Whitebark to Sell Stake in Oz Warro Gas Project
Sydney-listed Whitebark Energy has started the formal sale process for its Warro gas project in Western Australia (WA), it said on September 2 in a statement.
The move comes after a strategic review of the asset, and increased interest in the project as a result of current conditions in the WA gas market, Whitebark said. The company has appointed Adelaide Equity Partners to facilitate the sales process. It may consider an outright sale, a farm-in or an alternative option.
“The Warro field contains an enormous amount of gas, but it requires an operator with the expertise to commercialise a technically challenging field and leverage off the work that has already been undertaken,” said Whitebark managing director David Messina.
The Warro gas field is located in retention lease 7, 200 km north of Perth and is 100% owned by Whitebark. It is ideally located some 30 km east of both the Dampier-Bunbury natural gas pipeline and the Dongara-Perth Parmelia pipeline, providing access to the 1,200 terajoule/day WA gas market, the company said.
“Whitebark has had success at the Wizard Lake oil project in Canada and will continue to focus there. The lifting of the moratorium in WA and the increasing interest in new gas sources in WA means that we can identify and consider options on how best to develop and realise value from our remaining Western Australian asset,” added Messina.