Whitebark Energy (ASX:WBE) sets A$7.7m cost for 2026 Rickerscote drill targeting hydrogen and helium

Can Whitebark Energy’s AU$7.7 million drilling plan unlock a new hydrogen and helium basin in Australia?

Whitebark Energy Limited (ASX:WBE) has completed a critical milestone in its path toward 2026 exploration drilling in the Officer Basin, with a preliminary well design and rig market evaluation confirming an estimated cost of AU$7.7 million to drill the Rickerscote prospect. Announced on June 27, 2025, the study—conducted by international well-engineering consultancy Zenith Energy—marks a turning point in Whitebark Energy’s ambition to open a new sub-salt hydrogen, helium, and gas province in remote Western Australia.

The proposed well, with a planned depth of 2,400 meters, is designed to test multiple stacked reservoirs within the Rickerscote structure, which spans more than 180 square kilometers and could extend to as much as 400 square kilometers of closure. This makes it one of the largest undrilled, seismically defined onshore structures in the country. The Australian exploration and development company has now begun preparations for rig contracting and regulatory approvals, targeting drilling in the second half of calendar year 2026.

Why is the Rickerscote prospect considered one of Australia’s most significant onshore drilling targets?

The Rickerscote prospect lies within Whitebark Energy’s broader Alinya Project in the Officer Basin, a sedimentary basin historically underexplored due to remoteness and technical complexity. The Rickerscote closure is classified as a giant sub-salt structure, potentially hosting stacked hydrogen, helium, and hydrocarbon traps, similar to proven analogs in North Africa and the Middle East. According to Whitebark Energy’s internal mapping, the structure exceeds 180 square kilometers in mapped closure, with potential upside toward 400 square kilometers when fully de-risked.

Sub-salt exploration targets of this magnitude are rare in onshore Australian acreage. The company released a structural depth map comparing Rickerscote with Australia’s known energy giants such as the Gorgon and Barrow Island fields. While Rickerscote remains untested by drilling, its geophysical footprint has drawn industry interest, particularly in the context of helium and hydrogen—a pair of strategic molecules in global clean energy transitions.

Whitebark Energy has indicated that the Rickerscote structure could offer simultaneous targets in hydrocarbons, native hydrogen, and helium. Such a multi-commodity resource potential—combined with low exploration costs—positions the project to be a cornerstone of next-generation energy supply.

How does Whitebark Energy plan to manage rig contracting and field execution by 2026?

Following the AU$7.7 million cost estimate, Whitebark Energy issued Requests for Information (RFIs) to gauge rig availability for a 2026 campaign. The company reported receiving multiple responses, indicating favorable conditions in the rig market for frontier drilling at moderate cost. Whitebark will now proceed with detailed rig contracting, well design optimization, and environmental compliance ahead of a planned spud in 2H 2026.

The drilling plan involves reaching a target depth of 2,400 meters to test multiple stratigraphic horizons interpreted from seismic data. A 2025 2D seismic infill program is planned to further de-risk the prospect and refine the well location. This will also support permitting submissions to regulatory authorities in Western Australia.

The exploration campaign will be one of the most significant onshore wildcat wells drilled in Australia in the past decade, especially in terms of areal closure and multi-commodity objectives. Institutional investors are watching closely to see whether Whitebark can execute on its schedule, with the project representing a high-impact, low-cost catalyst.

What is the strategic importance of the officer basin for Australia’s hydrogen and helium ambitions?

The Officer Basin has emerged as a quiet frontier in Australia’s push to diversify energy resources. Located in the central and western parts of the country, it remains one of the least explored basins but holds strong potential for clean energy molecules such as native hydrogen and helium, which can accumulate in basement rock fractures and salt-trapped reservoirs.

Whitebark Energy’s Alinya Project encompasses more than 20 identified prospects within the basin, with Rickerscote being the largest and most structurally complex. Unlike conventional gas fields, sub-salt hydrogen and helium plays remain technically underexplored, offering potential for first-mover advantage and value uplift through early-stage discovery.

Australia’s strategic need for diversified hydrogen supply aligns with Whitebark Energy’s long-term vision. With Asian countries committing to clean hydrogen imports through the 2030s, and helium markets facing global supply shortages, projects like Alinya may serve both domestic and export roles. Analysts have pointed to Australia’s positioning as a stable, resource-rich exporter, and Whitebark’s early investment in geological and drilling readiness could place it at the forefront of the next energy export boom.

What are institutional investors and analysts saying about Whitebark Energy’s officer basin strategy?

While Whitebark Energy remains in the pre-drill phase, institutional sentiment has been cautiously optimistic. Analysts view the AU$7.7 million drilling budget as compelling given the scale of the Rickerscote target. In a capital-constrained exploration environment, low-cost, high-upside wells are increasingly attractive to risk-tolerant investors seeking frontier exposure to clean energy themes.

Institutional investors are also encouraged by the company’s methodical approach, using a third-party engineering partner—Zenith Energy—for cost and feasibility validation. This offers credibility in planning and reduces uncertainty for future capital needs. Investors expect Whitebark Energy to seek further strategic partnerships, potential farm-in arrangements, or even offtake discussions as the resource case strengthens.

At present, no joint venture partners have been announced for the Alinya Project, but the scale and scope of the Rickerscote structure may invite interest from larger players as it moves closer to execution. The project’s dual positioning in both clean and conventional energy verticals adds to its strategic value, particularly in a market where helium and hydrogen have been subject to geopolitical and supply chain disruptions.

What risks remain and what milestones should investors watch before 2026 drilling?

Whitebark Energy faces several operational and regulatory hurdles before the rig arrives. Environmental and cultural heritage approvals will be essential in Western Australia, particularly given the remote and environmentally sensitive nature of the Officer Basin. The company must also secure firm rig contracts and finalize logistics in a region with limited existing infrastructure.

Seismic data acquisition in 2025 will be a major milestone, offering greater clarity on the subsurface structure and further informing drill location. Investors will also monitor updates on financing and whether Whitebark Energy will raise additional capital or seek a farm-in to mitigate exploration risk.

Despite these challenges, the AU$7.7 million estimated cost is seen as modest compared to comparable frontier wells globally. If Whitebark successfully drills Rickerscote in 2026, it could unlock a basin-scale resource opportunity—especially in clean energy supply chains that remain inelastic and geographically concentrated.