Press

Whitebark Energy: 184% Increase in 2P Reserves


Highlights:

• Whitebark net reserves as at 31 December 2017 increase more than 32% since 30 June 2017: o 1P (proved) reserves increased by 34% to 875 mboe

o 2P (proved plus probable) reserves increased 32% to 1,113 mboe

• Whitebark proforma net reserves including post period Gilby acquisition increase by more than 104% since 30 June 2017:

o 1P reserves up 104% to 1,338 mboe
o 2P reserves up 184% to 2,360 mboe

Whitebark Energy Ltd (ASX: WBE) (“Whitebark” or “the Company”) is pleased to provide an update on its reserve position for its Point Loma Joint Venture (PLJV) in Canada as at 31 December 2017, independently assessed by McDaniels and Associates (McDaniels).

The reserves update to 31 December 2017 represent a 32% and-34% increase in 1P and 2P reserves to 875mboe and 1,113mboe respectively. When the reserves from the recently acquired Gilby Project are added, the Company's 1P and 2P reserves more than doubled when compared to 30 June 2017 (Figure 1).

Whitebark Energy Managing Director David Messina said: “Growing reserves and production has been, and remains, a strategic focus for Whitebark, and I am pleased with the progress we made in 2017. An increase of almost three times our 2P reserves in six months provides future cashflow opportunity, strengthens our balance sheet and places us in a strong position for further growth in 2018.”



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