listed options during the year ended 30 June 2024.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 20
4.3 Other Transactions of Key Management Personnel
Details of equity instruments (other than options and rights) held directly, indirectly or beneficially by key management
personnel and their related parties are as follows:
Shares held in Whitebark Energy Ltd:
Ordinary Shares
Balance at
01-Jul-23
Acquired during
the financial
year
Granted as
Remuneration
Net other
changes
Balance at
30-Jun-24
Non-Executive
directors
Mark Lindh1
62,889,357
-
-
(61,631,569)
1,257,788
Giustino Guglielmo
75,000,000
2,133,320
-
(73,500,000)
3,633,320
Rosalind Archer2
-
-
-
-
-
Matthew White3
49,833,333
5,500,000
-
(48,836,666)
6,496,667
Duncan Gordon4
62,889,357
-
-
(62,889,357)
-
Executive
Simon Brealey5
10,000,000
-
-
(10,000,000)
-
Total
260,612,047
7,633,320
0
(256,857,592)
11,387,775
1: appointed 12 January 2024
2: appointed 17 June 2024
3: resigned 22 August 2024
4: resigned 12 January 2024
5: departed 6 December 2023
The aggregate amounts recognised during the year relating to directors’ related parties (included in table below) were
as follows:
Transactions during the year
Balance outstanding as at:
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
Adelaide Equity Partners Ltd(i)
97,562
114,500
29,619
143,000
AE Administrative Services Pty
Ltd(ii)
84,403
26,498
18,704
18,148
Business Initiatives Pty Ltd(iii)
122,859
140,791
222,928
119,236
Cerberus Investments Pty Ltd (iv)
27,500
-
-
-
332,324
281,789
271,251
280,384
(i)
Adelaide Equity Partners Ltd is a company associated with Mr Mark Lindh. The charges were in respect of investor relations services and capital
raise services provided.
(ii)
AE Administrative Services Pty Ltd was a company associated with Mr Duncan Gordan. The charges were in respect of company secretarial
services provided.
(iii)
Business Initiatives Pty Ltd is a company associated with Mr Matthew White. The charges were in respect of accounting, bookkeeping, financial
control and director fees undertaken for the group.
(iv)
Cerberus Investments Pty Ltd is a company associated with Mr Duncan Gordon. The charges were in respect of director fees.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 21
5 Company Performance, Shareholder Wealth and Director and Executive
Remuneration
The remuneration policy has been tailored to increase goal congruence between the shareholders, key management
personnel, and other employees. However, the Company continues to investigate alternative means for achieving this
goal to the benefit of all stakeholders. There is no direct relationship between the remuneration policy and Company
performance.
6 Voting and Comments Made at the Company’s 2023 Annual General Meeting
Whitebark Energy Ltd received 66.3% of “yes” votes on its remuneration report for the 2023 financial year. The Company
received votes against its Remuneration Report, representing greater than 25% of the votes cast by persons entitled to
vote. In other words, the Company received its “First Strike” against its 2023 Remuneration Report at the Annual General
Meeting (AGM) held on 29 November 2023.
7 Use of Remuneration Consultants
During the financial year ended 30 June 2024, the Company did not engage remuneration consultants to review its
existing remuneration policies and provide recommendations on how to improve both the short-term incentives (‘STI’)
program and long-term incentives (‘LTI’) program.
End of Audited Remuneration Report
8 Principal Activities
The principal activity of the consolidated entity during the course of the financial period was the production of oil and
gas in Alberta, Canada, the evaluation of oil and gas exploration projects in Western Australia and development of
hydrogen hub in Queensland.
9 Results and Dividends
The consolidated entity’s loss after tax attributable to members of the Company for the financial year ending 30 June
2024 was $5,863,902 (30 June 2023 loss: $4,304,426). No dividends have been paid or declared by the Company during
the period ended 30 June 2024.
10 Financial Position
The net liabilities of the consolidated entity at 30 June 2024 were ($2,801,746) (net assets as of 30 June 2023:
$1,429,583) of which $ 335,701 (30 June 2023: $195,008) represents cash and cash equivalents.
During the financial year the company raised an amount of $975,352 (after costs) (2023: $2,318,498 ) from the issue of
67,380,783 ordinary fully paid shares (2023: 1,666,666,665).
11 Earnings / (Loss) Per Share
The basic earnings/(loss) per share for continuing operations of the consolidated entity for the financial year ending 30
June 2024 was (3.7886) cents loss per share (30 June 2023: 3.1917 cents loss per share).
WHITEBARK ENERGY LIMITED – Director’s Report
Page 22
12 Events Subsequent to Reporting Date
Other than the below, no material matters or circumstances have arisen since the end of the financial year which have
significantly affected or may significantly affect the operations, results or state of affairs of the consolidated entity.
Wizard Lake Return to Production
Subsequent to the reporting period Whitebark announced all four Wizard Lake oil and gas fields returned to production
following scheduled workovers. The Company has been “free carried” for the return to full field production. Finalisation
of the transaction announced on 14 June 2024 is subject to shareholder’s approval.
Capital Raising
On 1 July 2024, the Company announced a pro-rata non-renounceable entitlement issue of 1 share for every 3 shares
held by shareholders at an issue price of $0.012 per share together with 1 free attaching new option to raise up to
approximately $934,125 (before cost). The Company raised $56,877.80 and issued 4,739,817 ordinary shares to eligible
shareholders at a price of $0.012 per ordinary share before cost on 20 August 2024.
Offer proceeds will be utilised to:
•
Support Company’s Geothermal strategy;
•
Working capital requirements; and
•
Administration costs.
On 5 July 2024, 168,750 convertible notes have been converted to 14,062,499 ordinary fully paid shares.
On 17 July 2024, the Company obtained an additional Exploration Permit for Geothermal Energy (EPG2054) in the
Cooper Basin.
On 22 August 2024, Mr Matthew White resigned as a Director of the Company.
13 Likely Developments and Expected Results
There are no likely developments of which the directors are aware which could be expected to significantly affect the
results of the Group’s operations in subsequent financial years not otherwise disclosed in the Principal Activities and
Operating and Financial Review or the Significant Events after the Balance Date sections of the Directors’ Report.
The Company continues to look for acquisition opportunities as they arise.
14 Environmental Regulations
The operations of the Group are subject to environmental regulation from two government bodies.
The Australian assets are monitored under the laws of the State of Western Australia. The Group holds various
environmental licenses issued under these laws, to regulate its exploration activities in Australia. These licenses include
conditions and regulations in relation to specifying limits on discharges into the air, surface water and groundwater,
rehabilitation of areas disturbed during the course of exploration activities and the storage of hazardous substances. All
environmental performance obligations are monitored by the board of directors and subjected from time to time to
Government agency audits and site inspections. There have been no material breaches of the Group’s licenses and all
mining and exploration activities have been undertaken in compliance with the relevant environmental regulations.
The Canadian assets are subject to regulation by the Alberta Energy Regulator (AER). The AER ensures companies are
prepared to meet their obligations at the end of a project’s life including environmental obligations.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 23
15 Directors and Executives Interests
The interests of the Directors and Executives in the shares and options of the Company, as notified by the Directors to
the ASX in accordance with S205G (1) of the Corporations Act 2001, at the date of this report and including transactions
since 30 June 2024 are as follows:
Ordinary Shares
Unlisted Options
Non-Executive directors
Mark Lindh*
1,677,051
628,895
Giustino Guglielmo**
3,633,320
10,250,000
Rosalind Archer
-
-
* Shares and unlisted options held in the name of Chesser Nominees Pty Ltd of which Mr Lindh is a Director.
**1,500,000 shares and 10,250,000 unlisted options held in the name of Miller Anderson Pty Ltd ATF Longhorn Ridge Superannuation account. Mr Guglielmo is Director of Miller
Anderson Pty Ltd and sole beneficiary of Longhorn Ridge Superannuation account.
16 Share Options
16.1
Options Granted to Officers of the Company
35,000,000 unlisted options were granted to key management personnel of the company during the 2024 financial year
(2023: Nil).
No options have been granted to officers of the Company since the end of the financial year to the date of this Directors’
report.
16.2
Unissued shares under options
As at the date of the report, there were 679,906,567 unlisted options pre consolidation and 96,948,139 unlisted option
after consolidation on issue detailed as follows:
Grant Date
Exercisable
Expiry Date
Exercise price
Number of options
granted – Pre-
consolidation
Number of options
granted – After -
consolidation
23-May-22
23-May-22 to 23-May-25
23-May-25
$0.20
624,906,567
12,498,189
30-Nov-22
06-Jun-23 to 6-Dec-24
6-Dec-24
$0.20
25,000,000
500,000
30-Nov-22
06-Dec-22 to 30-Nov-25
30-Nov-25
$0.15
30,000,000
600,000
21-Mar-24
21-Mar-24 to 01-Jan-27
01-Jan-27
$0.03
-
25,849,950
08-Mar-24
08-Mar-24 to 01-Jan-27
01-Jan-27
$0.03
-
12,500,000
08-Mar-24
08-Mar-24 to 28-Mar-27
28-Mar-27
$0.03
-
45,000,000
Option holders do not have any right, by virtue of the option, to participate in any share issue of the Company.
16.3
Shares Issued on Exercise of Options
No shares were issued on the exercise of unlisted options during the financial year. 1,400,000 unlisted options were
expired without exercise during the year.
17 Indemnification and Insurance of Officers and Auditors
17.1
Indemnification
An indemnity agreement has been entered into with each of the Directors and Company Secretary of the Company
named earlier in this report. Under the agreement, the Company has agreed to indemnify those officers against any
claim or for any expenses or costs which may arise as a result of work performed in their respective capacities to the
extent permitted by law. There is no monetary limit to the extent of this indemnity.
WHITEBARK ENERGY LIMITED – Director’s Report
Page 24
17.2
Insurance Premiums
During the financial year the Company did not paid insurance premiums in respect of Directors’ and Officers’ liability
and legal expenses’ insurance contracts, for current Directors and Officers.
There were no legal proceedings entered into on behalf of the Company or the consolidated entity by any of the
Directors or Executive Officers of the Company.
The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by law,
indemnified or agreed to indemnify any current or former officer or auditor of the Group against a liability incurred as
such by an officer or auditor.
18 Corporate Structure
Whitebark Energy Limited is a Company limited by shares that is incorporated and domiciled in Australia. The Company
is listed on the Australian Securities Exchange under ticker code WBE.
19 Lead Auditor’s Independence Declaration
The Lead Auditor’s Independence Declaration is set out on page 25 and forms part of the Directors’ report for the
financial year ended 30 June 2024.
Signed in accordance with a resolution of the Directors.
Adelaide, 3 October 2024
Mark Lindh
Chairman
Level | 1 York Street | Sydney | NSW | 2000
GPO Box 4137 | Sydney | NSW | 2001
t: +61 2 9256 6600 | f: +61 2 9256 6611
sydney@uhyhnsyd.com.au
www.uhyhnsydney.com.au
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
9
Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001
To the Directors of Whitebark Energy Limited
As auditor for the audit of Whitebark Energy Limited for the year ended 30 June 2024,
I declare that, to the best of my knowledge and belief, there have been:
(i)
no contraventions of the auditor independence requirements as set out in the Corporations
Act 2001 in relation to the audit; and
(ii)
no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Whitebark Energy Limited and the entities it controlled during the
year.
Mark Nicholaeff
UHY Haines Norton Sydney
Audit Partner
Chartered Accountants
Date: 03 October 2024
Level | 1 York Street | Sydney | NSW | 2000
GPO Box 4137 | Sydney | NSW | 2001
t: +61 2 9256 6600 | f: +61 2 9256 6611
sydney@uhyhnsyd.com.au
www.uhyhnsydney.com.au
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
9
INDEPENDENT AUDITOR’S REPORT
To the Members of Whitebark Energy Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Whitebark Energy Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, notes to
the financial statements, including a summary of significant accounting policies, the consolidated
entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
i. giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial
performance for the year ended on that date; and
ii. complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 of the financial report, which discloses the Group’s ability to continue as
a going concern. The matters described in Note 2 of the Financial Report, indicate a material
uncertainty that may cast doubt on the Group’s ability to continue as a going concern and, therefore,
whether it will realise its assets and discharge its liabilities in the normal course of business, and at the
amounts stated in the financial report. Our opinion is not modified in respect of this matter.
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of UHY International, a network of independent accounting and consulting Ƃ rms.
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Passion beyond numbers
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial report of the current year. These matters were addressed
in the context of our audit of the financial report as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be
communicated in our report.
ACCOUNTING FOR THE PROPOSED DISPOSAL OF 90% WORKING INTEREST (“WI”) OF THE
ASSETS OWNED BY REX ENERGY LTD, AND THE REMAINING 10% WI OF THESE ASSETS
Why a key audit matter
How our audit addressed the risk
The Group has a sale and purchase
agreement to sell a 90% working interest
of Wizard Lake’s mining assets, however
the agreement is not as yet approved by
the shareholders.
The accounting and disclosure of the
proposed transaction is high risk.
Assets Held for sale is required to be
recorded at fair value.
Our procedures included, amongst others:
•
Obtained, read and considered the key terms
and conditions of the proposed Purchase and
Sale Agreement, and the proposed Joint
Operating Agreement.
•
Discussed with management the key terms and
conditions of the proposed agreements and the
relevant accounting treatment.
•
Recalculated the fair value provided by
management and assessed its reasonability.
•
Assessed if the accounting recognition of the
proposed sale is in accordance with the relevant
accounting standards.
•
Enquired of management about the fair value of
the remaining 10% interest in the mining assets
of Rex Energy Ltd, and their fair value as of the
year-end. We reperformed the fair value
calculation.
•
Assessed the reasonability and completeness of
the Group's financial statements disclosures.
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of UHY International, a network of independent accounting and consulting Ƃ rms.
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Passion beyond numbers
Other Information
The directors are responsible for the other information. The other information comprises the
information included in the Group’s annual report for the year ended 30 June 2024, but does
not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we
do not express any form of assurance conclusion thereon, with the exception of the
Remuneration Report and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial report or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a)
the financial report that gives a true and fair view in accordance with Australian
Accounting Standards and the Corporations Act 2001 (other than the consolidated
entity disclosure statement); and
b)
the consolidated entity disclosure statement that is true and correct in accordance
with the Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i)
the financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free of
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the
Group to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole
is free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with the Australian Auditing Standards will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise
professional judgement and maintain professional scepticism throughout the audit. We also:
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•
Identify and assess the risks of material misstatement of the financial report, whether
due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in
the financial report or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report,
including the disclosures, and whether the financial report represents the underlying
transactions and events in a manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the financial
report. We are responsible for the direction, supervision and performance of the
Group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where
applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of
most significance in the audit of the financial report of the current year and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 12 to 17 of the directors’ report
for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Whitebark Energy Limited for the year ended 30
June 2024, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit
conducted in accordance with Australian Auditing Standards.
Mark Nicholaeff
UHY Haines Norton
Partner
Chartered Accountants
Sydney
Date: 03 October 2024
WHITEBARK ENERGY LIMITED – Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2024
Page 31
No
te
30 June
2024
30 June
2023
$
$
Revenue
-
-
Royalties
-
-
Cost of goods sold
6
-
-
Gross Profit
-
-
Other income
7
-
-
Finance income
8
5,388
11,133
Profit on disposal of assets
9
-
-
Expenses
Administrative expenses
10
(283,916)
(344,009)
Finance costs/(income)
11
(81,058)
-
Impairment expense on property, plant and Equipment
12
-
-
Impairment expenses before transfer assets to asset held for
sale and investment
-
-
Share based payments expense
29
(634,673)
91,621
Depletion, depreciation and amortisation
-
-
Other operating expenses
13
(899,490)
(900,511)
Loss before income tax expense from continuing operations
(1,893,748)
(1,141,766)
Income tax benefit
14
-
-
Loss before income tax expense from continuing operations
(1,893,748)
(1,141,766)
Loss from discontinued operation
5
(4,339,292)
(3,162,659)
Loss after income tax expense for the period
(6,233,040)
(4,304,425)
Other comprehensive loss, net of tax
Items reclassified through profit and loss:
Movement of foreign currency translation in change in equity
(85,596)
(15,600)
Total comprehensive loss for the period
(6,318,636)
(4,320,025)
WHITEBARK ENERGY LIMITED – Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2024
Page 32
*restated EPS at the bottom due to share consolidation during the year - refer to note15 for further comments
The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes
to the consolidated financial report.
cents
Cents*
Loss per share from continuing operations (Basic)
(1.15)
(0.85)
Loss per share from continuing operations (Diluted)
(1.15)
(0.85)
Loss per share from continuing and discontinued operations
(Basic)
(3.7886)
(3.1917)
Loss per share from continuing and discontinued operations
(Diluted)
15
(3.7886)
(3.1917)
WHITEBARK ENERGY LIMITED – Consolidated Statement of Financial Position
For the year ended 30 June 2024
Page 33
The consolidated statement of financial position is to be read in conjunction with the
notes to the consolidated financial report.
Note
30 June 2024
30 June 2023
$
$
Current assets
Cash and cash equivalents
16
335,701
195,008
Trade and other receivables
17
-
443,870
Other current assets
18
2,401
287,262
Assets held for sale
19
3,242,090
-
Total current assets
3,580,192
926,140
Non-current assets
Property, plant, and equipment
20
-
6,503,265
Exploration and evaluation
21
-
137,071
Total non-current assets
-
6,640,336
Total assets
3,580,192
7,566,476
Current liabilities
Trade and other payables
22
673,600
2,576,563
Borrowings
23
-
292,539
Convertible Notes
30
547,517
-
Liabilities directly associated with assets held for sale
19
3,018,235
-
Total current liabilities
4,239,352
2,869,102
Non-current liabilities
Borrowings
23
-
206,088
Decommissioning liabilities
24
2,142,586
3,061,705
Total non-current liabilities
2,142,586
3,267,793
Total liabilities
6,381,938
6,136,895
Net Assets
(2,801,746)
1,429,581
Equity
Issued capital
25
76,016,289
74,963,695
Reserves
26
517,946
(417,804 )
Convertible Notes
30
4,706
-
Equity classified as held for sale
19
8,663
-
Accumulated losses
(79,349,350)
(73,116,309)
Total equity
(2,801,746)
1,429,582
WHITEBARK ENERGY LIMITED – Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Page 34
Share
capital
Convertible
notes
Other
Reserve
Foreign
currency
translation
reserve
Share
based
payment
reserve
Accumulate
d losses
Total
$
$
$
$
$
$
$
Balance at 1
July 2023
74,963,695
-
-
(515,360)
97,556
(73,116,309)
1,429,581
Loss for the
period
-
-
-
-
-
(6,233,041)
(6,233,041)
Other
comprehensi
ve loss for
the period
net of
income tax
Foreign
currency
translation
-
-
-
(85,596)
-
-
(85,596)
Equity
classified as
held for sale
-
-
8,663
-
-
-
8,663
Total
comprehensi
ve loss for
the period
-
-
8,663
(85,596)
-
(6,233,041)
(6,309,973)
Net proceeds
from share
issue, net of
cost
756,196
-
-
-
-
756,196
Convertible
Notes
-
4,706
-
-
-
4,706
Shares issued
to settle
account
payable
503,916
-
-
-
503,916
Attaching
option
relates to
capital raise
(207,518)
207,518
-
Options
expired
(29,246)
(29,246)
Options
issued to
director and
Lead
manager
843,073
843,073
Balance at 30
June 2024
76,016,289
4,706
216,181
(600,956)
911,383
(79,349,350)
(2,801,746)
WHITEBARK ENERGY LIMITED – Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Page 35
Share
capital
Convertible
notes
Other
Reserve
Foreign
currency
translation
reserve
Share
based
payment
reserve
Accumulate
d losses
Total
Balance at 1
July 2022
72,645,197
(499,760)
129,184
(68,811,883)
3,462,738
Loss for the
period
-
-
-
(4,304,426)
(4,304,426)
Other
comprehensi
ve loss for
the period
net of
income tax
Foreign
currency
translation
-
(15,600)
-
-
(15,600)
Total
comprehensi
ve loss for
the period
-
(15,600)
-
(4,304,426)
(4,320,026)
Net proceeds
from share
issue, net of
cost
2,290,007
-
-
-
2,290,007
Shares issued
on exercise
of options
-
-
-
-
-
Shares issued
as payment
for services
28,491
-
-
-
28,491
Options
issued to
advisor
during the
period
59,993
-
59,993
Options
issued to
employees
-
-
8,317
-
8,317
Options
expired
during the
period
-
-
(99,938)
-
(99,938)
Balance at 30
June 2023
74,963,695
(515,360)
97,556
(73,116,309)
1,429,581
The consolidated statement of changes in equity is to be read in conjunction with the
notes to the consolidated financial report.
WHITEBARK ENERGY LIMITED – Consolidated Statement of Cash Flows
For the year ended 30 June 2024
Page 36
30 June
2024
30 June
2023
$
$
Cash flows from operating activities
Receipts from customers
676,017
2,933,614
Payment for royalties on production revenue
(105,760)
(438,277)
Pre-paid expenses recouped
-
(121,080)
Interest received
5,732
12,886
Interest paid
-
(26,878)
Payment for production, suppliers and employees
(1,599,835)
(3,153,220)
Net cash flows used in operating activities
28
(1,023,846)
(792,955)
Cash flows from investing activities
Payment for plant and equipment
-
-
Payment for Rex-4 Drilling & Completion
-
(3,410,754)
Payments for exploration assets
-
-
Net cash flows used in investing activities
-
(3,410,754)
Cash flows from financing activities
Proceeds from share issue (net of costs)
927,350
2,378,741
Proceeds from Convertible Notes (net of costs)
325,000
-
Repayment of borrowings
(86,155)
(137,381)
Net cash flows from financing activities
1,166,195
2,241,360
Net increase/(decrease) in cash and cash equivalents
142,349
(1,962,348)
Cash at the beginning of the financial period
195,008
2,150,710
Effect of movement in exchange rates on cash held
(1,656)
6,647
Cash and cash equivalents at 30 June 2024
16
335,701
195,008
The consolidated statement of cashflows is to be read in conjunction with the
notes to the consolidated financial report.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 37
1 Reporting entity
Whitebark Energy Limited (the ‘Company’) is domiciled and incorporated in Australia. The address of the Company’s
registered office is Ground Floor, 70 Hindmarsh Square, Adelaide SA 5000.
The consolidated financial report of the consolidated entity for the period ended 30 June 2024 comprises the Company
and its subsidiaries (the “consolidated entity” or “group”).
The consolidated entity is involved in oil and gas exploration and production in Alberta, Canada and oil and gas exploration
in Western Australia and development of hydrogen hub in Queensland.
The financial report was authorised for issue by the directors on 3 October 2024.
2 Basis of preparation
(a) Statement of Compliance
The financial report is a general purpose financial report which has been prepared in accordance with Australian
Accounting Standards (‘AASBs’) (including Australian Accounting Interpretations), other authoritative pronouncements of
the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001. Australian Accounting Standards set
out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable
information about transactions, events and conditions to which they apply.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with the
International Financial Reporting Standards (IFRS).
Whitebark Energy Limited is a for-profit entity for the purpose of preparing the financial statements.
(b) Going concern
The Group has incurred an operating loss after tax of $6,233,041 for the financial year ended 30 June 2024 (2023:
Operating loss after tax of $4,304,426 and the net equity has moved from $1,429,582 as at 30 June 2023 to negative
$2,801,746 as at 30 June 2024. The operating cash burn rate for the financial year ended 30 June 2024 was $1,023,846
(2023: $792,955). The cash balance as at 30 June 2024 was $335,701. The above matters may give rise to a material
uncertainty that may cast significant doubt over the Group’s ability to continue as a going concern. Therefore the Group
may be unable to realise its assets and discharge its liabilities in the normal course of business at the amounts stated in
the financial report. However, the Directors believe that the Group will be able to continue as a going concern due to the
following mitigating factors in relation to the material uncertainty.
The Directors have prepared detailed cash flow projections for the period of 12 months from the date of signing this
Report. The Group is dependent on funds received from R&D Refund, Government Grants, as well as capital raisings,
licencing and commercial activities, and shareholders to continue to operate with enough cash on hand for the next 12
months. The Group demonstrated its success in raising capital in current and previous years. The Directors remain
confident that this can be repeated as required to support the Group’s continuing activities. As previously announced,
the Company is now focusing on the commercialisation of its Australian Geothermal assets and Geothermal to Hydrogen
Production. The funds required as operating costs of the Company for this work will be significantly reduced. Further, in
the event of the Group not raising sufficient funds to meet its current cash flow forecasts, the Group will reduce its
expenditure accordingly to be able to pay its debts as and when they are due. In the event insufficient funds are raised to
meet the Going Concern principle through the methods mentioned in this note above, the Group will further reduce costs
and related party creditors will defer requests for payment so that the Group will be able to continue as a Going Concern.
Consequently, the Group’s financial statements have been prepared on a going concern basis, which contemplates the
realisation of assets and satisfaction of liabilities and commitments in the normal course of business. The consolidated
financial statements do not include any adjustments relating to the recoverability and classification of recorded asset
amounts or the amounts and classification of liabilities should the Group be unable to continue as a going concern.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 38
(c) Basis of measurement
The financial report is prepared on the historical costs basis except for the following assets and liabilities that are stated
at their fair value: financial instruments classified at fair value through profit and loss (FVTPL).
(d) Functional and presentation currency
These consolidated financial statements are presented in Australian dollars, which is the functional currency of the
Company. The functional currency of the Company’s United States of America subsidiary is USD and CAD for the Canadian
subsidiary.
The functional currency of each of the Group’s entities is measured using the currency of the primary economic
environment in which that entity operates.
(e) Critical accounting estimates and judgements
The preparation of a financial report in conformity with Australian Accounting Standards requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. These accounting policies have been consistently applied by each entity
in the consolidated group.
(f) Decommissioning Liabilities
The Company’s accounting policy for the recognition of rehabilitation provisions requires significant estimates including
the magnitude of possible works for removal or treatment of waste materials and the extent of work required and the
associated costs of rehabilitation work. These uncertainties may result in future actual expenditure, different from the
amounts currently provided.
The provision recognised for each production well is periodically reviewed and updated based on the facts and
circumstances available at the time. Changes to the estimated future costs for operating sites are recognised in the
balance sheet by adjusting the rehabilitation asset and provision. Refer Note 25 for further information
(g) Going Concern - there are significant assumptions included determining whether the Group is a going concern
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under
the circumstances. Refer to note 2b).
(h) Assessment of impairment of assets held for sale
Refer to note 19 for further information
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 39
3 Summary of accounting policies
(a) Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2024.
The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary
and has the ability to affect those returns through its power over the subsidiary.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and
losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on
consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the
financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting
policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised
from the effective date of acquisition, or up to the effective date of disposal, as applicable.
(b) Business combination
The Group applies the acquisition method in accounting for business combinations in accordance with AASB 3. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date
fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair
value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as
incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether
they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and
liabilities assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of
(a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in the acquiree, and
(c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of
identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount
(i.e. gain on a bargain purchase) is recognised in profit or loss immediately.
(c) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Australian
dollars at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised
in profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency
are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated
in foreign currencies that are stated at fair value are translated to Australian dollars at foreign exchange rates ruling at
the dates the fair value was determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are
translated to Australian dollars at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of
foreign operations are translated to Australian dollars at rates approximating to the foreign exchange rates ruling at the
dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other comprehensive
income in the foreign currency translation reserve of equity.
(d) Exploration and evaluation expenditure
Exploration and evaluation costs, including the costs of acquiring licences and the costs of acquiring the rights to explore,
are capitalised as exploration and evaluation assets on an area of interest basis.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 40
•
the expenditures are expected to be recouped through successful development and exploitation of the area of
interest; or
•
activities in the area of interest have not at the reporting date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves and active and significant
operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility
and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable
amount (see impairment of non-financial assets note 3(k)). For the purposes of impairment testing, exploration and
evaluation assets are allocated to cash-generating units to which the exploration activity relates. The cash generating
unit shall not be larger than the area of interest.
Once the technical feasibility and commercial viability of the extraction of petroleum resources in an area of interest are
demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and
then reclassified from exploration and evaluation expenditure to property plant and equipment assets.
(e) Determination of recoverability of asset carrying values
The recoverability of development and production asset carrying values are assessed at a cash-generating unit (“CGU”)
level. Determination of what constitutes a CGU is subject to management judgements. The asset composition of a CGU
can directly impact the recoverability of the assets included therein. The key estimates used in the determination of cash
flows from oil and natural gas reserves include the following:
Reserves – Assumptions that are valid at the time of reserve estimation may change significantly when new information
becomes available. Changes in forward price estimates, production costs or recovery rates may change the economic
status of reserves and may ultimately result in reserves being restated.
Oil and natural gas prices – Forward price estimates are used in the cash flow model. Commodity prices can fluctuate for
a variety of reasons including supply and demand fundamentals, inventory levels, exchange rates, weather, and economic
and geopolitical factors.
Discount rate – The discount rate used to calculate the net present value of cash flows is based on estimates of an
approximate industry peer group weighted average cost of capital. Changes in the general economic environment could
result in significant changes to this estimate.
(f) Reserve estimates
Proved plus probable reserves are defined as the “best estimate” of quantities of oil, natural gas and related substances
estimated to be commercially recoverable from known accumulations, from a given date forward based on drilling,
geological, geophysical and engineering data, the use of established technology and specified economic conditions. It is
equally likely that the actual remaining quantities recovered will be greater than or less than the sum of the estimated
proved plus probable reserves. The estimates are made using all available geological and reservoir data as well as
historical production data. Estimates are reviewed as appropriate. Revisions occur as a result of changes in prices, costs,
fiscal regimes and reservoir performance or changes in the Company’s plans with respect to future development or
operating practices.
(g) Restoration, rehabilitation and environmental costs and decommissioning obligations
Restoration, rehabilitation and environmental costs necessitated by exploration and evaluation activities are accrued at
the time of those activities and treated as exploration and evaluation expenditure.
Restoration, rehabilitation and environmental obligations recognised include the costs of reclamation and subsequent
monitoring of the environment.
Costs are estimated on the basis of future assessed costs, current legal requirements and current technology, which are
discounted to their present value. The present value of the costs is included as part of the cost of the exploration and
evaluation asset or the property plant and equipment asset. Estimates are reassessed at least annually. Changes in
estimates are dealt with prospectively, with any amounts that would have been written off or provided against under
accounting policy for exploration and evaluation immediately written off.
Amounts recorded for decommissioning obligations and the related accretion expense requires the use of estimates with
respect to the amount and timing of decommissioning expenditures. Actual costs and cash outflows can differ from
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 41
estimates because of changes in laws and regulations, public expectations, market conditions, discovery and analysis of
site conditions and changes in technology. Other provisions are recognised in the period when it becomes probable that
there will be future cash outflow.
(h) Development expenditure
Development expenditure represents the accumulated exploration, evaluation, land and development expenditure
incurred by or on behalf of the Group in relation to areas of interest in which mining of hydrocarbon resource has
commenced.
When further development expenditure is incurred in respect of an asset after commencement of production, such
expenditure is carried forward as part of the asset only when substantial future economic benefits are thereby
established, otherwise such expenditure is classified as part of the cost of production.
Amortisation of costs is provided on the unit-of-production method with separate calculations being made for each
hydrocarbon resource. The unit-of-production basis results in an amortisation charge proportional to the depletion of the
estimated recoverable reserves. In some circumstances, where conversion of resources into reserves is expected, some
elements of resources may be included. Development and land expenditure still to be incurred in relation to the current
reserves are included in the amortisation calculation. Where the life of the assets are shorter than the reserves life their
costs are amortised based on the useful life of the assets.
The estimated recoverable reserves and life of the development and the remaining useful life of each class of asset are
reassessed at least annually. Where there is a change in the reserves/resources amortisation rates are correspondingly
adjusted.
(i) Current assets held for sale
Current assets are classified as assets held for sale and carried at the lower of carrying amount and fair value less costs to
sell if their carrying amount is recovered principally through a sale transaction rather than through continuing use. The
assets are not depreciated or amortised while they are classified as held for sale. Any impairment loss on initial
classification and subsequent measurement is recognised as an expense. Any subsequent increase in fair value less costs
to sell is recognised in profit or loss.
(j) Investments in subsidiaries, joint ventures and associated companies
Investments in subsidiaries, joint ventures and associated companies are stated at cost less accumulated impairment
losses in the Company’s balance sheet. On disposal of investments in subsidiaries, joint ventures and associated
companies, the difference between net disposal proceeds and the carrying amount of the investment is taken to the
income statement
(k) Trade and other receivables
Other receivables are recorded at amounts due less any allowance for doubtful debts.
(l) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, short term bills and call deposits. Cash equivalents include deposits
and other highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable on
demand and form an integral part of the consolidated entity’s cash management are included as a component of cash
and cash equivalents for the purpose of the statement of cash flow.
(m) Impairment of non-financial assets
The carrying amounts of the consolidated entity’s non-financial assets, other than deferred tax assets, are reviewed at each
balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s
recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its
recoverable amount. Recoverable amount is the higher of value in use and fair value less cost to sell. Impairment losses
are recognised in the profit and loss.
Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of the assets
in the unit (group of units) on a pro rata basis.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 42
Reversals of impairment
Impairment losses are reversed when there is an indication that the impairment loss may no longer exist and there has
been a change in the estimate used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(n) Share capital
(i) Dividends
Dividends are recognised as a liability in the period in which they are declared.
(ii) Transaction costs
Transaction costs of an equity transaction are accounted for as a deduction from equity, net of any related income tax
benefit.
(o) Earnings per share
(i)
Basic earnings per share
Basic earnings per share is calculated by dividing the profit/(loss) attributable to equity holders of the Company, excluding
any costs of servicing equity other than ordinary shares, by weighted average number of ordinary shares outstanding
during the financial year, adjusted for the bonus elements in ordinary shares issued during the year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
(p) Property, plant and equipment
Buildings, IT equipment and other equipment (comprising fittings and furniture) are initially recognised at acquisition cost
or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition
necessary for it to be capable of operating in the manner intended by the Group’s management. Buildings, IT equipment
and other equipment are subsequently measured using the cost model, cost less subsequent depreciation and
impairment losses.
Developed and producing assets are measured at cost less accumulated depreciation and accumulated impairment losses.
Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing
parts of property, plant and equipment are recognised as oil and natural gas interests when it is probable that future
economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. All
other costs are recognised in expenses as incurred. Such capitalised oil and gas interests generally represent costs
incurred in developing proven and/or probable reserves and bringing on or enhancing production from such reserves.
The carrying amount of any replaced or sold component is derecognised. The costs of periodic servicing of property plant
and equipment is recognised as an expense.
(q) Depletion and depreciation
The net carrying value of developed and producing assets are depleted using the unit of production method by reference
to the ratio of production in the period to the related proven developed and undeveloped reserves, taking into account
estimated future development costs necessary to bring those undeveloped reserves into production. Future
development costs are estimated taking into account the level of development required to produce the reserves. These
estimates are reviewed by independent reserve engineers on an annual basis.
Proven and probable reserves are estimated using independent reserve engineer reports and represent the estimated
quantities of oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate with
a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered
commercially producible.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 43
In determining reserves for use in the depletion and impairment calculations, a BOE conversion ratio of six thousand cubic
feet of natural gas (“Mcf”) to one barrel of oil (“bbl”) is used as an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the
reserve reports are derived by converting natural gas to oil in the ratio of six Mcf of gas to one barrel of oil.
For other assets, depreciation is recognised on a straight-line basis to write down the cost less estimated residual value
of buildings, IT equipment and other equipment. The following useful lives are applied:
IT equipment: 4 years
Other equipment: 4-5 years
In the case of leasehold property, expected useful lives are determined by reference to the lesser of comparable owned
assets useful lives and the lease term.
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the
disposal proceeds and the carrying amount of the assets and are recognised in profit and loss.
(r) Fair value measurement
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending
on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e.
unforced) transaction between independent, knowledgeable and willing market participants at the measurement date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used to
determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset
or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or
more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market
data.
To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e. the
market with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market, the
most advantageous market available to the entity at the end of the reporting period (i.e. the market that maximises the
receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking into account
transaction costs and transport costs).
For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the asset
in its highest and best use or to sell it to another market participant that would use the asset in its highest and best use
The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based payment
arrangements) may be valued, where there is no observable market price in relation to the transfer of such financial
instruments, by reference to observable market information where such instruments are held as assets. Where this
information is not available, other valuation techniques are adopted and, where significant, are detailed in the respective
note to the financial statements.
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value
measurements into one of three possible levels based on the lowest level that an input that is significant to the
measurement can be categorised into as follows:
Level 1 – Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2 – Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3 – Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation
techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. If all
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 44
significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one or more
significant inputs are not based on observable market date, the asset or liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
If a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice versa; or
If significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Group recognises transfers between levels of the fair value hierarchy
(i.e. transfers into and out of each level of the fair value hierarchy) on the date the event or change in circumstances
occurred.
(s) Employee benefits
As at balance date, the company had no employees and hence no entitlement provisions are accounted for.
(t) Provisions
A provision is recognised in the statement of financial position when the consolidated entity has a present, legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required
to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows
at a pre-tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks
specific to the liability.
(u) Trade and other payables
Trade and other payables are non-interest bearing liabilities stated at cost and settled within 30 days.
(v) Revenue recognition
Revenue is recognised when the control of the goods or services is transferred to the customer. Determining the timing
of the transfer of control requires judgement. Revenue is measured at the fair value of the consideration received or
receivable, net of returns, trade allowances and duties and taxes paid.
(i) Net Financial Income
Net financial income comprises interest on borrowings calculated using the effective interest method, interest receivable
on funds invested and dividend income.
Interest income is recognised in the profit and loss as it accrues, using the effective interest method. Dividend income is
recognised in the profit and loss on the date the entity’s right to receive payments is established which in the case of
quoted securities is the ex-dividend date.
(ii) Sales revenue
Revenue from the sale of oil and natural gas will be recorded when control of the goods or services transfer to the
customer. The transfer of control of oil, natural gas, natural gas liquids usually occurs at a point in time and coincides
with title passing to the customer and the customer taking physical possession. Where there is variable consideration in
calculating a transaction price, revenue will only be recognised if it is highly probable that a significant revenue reversal
will not subsequently occur.
The core principles are supported by the following five steps:
Step 1: Identify the contract(s) with the customer;
Step 2: Identify separate performance obligations in the contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to separate performance obligations; and
Step 5: Recognise revenue when (or as) each performance obligation is satisfied
All revenue is stated net of the amount of goods and services tax (GST).
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 45
(x) Royalties
Royalty expenses is recognised according to Royalty agreements. Royalty agreements that are based on production, sales,
and other measures are recognised by reference to the underlying arrangements.
(y) Income tax
The Company and its wholly-owned Australian resident entities are part of a tax-consolidated group. As a consequence,
all members of the tax-consolidated group are taxed as a single entity. The head entity within the tax-consolidated group
is Whitebark Energy Ltd.
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable
income tax rates enacted, or substantially enacted, as at the end of the reporting period. Included in the income tax
benefit are research and development grants provided during the year.
Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant
taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year
as well as unused tax losses.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have
been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial
recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable
profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period.
Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of
the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is
probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be
controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net
settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets
and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where
it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur
in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Amounts receivable from the Australian Tax Office in respect of research and development tax concession claims are
recognised in the income statement at the time the claim is lodged and received with the Australian Tax Office.
(z) Segment reporting
An operating segment is a component of the consolidated entity that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the
consolidated entity’s other components. Based on the information used for internal reporting purposes by the chief
operating decision maker, being the executive management that makes strategic decisions, at 30 June 2024 the group’s
assets are in two reportable geographical segments being Australia and Canada.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 46
(aa) Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount
of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of
the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or
payable to, the ATO is included as a current asset or liability in the statement of financial position.
Cash flows are included in the statement of cash flow on a gross basis. The GST components of cash flows arising from
investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.
(ab) Financial instruments
Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets
and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially
measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or
issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Financial Assets
On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI – debt investment; FVOCI –
equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group
changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
FVTPL: – it is held within a business model whose objective is to hold assets to collect contractual cash flows; and – its
contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: –
it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets; and – its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present
subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All
financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This
includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that
otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or
significantly reduces an accounting mismatch that would otherwise arise.
Financial assets – Business model assessment:
The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio
level because this best reflects the way the business is managed and information is provided to management. The
information considered includes:
the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether
management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile,
matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising
cash flows through the sale of the assets;
how the performance of the portfolio is evaluated and reported to the Group’s management;
the risks that affect the performance of the business model (and the financial assets held within that business model) and
how those risks are managed;
how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets
managed or the contractual cash flows collected; and
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 47
the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations
about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales
for this purpose, consistent with the Group’s continuing recognition of the asset.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are
measured at FVTPL.
Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that
could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this
assessment, the Group considers:
contingent events that would change the amount or timing of cash flows;
terms that may adjust the contractual coupon rate, including variable-rate features;
prepayment and extension features; and
terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount
substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include
reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that
substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also
include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair
value of the prepayment feature is insignificant at initial recognition.
Financial assets – Subsequent measurement and gains and losses:
Financial assets at FVTPL - These assets are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in profit or loss.
Financial assets at amortised cost - These assets are subsequently measured at amortised cost using the effective interest
method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and
impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt
investments at FVOCI - These assets are subsequently measured at fair value. Interest income calculated using the
effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or
loss.
Equity investments at FVOCI - These assets are subsequently measured at fair value. Dividends are recognised as income
in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains
and losses are recognised in OCI and are never reclassified to profit or loss.
(ac) Leases
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in
the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset,
and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful
life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of
the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted
for any remeasurement of lease liabilities.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 48
The Consolidated Entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present
value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Consolidated Entity’s incremental borrowing rate. Lease payments
comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a
rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise
of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that
do not depend on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual
guarantee; lease term; certainty of a purchase option or lease term extension and termination penalties. When a lease
liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying
amount of the right-of-use asset is fully written down.
(ad) Interest in other entities
Under AASB 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. A joint operation is a joint arrangement in which the parties with joint control have
rights to the assets and obligations for the liabilities relating to that arrangement.
The Group recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of
any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial
statements under the appropriate headings.
(ae) Share-based payment
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of
the equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes
model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates
and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets
and liabilities within the next annual reporting period but may impact profit or loss and equity.
(af) New and revised standards that are effective for these financial statements
The Group has consistently applied the accounting policies to all periods presented in the financial statements. The Group
has considered the implications of new and amended Accounting Standards applicable for annual reporting periods
beginning after 1 July 2023 but determined that their application to the financial statements is either not relevant or not
material.
(ag) New standards and interpretations issued but not yet effective
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024.
The consolidated entity has assessed the impact of these new or amended Accounting Standards and Interpretations and
noted there is no impact to the Group financial statements.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 49
4 Segment reporting
Operating segments are presented using the 'management approach', where the information presented is on the same
basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the
allocation of resources to operating segments and assessing their performance.
During the period the group operated in two business segments (two geographical areas) – exploration, development and
production of oil and gas – Australia and Canada.
The group has identified its operating segment based on the internal report that is reviewed and used by the Board of
Directors (chief operating decision maker) in assessing performance and determining the allocation of resources.
Australia
Canada
Total
Segment
Unallocated
Consolidated
30 June 2024
AUD
AUD
AUD
AUD
AUD
Total sales revenue
-
450,789
450,789
-
450,789
Royalties
-
(105,760)
(105,760)
-
(105,760)
Financial income
5,388
-
5,388
-
5,388
Other income
(0)
-
(0)
-
(0)
Total revenue and other income
5,388
345,029
350,417
-
350,417
Segment result
(1,524,610)
(799,971)
(2,324,581)
-
(2,324,581)
Impairment of assets
-
(3,274,431)
(5,140,958)
(5,140,958)
Depletion, depreciation & amortisation
-
(264,890)
(264,890)
-
(264,890)
(Loss)/gain before income tax expense
(1,524,610)
(4,339,292)
(5,863,902)
-
(5,863,902)
Assets
Total current assets
338,102
3,242,090
3,580,192
-
3,580,192
Total non-current assets
-
-
-
-
-
Total assets
338,102
3,242,091
3,580,192
-
3,580,192
Liabilities
Total current liabilities
(1,371,113)
(3,018,235)
(4,389,348)
-
(4,389,348)
Total non-current liabilities
(2,142,586)
-
(2,142,586)
-
(2,142,586)
Total liabilities
(3,513,699)
(3,018,238)
(6,531,938)
-
(6,531,938)
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 50
5 Discontinued operation
In November 2023, the Company announced it had entered into a formal process to explore the monetisation of all or
part of the wholly owned Wizard Lake assets held by its wholly owned Canadian subsidiary company, Rex Energy Ltd. On
14 June 2024, the Company announced it has executed a Purchase and Sale Agreement which will allow Conflux Energy
Corp. to purchase a 90% interest in the Wizard Lake assets. The transaction is subject to shareholder approval in a general
meeting. The subsidiary was reported in the financial statements for the year ended 30 June 2024 as a discontinued
operation.
Financial information relating to the discontinued operation for the period to the date of disposal and for subsequent
adjustments to contingent consideration is set out below.
30-Jun-24
30-Jun-23
AUD
AUD
Revenue
450,789
2,798,594
Royalties
(105,760)
(438,277)
Cost of goods sold
(772,484)
(2,088,688)
Gross (Loss)/Profit
(427,455)
271,629
Expenses
Administrative expenses
(154,770)
(336,931)
Finance costs
(56,114)
(25,123)
Loss on remeasurement of AHFS assets to FVLCS
(3,274,431)
(2,423,246)
Depletion, depreciation and amortisation
(264,890)
(469,648)
Other operating expenses
(161,631)
(179,340)
Loss before income tax expense from discontinuing
operations
(4,339,292)
(3,162,659)
Income tax benefit
-
-
Loss after income tax expense from discontinuing operations
(4,339,292)
(3,162,659)
Other comprehensive loss from discontinued operation
Exchange differences on translation of discontinued
operation
(85,596)
(15,600)
Total comprehensive loss
(4,424,887)
(3,178,259)
Cents
Cents
Basic earnings per share from discontinued operations
(2.6353)
(2.3381)
Diluted earnings per share from discontinued operations
(2.6353)
(2.3381)
Net cash outflow from ordinary activities
(164,405)
(870,253)
Net cash outflow from investing activities
-
-
Net cash outflow from financing activities
-
-
6 Cost of goods and services sold
30-Jun-24
30-Jun-23
AUD
AUD
Production expenditure (excluding depletion, depreciation,
amortisation and workover expenses)
-
-
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 51
7 Other income
30-Jun-24
30-Jun-23
AUD
AUD
Other income
-
-
-
-
8 Finance income
30-Jun-24
30-Jun-23
AUD
AUD
Interest income
5,732
11,131
Foreign currency gain
(344)
2
5,388
11,133
9 Profit on disposal of assets
30-Jun-24
30-Jun-23
AUD
AUD
Gain on disposal of office equipment
-
-
-
-
10 Administration expenses
30-Jun-24
30-Jun-23
AUD
AUD
Director’s costs
(157,500)
(150,076)
Administration and finance support
(121,151)
(193,933)
General and administration
(5,265)
-
(283,916)
(344,009)
11 Finance costs
30-Jun-24
30-Jun-23
AUD
AUD
Interest expense
(81,058)
-
(81,058)
-
12 Impairment expense
30-Jun-24
30-Jun-23
AUD
AUD
Impairment – property plant and equipment (Note 19)
-
-
-
-
13 Other operating expenses
30-Jun-24
30-Jun-23
AUD
AUD
Project costs
(157,196)
(267,342)
Legal fees
(81,617)
(25,558)
Consultancy fees
(254,737)
(398,173)
Revision of Rehab and Abandonment provision
(74,453)
(108,860)
Employment Cost
(165,154)
-
Superannuation
(18,167)
-
Workover expense
-
-
Auditor remuneration
(81,035)
(69,675)
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 52
Share registry
(58,203)
(29,841)
Travel Expenses
(8,927)
(1,063)
Write off receivable
-
-
(899,490)
(900,511)
14 Income tax benefit
30-Jun-24
30-Jun-23
AUD
AUD
Current income tax expense / (benefit)
-
-
Aggregate income tax expense / (benefit)
-
-
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax from continuing operations
(6,233,041)
(4,304,426)
Tax at statutory rate of 25% (2023: 25%)*
(1,558,260)
(1,076,106)
Adjustment for tax rate difference (Canada 23%)
86,891
63,095
(1,471,369)
(1,013,012)
Tax effect amounts which are not deductible / (taxable) in calculating
taxable income:
Share-based payments
158,668
(22,905)
Impairment of property plant and equipment
-
Waiver of trade receivables
-
Waiver of trade payables
-
Sundry items
-
(1,312,701)
(1,035,917)
Deferred tax asset on losses/(recouped) not recognised
1,116,721
1,186,916
Deferred tax asset on temporary differences not recognised
195,980
(150,999)
Income tax benefit
-
-
* The tax rate is selected based on parent company's tax rate.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised. It is in the opinion of management of the Company that there will be no taxable profits
generated in the near future and the deferred tax asset is not to be recognised.
Tax losses
30-Jun-24
AUD
30-Jun-23
AUD
Unused Australian tax losses for which no deferred tax
asset has been recognised
Potential tax benefit @ 25.0%
30,714,782
29,666,783
Unused Canadian tax losses for which no deferred tax asset
has been recognised
7,678,696
7,424,196
Potential tax benefit @ 23.0%
20,621,139
20,323,783
Total tax effected
4,742,862
4,674,470
Unrecognised temporary differences
Accrued expenses
94,905
19,375
Blackhole expenditure
59,348
83,772
Property, plant and equipment
(24,048)
1,159,849
Provisions
558,728
745,555
Prepayments
(552)
(30,200)
Impairment of PPE due to disposal of 90% interest
958,559
-
Unrealised foreign exchange gain/(loss)
-
-
Total tax effected
1,646,940
1,978,350
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 53
15 Loss per share
The calculation of basic loss per share at 30 June 2024 of 3.5642 cents per share (30 June 2023 basic loss: 3.1917 cents
per share) was based on the loss attributable to the ordinary shareholders of $5,863,902 (30 June 2023 loss: $4,304,426
) and a weighted average number of ordinary shares outstanding during the year ended 30 June 2024 of 164,522,679
(30 June 2023: 6,743,069,309 shares) being calculated as follows:
30-Jun-24
30-Jun-23
Restated
AUD
AUD
AUD
Loss per share
Loss attributable to ordinary shareholders
Loss for the period
(6,233,041)
(4,304,426)
(4,304,426)
Attributed to:
Members of the parent entity
(6,233,041)
(4,304,426)
(4,304,426)
Weighted average number of ordinary shares
Issued Ordinary Shares at 1 July
7,339,660,861
5,648,219,196
112,964,384
Effect of shares issued
17,729,462
1,094,850,113
21,897,002
Effective of share consolidation
(7,192,867,644)
-
-
Weighted average number of ordinary shares for the year
164,522,679 6,743,069,309
134,861,387
Loss – cents per share
(3.7886)
(0.0637)
(3.1917)
Continuing operations (Basic and Diluted loss per share)
(3.7886)
(0.0637)
(3.1917)
There was the 50:1 share consolidation during the year per note 26 and accordingly the EPS calculations for FY2023 have
been restated to consider this.
The potentially diluted loss per share in the future may be affected by the convertible notes. Refer to note 31. 168,750
convertible notes were converted to 14,062,499 ordinary fully paid shares on 5 July 2024.
16 Cash and cash equivalents
30-Jun-23
30-Jun-23
AUD
AUD
Cash at bank
335,701
195,008
335,701
195,008
17 Trade and other receivables
30-Jun-24
30-Jun-23
AUD
AUD
Current
Trade and other receivables
-
443,870
Trade and other receivables transferred to assets held for
sale
-
-
-
443,870
18 Other current assets
30-Jun-24
30-Jun-23
AUD
AUD
Prepayments
195,363
131,306
Stock on Hand
-
155,956
Other current assets transferred to assets held for sale
(192,962)
-
2,401
287,262
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 54
19 Assets held for sale
Non-current assets (or disposal groups) are classified as held for sale and measured at the lower of their
carrying amount and fair value less costs of disposal if their carrying amount will be recovered principally
through a sale transaction. They are not depreciated or amortised. For an asset to be classified as held for sale,
it must be available for immediate sale in its present condition and its sale must be highly probable.
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to
fair value less cost of disposal. A gain is recognised for any subsequent increases in fair value less cost of
disposal of an asset (or disposal group) but not in excess of any cumulative impairment loss previously
recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal
group) is recognised at the date of derecognition. On 28 August 2023, Wizard Lake was deliberately shut-in
with the planned mitigation measures for each well and cost estimates to return to optimal production. In
November 2023, the Company announced it had entered into a formal process to explore the monetisation of
all or part of the wholly owned Wizard Lake assets held by its wholly owned Canadian subsidiary company, Rex
Energy Ltd. The process resulted in a number of bids for the assets. On 14 June 2024, the Company announced
it has executed a Purchase and Sale Agreement which will allow Conflux Energy Corp. to purchase a 90%
interest in the Wizard Lake assets. The transaction is subject to shareholder approval in a general meeting. In
July 2024, production from all four wells were successfully recommenced.
The value of the Wizard Lake assets have been revalued and impaired downwards in line with the highest of
the third party, independent non-binding offers made. This revaluation is recorded in the Canada segment of
the business. Should the sale process not proceed, the Board of Directors reserves its right to take other
courses of action including engaging with other parties in respect of the asset’s monetisation and reactivating
production in the field.
30-Jun-24
Assets and liabilities classified as held for sale
AUD
Cash and cash equivalents
2,351
Trade and other receivables
-
Prepayments and Deposits
214,402
Stock on Hand (Oil)
-
Property, plant and equipment, and Evaluation assets
3,025,337
Assets classified as held for sale
3,242,090
Assets classified as held for sale
Trade and other payables
1,586,190
Interest-bearing loans and borrowings
434,255
Decommissioning Liabilities Provision
997,790
Liabilities classified as held for sale
3,018,235
Amount included in equity
Foreign currency translation reserve
Reserves of the disposal group
8,663
8,663
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 55
20 Property, plant and equipment
30-Jun-24
30-Jun-23
AUD
AUD
Plant and equipment at cost
6,450,300
9,508,622
Accumulated depletion, depreciation and amortisation
(575,886)
(582,111)
Accumulated impairment
(5,874,414)
(2,423,246)
-
6,503,265
Reconciliation of carrying amounts
Developing and producing assets
Opening balance
6,503,265
3,851,262
Decrease in Decommissioning Costs
-
322,191
Transferred from Exploration and Evaluation assets
137,071
5,182,851
Foreign exchange
(126,093)
30,698
Transfer to Assets held for Sale
(3,242,090)
-
Impairment
(3,274,431)
(2,423,246)
Amortisation
(217,674)
(106,797)
Depletion
(47,216)
(353,695)
-
6,503,265
Total Property, plant and equipment transferred to assets held for sale was $3,242,090. Refer Note 19 for further details.
21 Exploration and evaluation expenditure
30-Jun-24
30-Jun-23
AUD
AUD
Exploration and evaluation assets
-
137,071
Movement in exploration and evaluation assets
Opening balance
137,071
135,987
Additions – Canada
-
-
Addition
-
-
Transfer to Property, plant and equipment/Assets held for
sale (refer to Note 20)
(137,071)
-
Foreign currency movement
-
1,084
-
137,071
Following review, no impairment was booked to exploration and evaluation assets for the 12 months ended 30 June 2024
(30 June 2023: $Nil).
22 Trade and other payables
30-Jun-24
30-Jun-23
AUD
AUD
Current:
Trade creditors
511,042
2,452,912
Other payables
162,558
123,651
673,600
2,576,563
All amounts are short-term. The carrying value of trade payables and other payables are considered to be a reasonable
approximation of fair value.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 56
23 Borrowings
30-Jun-24
30-Jun-23
AUD
AUD
Opening balance
498,625
-
Equipment Finance Lease - Current
-
292,539
Equipment Finance Lease – Non-current
-
206,086
Interest expense
8,613
-
Foreign exchange loss
23,994
-
Repayments
(96,977)
-
Transfer to liabilities held for sale
(434,255)
-
-
498,625
The carrying value of borrowings are considered to be a reasonable approximation of fair value.
For the year ended 30 June 2024, this amount is included in liabilities held for sale.
24 Decommissioning liabilities
30-Jun-24
30-Jun-23
AUD
AUD
Balance at the beginning of the period
3,061,705
2,625,357
Movement in Warro Project liability
78,671
117,064
Movement in Rex Project liability
-
313,909
Change in discount rate of liabilities
-
-
Liabilities directly associated with assets held for sale
(997,790)
-
Foreign currency movement
-
5,375
Balance at the end of the period
2,142,586
3,061,705
Decommissioning costs will be incurred by the Company at the end of the operating life of some of the Company’s facilities
and properties. The Company assesses its decommissioning provision at each reporting date. The ultimate
decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to
relevant legal requirements, the emergence of new restoration techniques or experience at other production sites. The
expected timing, extent and amount of expense can also change. Therefore, significant estimates and assumptions are
made in determining the provision for decommissioning. As a result, there could be significant adjustments to the
provisions established which would affect future financial results.
The Company’s decommissioning result from its ownership interest in oil and natural gas well sites and facilities. Total
decommissioning obligation is estimated based on estimated costs to reclaim and abandon these wells and facilities and
the estimated timing of costs to be incurred in future years.
The provision at reporting date represents management’s best estimate of the present value of the future
decommissioning costs required. Total decommissioning obligations transferred to Liabilities directly associated with
assets held for sale was $997,790.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 57
25 Issued capital
30-Jun-24
30-Jun-23
AUD
AUD
Ordinary Shares
76,016,289
74,963,695
The Company does not have authorised capital or par value in respect of its issued shares. The holders of ordinary shares
are entitled to one vote per share at meetings of the Company.
Reconciliation of movement in issued capital
Issued capital – Shares
30 June 2024
30 June 2023
30 June 2024
30 June 2023
Number
Number
AUD
AUD
Share capital
Issued ordinary shares
233,531,155 7,339,660,861
76,016,289
74,963,695
Movements in issued capital
Issued capital
Opening balance
7,339,660,861 5,648,219,196
77,994,483
75,465,992
50:1 Share Consolidation
(7,192,867,129)
-
-
-
Issue of shares for cash
67,380,783 1,666,666,665
1,015,369
2,500,000
Share issued to offset with account
payable
19,356,640
24,775,000
503,916
28,491
Allocation between shares issued
and attaching option
(207,518)
-
Closing balance issued capital
79,306,250
77,994,483
Less share issue costs
Opening balance
(3,030,788)
(2,820,795)
Current period costs
(259,173)
(209,993)
Closing balance share issue costs
(3,289,961)
(3,030,788)
233,531,155 7,339,660,861
76,016,289
74,963,695
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 58
26 Reserves
30-Jun-24
30-Jun-23
AUD
AUD
Share based payment reserve
911,383
97,556
Other reserve
207,518
-
Foreign currency translation reserve
(600,956)
(515,360)
517,946
(417,804)
Movement in reserves
Share based payment reserve
Opening balance 1 July
97,556
129,184
Fair value of options forfeited (net of expense during the period)
-
(99,938)
Options issued during the period
843,073
-
Options (lapsed) during the period
(29,246)
68,310
Closing balance 30 June
911,383
97,556
Foreign currency translation reserve
Opening balance 1 July
(515,360)
(499,760)
Exchange gains/(losses) for the period
(85,596)
(15,600)
Closing balance 30 June
(600,956)
(515,360)
Other reserve
Opening balance 1 July
-
-
Allocation between shares issued and attaching option
207,518
-
Closing balance 30 June
207,518
-
Share based payments reserve
The reserve represents the value of options issued under the compensation arrangement that the consolidated entity is
required to include in the consolidated financial statements.
This reserve will be reversed against share capital when the underlying options are exercised by the employee or
consultant or expire. No gain or loss is recognised in the profit or loss on the purchase, sale, issue or cancellation of the
consolidated entity’s own equity instruments.
Foreign currency translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements
of foreign operations where their functional currency is different to the presentation currency of the reporting entity.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 59
27 Reconciliation of cash flow from operating activities
30-Jun-24
30-Jun-23
AUD
AUD
Cash flows used in operating activities
Profit/(loss) for the period
(6,233,041)
(4,304,425)
Adjustments for:
Depreciation, depletion and amortisation expense
264,890
469,648
Impairment expenses
3,274,431
2,423,246
Revision of provision for rehabilitation and abandonment
(74,453)
108,860
Foreign exchange differences
-
(58,139)
Share-based payment expenses
634,673
(91,621)
Interest expenses
137,172
-
Operating profit before changes in working capital and
provisions
(1,996,328)
(1,452,431)
(Increase)/Decrease in other receivables and prepayments
572,775
13,941
(Increase)/decrease in inventories
306,345
69,890
Increase/(Decrease) in trade and other payables
(1,902,966)
575,645
Net cash flows used in operating activities
(1,023,846)
(792,955)
28 Related Party Transactions
Detailed disclosures relating to Directors and Key Management Personnel are set out in the Directors’ Report under the
section entitled Remuneration Report.
The totals of remunerations paid to Key Management Personnel of the Company and the consolidated entity during the
year are as follows:
30-Jun-24
30-Jun-23
AUD
AUD
Short-term KMP benefits
(167,500)
(270,000)
Share based payments
(516,382)
-
(683,882)
(270,000)
The aggregate amounts (excluded director fee) recognised during the year relating to directors’ related parties and other
related parties were as follows
Transactions value year end
Balance outstanding at
30-Jun-24
30-Jun-2023
30-Jun-24
30-Jun-23
Adelaide Equity Partners Ltd(i)
97,562
114,500
29,619
143,000
AE Administrative Services Pty
Ltd(ii)
84,403
26,498
18,704
18,148
Business Initiatives Pty Ltd(iii)
122,859
140,791
222,928
119,236
Cerberus Investments Pty Ltd(iv)
27,500
-
-
-
332,324
281,789
271,251
280,384
(i)
Adelaide Equity Partners Ltd is a company associated with Mr Mark Lindh. The charges were in respect of investor relations services and
capital raise services provided.
(ii)
AE Administrative Services Pty Ltd was a company associated with Mr Duncan Gordan. The charges were in respect of company secretarial
services provided.
(iii)
Business Initiatives Pty Ltd is a company associated with Mr Matthew White. The charges were in respect of accounting, bookkeeping,
financial control and director fees undertaken for the group.
(iv)
Cerberus Investments Pty Ltd is a company associated with Mr Duncan Gordon. The charges were in respect of director fees.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 60
29 Share–based payments and options issued
In October 2023 the Company completed a 50:1 share consolidation as approved by shareholders at an EGM on 27
September 2023.
Options are granted to directors, employees, consultants and others. Entitlements to the options are exercisable as soon
as they have vested and performance conditions have been met. There are no cash settlement alternatives. Options
granted carry no dividend or voting rights.
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of any movements in share
options relates to Share based payment issued during the year:
No. 2024
WAEP 2024
No. 2023
WAEP 2023
Outstanding at the beginning of the year
125,000,000
0.005
92,800,000
0.006
Consolidation¹
(122,500,000)
Granted during the year
57,500,000
0.03
55,000,000
0.001
Exercised during the year
-
-
Lapsed/expired during the year
(1,400,000)
0.20
(22,800,000)
0.002
58,600,000
0.0033
125,000,000
0.005
No options vested and exercisable as at 30 June 2024 (2023: 125,000,000).
¹ Options were consolidated in accordance with fully paid ordinary shares with the exercise consolidated in the same
manner.
83,349,950 unlisted options were granted during the year ended 30 June 2024 and are detailed below;
The outstanding balance of unlisted options over ordinary shares as at 30 June 2024 represented by:
Unlisted Options
Grant Date
Vesting Date
Expiry Date
Exercise price –
After
consolidation
Number of
options
granted – Pre-
consolidation
Number of
options
granted – After
- consolidation
Value of Share
Based
Payments
AUD
23-May-221
23-May-22
23-May-25
$0.20
624,906,567
12,498,189
-
30-Nov-222
06-Jun-23
6-Dec-24
$0.20
25,000,000
500,000
68,310
30-Nov-223
06-Dec-22
30-Nov-25
$0.15
30,000,000
600,000
59,993
21-Mar-244
21-Mar-24
01-Jan-27
$0.03
-
25,849,950
207,518
08-Mar-245
08-Mar-24
01-Jan-27
$0.03
-
12,500,000
179,155
08-Mar-246
08-Mar-24
28-Mar-27
$0.03
-
45,000,000
663,919
1.
Options granted during the year as part of non-renounceable entitlement offer
2.
Options granted during and approved by shareholders as remuneration to a General Manager in Canada in FY23
3.
Options granted to a lead manager during the year as part of service fees
4.
Options granted during the year as part of placement 1 offer
5.
Options granted during the year to Joint Lead Manger as part of service fees
6.
Options granted and approved by shareholders as incentive component to directors and supplier in FY24
The outstanding balance of unlisted options over ordinary shares as at 30 June 2023 represented by:
Grant Date
Vesting Date
Expiry Date
Exercise price
Number of
options
Value of Share
Based
Payments
AUD
24-Mar-22
7-Jun-22
31-Jan-24
$0.004
70,000,000
29,246
23-May-22
23-May-22
23-May-25
$0.004
624,906,567
-
30-Nov-22
06-Jun-23
6-Dec-24
$0.004
25,000,000
68,310
30-Nov-22
06-Dec-22
30-Nov-25
$0.003
30,000,000
59,993
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 61
The weighted average remaining contractual life for the unlisted share options outstanding as at 30 June 2024 is 2.39
years. The exercise price for options outstanding at the end of the year is 12,498,189 at A$0.20, 500,000 at A$0.20 and
600,000 at A$0.15, 25,849,950 at A$0.03, 12,500,000 at A$0.03 and 45,000,000 at A$0.03 (2023: 70,000,000 at A$0.004,
624,906,567 at A$0.004, 25,000,000 at A$0.004 and 30,000,000 at A$0.003).
During the reporting period, no unlisted options were exercised. 1,400,000 unlisted options lapsed without exercise.
An expense of $265,534 has been recognised in the consolidated statement of profit or loss and other comprehensive
income in respect of options vested during the year (2023: $68,310). An amount of $29,246, in relation to fair value of
unlisted options expired without exercise, has been recognised as an income in the consolidated statement of profit or
loss and other comprehensive income during the year.
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at
the grant date, are as follows:
Grant date Expiry date
Number of
options
Share price
at grant date
Exercise
price
Expected
volatility
Dividend
yield
Risk-free
interest rate
Fair value at
grant date
21/3/24
1/01/27 25,849,950
$0.019 $ 0.030
130.02%
-
3.70%
$0.013
8/03/24
1/01/27 12,500,000
$0.019 $ 0.030
150.33%
-
3.60%
$0.014
8/03/24
28/03/27 45,000,000
$0.019 $ 0.030
150.33%
-
3.60%
$0.015
Listed Options
No listed options were granted, exercised or cancelled during the period.
30 Convertible Note - Current
30-Jun-24
$
30-Jun-23
$
Opening Balance 1 July
-
-
Convertible notes issued (net of costs)
475,000
-
Interest Expense
77,223
-
Recognition of equity component
(4,706)
-
Balance 30 June
547,517
-
The Company has issued to the face value of $331,250 Convertible Notes to professional and sophisticated investors,
raising $265,000 (Capital Raising) in October 2023. The issue of Convertible Notes was approved by shareholders at the
Annual General Meeting held on 29 November 2023. Each of the Convertible Notes carries a face value of $1.00. An
interest rate equal to 20% per annum. The Noteholder may elect to convert the Convertible Notes into shares at the
deemed conversion price of $0.025 per Convertible Note (conversion price was $0.0005 per Convertible Note prior to
50:1 consolidation) at any time prior to 30 September 2025. On 22 March 2024, the Company also issued Convertible
Notes to the face value of $75,000 to Directors, raising $60,000. The issue of Convertible Notes was approved by
shareholders at the General Meeting held on 8 March 2024. Subsequent to the year end, all Convertible Note holders
agreed to extend the repayment date after 15 October 2025. Upon the occurrence of default, the Noteholder may require
immediate redemption of all outstanding Convertible Notes and other outstanding moneys to be immediately due and
payable to the Noteholder. The Convertible Notes were determined to be a compound financial instrument, resulting in
a split between liability and equity components. The fair value of the liability component is determined based on the
contractual future cash flows which is discounted at the rate of interest (21.76%) that would apply to an identical financial
instrument without the conversion option.
On 23 October 2023, the Company also issued Convertible Notes to the face value of $187,500 to AE Advisors in lieu of
advisory fees owing to AE Advisors for the period from January 2021 to September 2023 (AE Con Notes). The issue of
Convertible Notes was approved by shareholders at the Annual General Meeting held on 29 November 2023. The terms
and conditions of AE Con Notes are the same with above-mentioned convertible notes.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 62
At 30 June 2024, $4,706 was attributed to equity component.
Convertible Notes
Issue Date
23/10/2023
22/3/2024
Face Value
$518,750
$75,000
Maturity Date
12 months
12 months
Conversion Price
$0.025
$0.025
31 Parent Company disclosures
30-Jun-24
30-Jun-23
Current Assets
339,632
37,678
Non-Current Assets
6,876,574
5,177,004
Total Assets
7,216,206
5,214,682
Current Liabilities
1,236,480
834,422
Non-Current Liabilities
-
-
Total Liabilities
1,236,480
834,422
Net Assets
5,979,726
4,380,260
Contributed Equity
76,397,793
74,963,695
Share based payments reserve
911,383
97,556
Other reserve
212,224
-
Accumulated losses
(71,541,675)
(70,680,991)
Total Equity
5,979,726
4,380,260
Results of Parent Entity for the year
Profit / (loss) for the year
(1,421,888)
(868,726)
Other Comprehensive income
-
-
Total Comprehensive income
(1,421,888)
(868,726)
The Company has no contingent liabilities or commitments and no guarantees due to subsidiaries at 30 June 2024.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 63
32 Financial risk management and financial instruments
Overview
The consolidated entity has exposure to the following risks from its use of financial instruments:
•
credit risk;
•
commodity risk;
•
currency risk;
•
liquidity risk;
•
market risk; and
•
climate change risk.
The consolidated entity’s management of financial risk is aimed at ensuring net cash flows are sufficient to:
Meet all its financial commitments; and
Maintain the capacity to fund the consolidated entity’s operating activities.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework.
Management monitors and manages the financial risks relating to the operations of the consolidated entity through
regular reviews of the risks.
Market, liquidity and credit risk (including foreign exchange, commodity price and interest rate risk) arise in the normal
course of business. These risks are managed under Board approved directives which underpin treasury practices and
processes.
This note presents information about the Company’s and consolidated entity’s exposure to each of the above risks, their
objectives, policies and processes for measuring and managing risk, and the management of capital.
Credit risk
Credit risk is the risk of financial loss to the consolidated entity if a customer or counterparty to a financial instrument
fails to meet its contractual obligations and arises principally from the consolidated entity’s receivables from customers
and deposits with banks.
Trade and other receivables
As at 30 June 2024 there were no significant concentrations of credit risk on the statement of financial position. Current
trade receivables is nil at 30 June 2024. The consolidated entity monitors receivable balances on an ongoing basis and as
a result believes its exposure to bad debts is insignificant.
Impairment losses
None of the Company’s receivables are past due (2023: nil). As at 30 June 2024 there is no allowance for impairment in
respect to other receivables for the consolidated entity (2023: nil).
Exposure to credit risk
The carrying amount of the consolidated entity’s financial assets represents the maximum credit exposure. The
consolidated entity’s maximum exposure to credit risk at the reporting date was:
Financial Instruments
30-Jun-24
30-Jun-23
Trade and other receivables
-
443,870
Cash and cash equivalents
335,701
195,008
335,701
638,878
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 64
The consolidated entity limits credit risk on its cash deposits by only transacting with high credit-rated financial
institutions.
Trade and
other
receivables
Current assets
Other
investments
(including
derivatives)
Cash and cash
equivalents
Total
30 June 2024
Financial assets measured at fair
value
Listed equity investments
-
-
-
-
Financial assets not measured at
fair value
Trade and other receivables
-
-
-
-
Cash and cash equivalents
-
-
335,701
335,701
-
-
335,701
335,701
30 June 2023
Financial assets measured at fair
value
Listed equity investments
-
-
-
-
Financial assets not measured at
fair value
Trade and other receivables
-
-
-
-
Cash and cash equivalents
-
-
195,008
195,008
-
-
195,008
195,008
Commodity Risk
The consolidated entity is exposed to commodity price risk through its revenue from the sale of hydrocarbons – gas, crude
oil, condensate and LPG – which are priced against world benchmark commodity prices.
The following table details the impact on revenue a 10% and 20% increase and decrease in the oil and gas price would
have on current year revenue, using the entities average oil price over this year. The below table shows the increase in
profit and equity given an increase in oil price; there would be a negative impact to the Foreign Current Translation
Reserve to the same degree if average oil price decreased by the same percentage.
Oil Price Impact
30-Jun-24
30-Jun-23
Profit and Loss: 10%
34,503
236,032
Profit and Loss: 20%
69,006
472,063
Currency Risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign
currency risk through foreign exchange rate fluctuations.
The consolidated entity is exposed to Canadian dollars (CAD) in its Canadian operations.
The following table details the Consolidated Entity’s sensitivity to a 10% and 20% increase and decrease in the CAD against
the Australian dollar. The sensitivity analysis is based on 30 June 2024 year end foreign currency denominated monetary
items and adjusts their translation at year end for a 10% and 20% strengthening in foreign currency rates. For a 10% and
20% decrease in foreign currency rates, there would be a comparable impact on the profit and equity, and the balances
below would be negative.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 65
Currency Movement Impact
2024
2023
Profit or loss: 10% CAD
1,087,775
732,546
Profit or loss: 20% CAD
1,766,159
1,218,421
Liquidity risk
Liquidity risk is the risk that the consolidated entity will not be able to meet its financial obligations as they fall due. The
consolidated entity’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the consolidated entity’s reputation.
The consolidated entity manages liquidity risks by maintaining adequate reserves by continuously monitoring forecast
and actual cash flows.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding
the impact of netting agreements:
30- Jun-2024
Carrying
amount
Contractual
cash flows
6 months or
less
6 to 12
months
1-2 years
2-5 years
Financial liabilities measured at
fair value
-
-
-
-
-
Financial liabilities not
measured at fair value
Trade and other payables
673,600
673,600
673,600
-
-
Convertible Note
547,517
547,517
-
-
547,517
Borrowings
-
-
-
-
-
-
30- Jun-2023
Carrying
amount
Contractual
cash flows
6 months or
less
6 to 12
months
1-2 years
2-5 years
Financial liabilities measured at
fair value
-
-
-
-
-
Financial liabilities not
measured at fair value
Trade and other payables
2,576,563
2,576,563
2,576,563
-
-
Borrowings
498,627
498,627
174,885
150,946
172,796
-
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will
affect the consolidated entity’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk
At the reporting date the interest rate profile of the Company’s and the consolidated entity’s interest-bearing financial
instruments was:
30-Jun-24
30-Jun-23
Variable rate Instruments
Financial assets
335,701
195,008
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or
loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates,
remain constant. The analysis is performed on the same basis for 2023.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 66
Profit or loss
Equity
100bp increase
AUD
100bp decrease
AUD
100bp increase
AUD
100bp decrease
AUD
30-Jun-2024
Variable rate instruments
3,357
(3,357)
3,357
(3,357)
Cash flow sensitivity
3,357
(3,357)
3,357
(3,357)
30-Jun-2023
Variable rate instruments
1,950
(1,950)
1,950
(1,950)
Cash flow sensitivity
1,950
(1,950)
1,950
(1,950)
Climate change risk
Key climate-related risks and opportunities relevant to the Company’s operations include:
The transition to a low carbon economy through technological improvements and innovations that support a lower carbon
energy efficient system with decreased demand and changing community sentiment for fossil fuels, increased uncertainty
time and cost associated with regulatory bodies granting approvals or licences on fossil fuel intensive projects. Transition
to lower carbon economy also gives rise to opportunity for the Company’s gas production assets. Natural gas is viewed
as a key element to supporting a sustainable energy transition.
Physical changes caused by climate change include increased severe weather events and chronic changes to weather
patterns which may impact demand for energy and the Company’s production assets and production capability. These
events could have a financial impact on the Company through increased operating costs, maintenance costs, revenue
generation and sustainability of its production assets.
Policy changes by governments which may result in increasing regulation and costs which could have a material impact
on the Company’s operations.
Due to the nature of the uncertainties relating to the above risks, the financial impact has not been quantified for the
financial year.
The Company is committed to continually improve climate change related disclosures as processes and understanding of
climate change related matters improve alongside the Company's activities and operations.
Capital Management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The board of directors monitors the return on capital, which the consolidated
entity defines as net operating income divided by total shareholders’ equity.
30-Jun-24
30-Jun-23
Equity attributable to shareholders of the Company
76,016,289
74,963,695
Equity
76,016,289
74,963,695
Total Assets
3,580,192
7,566,476
Equity ratio
4.7%
10.1%
There were no changes in the consolidated entity’s approach to capital management during the year. As at 30 June 2024,
neither the Company nor its subsidiaries are subject to externally imposed capital requirements.
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 67
33 Subsidiaries
Name of Entity
Country of
incorporation
Australian tax
resident or
foreign tax
resident
30-Jun-24
Equity Holding
%
Foreign
jurisdiction of
foreign residents
Subsidiaries of Whitebark Energy
Ltd
Tejon Energy Pty Ltd
Australia
Australian
100
-
Tejon Energy Inc (100% subsidiary of
Tejon Energy Pty Ltd)*
USA
Foreign
-
USA
Latent Petroleum Pty Ltd
Australia
Australian
100
-
Kubla Oil Pty Ltd
Australia
Australian
100
-
Rex Energy Ltd
Canada
Foreign
100
Canada
*Tejon Energy Inc was wound up on 23 January 2024.
34 Auditors Remuneration
30-Jun-24
30-Jun-23
AUD
AUD
Fees for audit and review of the financial statements
81,035
69,675
81,035
69,675
During the year UHY Haines Norton, the Company’s auditor, performed no other services in addition to their statutory
duties.
35 Contingent Liabilities
In June and July 2024, the Company received correspondence notifying a claim relates to annual licence fees. As at the
date of the approval of these financial statements, the Company estimated the contingent liability of the claim is $40,000
(excluding GST).
36 Commitments
The Group has nil commitments as at 30 June 2024 (FY2023: lease commitments relating to 4 HPU units, and 5 tanks and
battery equipments).
Minimum lease payments due
Within 1 year
1 to 5 years
After 5
years
Total
30-Jun-24
-
-
-
-
30-Jun-23
292,539
206,086
-
498,625
Lease expense during the period amounted was $12,000 (2023: nil).
WHITEBARK ENERGY LIMITED – Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Page 68
37 Subsequent Events
Wizard Lake Return to Production
Subsequent to the reporting period Whitebark announced all four Wizard Lake oil and gas fields returned to production
following scheduled workovers. The Company has been “free carried” for the return to full field production. Finalisation
of the transaction announced on 14 June 2024 is subject to shareholder’s approval.
Capital Raising
On 1 July 2024, the Company announced a pro-rata non-renounceable entitlement issue of 1 share for every 3 shares
held by shareholders at an issue price of $0.012 per share together with 1 free attaching new option to raise up to
approximately $934,125 (before cost). The Company raised $56,877.80 and issued 4,739,817 ordinary shares to eligible
shareholders at a price of $0.012 per ordinary share before cost on 20 August 2024.
Offer proceeds will be utilised to:
•
Support Company’s Geothermal strategy;
•
Working capital requirements; and
•
Administration costs.
On 5 July 2024, 168,750 convertible notes have been converted to 14,062,499 ordinary fully paid shares.
On 17 July 2024, the Company obtained an additional Exploration Permit for Geothermal Energy (EPG2054) in the
Cooper Basin.
On 22 August 2024, Mr Matthew White resigned as a Director of the Company.
Other than the above, no material matters or circumstances have arisen since the end of the financial year which have
significantly affected or may significantly affect the operations, results or state of affairs of the consolidated entity.
WHITEBARK ENERGY LIMITED – Directors Declaration
For the year ended 30 June 2024
Page 69
Director’s Declaration
In accordance with a resolution of the Directors of Whitebark Energy Limited (Company), the Directors of the Company
declare that:
1. In the opinion of the Directors, the financial statements and notes for the year ended 30 June 2024 are in accordance
with the Corporations Act 2001 and:
a. Comply with Accounting Standards, which, as stated in basis of preparation Note 2 to the financial
statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards
(IFRS); and
b. Give a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and its performance
for the year ended on that date;
2. In the opinion of the Directors, there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they become due and payable; and
3. In the opinion of the Directors, the Consolidated Entity Disclosure Statement required by subsection (3A) is true and
correct; and
4. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief
Executive Officer and Chief Financial Officer. Dated at Adelaide 3 October 2024.
Signed in accordance with a resolution of the Directors.
On behalf of the Directors
Mark Lindh
Chairman
WHITEBARK ENERGY LIMITED – Shareholder information
For the year ended 30 June 2024
Page 70
Shareholder Information
Whitebark Energy Ltd shares are listed on the Australian Securities Exchange. The Company’s ASX code is WBE.
SUBSTANTIAL SHAREHOLDERS (HOLDING NOT LESS THAN 5%)
As at 27 September 2024:
Rank
Name
Units
% of Units
1.
MS CHUNYAN NIU
15,611,317
6.19%
2.
10 BOLIVIANOS PTY LTD
13,692,357
5.43%
Class of Shares and Voting Rights
At 27 September 2024 there were 2,608 holders of 252,333,471 ordinary fully paid shares of the Company. The
voting rights attaching to the ordinary shares are in accordance with the Company’s Constitution being that:
a. each Shareholder entitled to vote may vote in person or by proxy, attorney or Representative;
b. on a show of hands, every person present who is a Shareholder or a proxy, attorney or Representative
of a shareholder has one vote; and
c.
on a poll, every person present who is a shareholder or a proxy, attorney or Representative of a
shareholder shall, in respect of each fully paid Share held by him, or in respect of which he is appointed
a proxy, attorney or Representative, have one vote for the Share, but in respect of partly paid Shares,
shall, have such number of votes as bears the proportion which the paid amount (not credited) is of the
total amounts paid and payable (excluding amounts credited).
Distribution of Shareholders
Spread of Holdings
Number of Holders
Ordinary Shares
1 - 1,000
791
332,345
1,001 - 5,000
726
1,937,243
5,001 - 10,000
245
1,933,148
10,001 - 100,000
597
22,037,458
100,001 – 500,000
156
34,111,173
500,001 Over
93
191,982,104
Total
2,608
252,333,471
The number of shareholders holding less than a marketable parcel is 2,229.
WHITEBARK ENERGY LIMITED – Shareholder information
For the year ended 30 June 2024
Page 71
Unlisted Options
Securities
Number of Securities
on issue
Number of
Holders
Unlisted Options exercise price of $0.03 expiring 28/03/2027
Unlisted Options exercise price of $0.03 expiring 01/01/2027
Unlisted Options exercise price of $0.15 expiring 30/11/2025
Unlisted Options exercise price of $0.20 expiring 06/12/2024
Unlisted Options exercise price of $0.20 expiring 23/05/2025
45,000,000
38,349,950
600,000
500,000
12,498,189
8
21
1
1
359
Escrowed Securities
The Company does not have any securities on issue that are subject to escrow restrictions.
Listing of 20 Largest Shareholders as at 27 September 2024
Rank
Name
Units
% Units
1
MS CHUNYAN NIU
15,611,317
6.19
2
10 BOLIVIANOS PTY LTD
13,692,357
5.43
3
MR KIM AARON MULLER
7,159,997
2.84
4
ICON HOLDINGS PTY LTD
6,944,444
2.75
5
MUSSETT PTY LTD
6,685,713
2.65
6
CHRIS MEULENGRAAF SUPERANNUATION FUND PTY LTD
5,573,334
2.21
7
199 INVESTMENT PTY LTD <199 INVESTMENT A/C>
5,500,000
2.18
8
TOUCAN TRADING PTY LTD
5,208,333
2.06
9
MR PAUL AINSWORTH
4,533,334
1.80
10
SACHA INVESTMENTS PTY LTD
4,469,323
1.77
11
MR ANTONI MARGOS
3,999,000
1.58
12
MR CRAIG GRAEME CHAPMAN
3,879,413
1.54
13
CHARLES WAITE MORGAN
3,192,672
1.27
14
MR MARK EDWIN ROBERTS
3,000,000
1.19
15
SECRET ROCKS PTY LTD
3,000,000
1.19
16
MR SIMON JAMES BREALEY
2,890,000
1.15
17
COMMUNICATIONS POWER INCORPORATED (AUST) PTY LTD
2,860,000
1.13
18
J & B SMITH SUPERANNUATION PTY LTD
2,783,333
1.10
19
MR WARREN JAMES DARLEY + MRS MARGARET DARLEY
2,728,750
1.08
20
MR MARTIN IRSAJ
2,683,353
1.06
TOTAL
106,394,673
42.16
WHITEBARK ENERGY LIMITED – Permits
For the year ended 30 June 2024
Page 72
Permits
WIZARD LAKE, ALBERTA CANADA
Block
Gross Acres
WI*
Net acres
24-048-28W4
640
100%
640
20-048-27W4
640
100%
640
21-048-27W4
640
100%
640
22-048-27W4
640
100%
640
17-048-27W4
640
100%
640
8-048-27W4
640
100%
640
W9-048-27W4
320
100%
320
5-048-27W4
640
100%
640
N 4-048-27W4
320
100%
320
Total
5120
100%
5120
*Note: If shareholder approves the transaction with Conflux Energy Corp., the Company will divest 90% interest in Wizard Lake assets to
Conflux.
AUSTRALIAN LAND INTERESTS
Project
WBE
WI
Location
Warro JV – RL7
54,360
100%
Western Australia
South East Geothermal - EPG 2037
589 sqkm
Exploration Permit
Queensland
Diamantina Geothermal - EPG 2049
3875 sqkm
Exploration Permit
Queensland
Jackson Geothermal - EPG 2050
1766 sqkm
Exploration Permit
Queensland
Barcoo Geothermal - EPG 2054
3875 sqkm
Exploration Permit
Queensland