Proactive Investors - Run By Investors For Investors

Whitebark Energy producing 275 barrels of medium grade crude per day

The next Rex-2 oil well remains on track to spud in late-July 2019.
oil drum
The Wizard Lake oil field has over 18 additional well opportunities

Whitebark Energy Ltd (ASX:WBE) has provided an update on interim flow rates from its Rex-1 oil discovery well within the Wizard Lake Project in Canada.

Current production after ten days is estimated at 275 barrels of oil per day (gross) with production still increasing as pump speed is optimised and the well continues to clean up.

The oil is being sold as medium grade crude at around C$58 per barrel and Whitebark is receiving 100% of the net income until costs of around C$750,000 are recovered.

Furthermore, an additional 720 acres has also been secured over the Wizard Lake oil field taking the total gross area to 3,385 acres providing 18+ potential drilling opportunities.

READ: Whitebark Energy appoints specialist drilling contractor for upcoming Rex-2 well

Whitebark Energy’s managing director David Messina said: “The Rex-1 well has been cleaning up nicely and, consistent with our pre-production expectations, daily production has approached the levels we saw in the completion testing and is continuing to increase.

“This validates the initial testing results and puts us in a good position for a quick payback, thereby supporting the investment case for the next Rex wells.

“The success at Rex-1 has increased our confidence around the broader Wizard Lake development and we have taken the opportunity to secure additional ground that will increase our inventory of future well locations to at least 18 wells.”

Proactive caught up with the company recently for an update.

View full WBE profile View Profile

Whitebark Energy Ltd Timeline

Related Articles

oil rig
May 08 2019
The NJOM3 well will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones
oil wells
May 15 2019
Currently seeking debt package to fund drilling programme in Canada
1558611905_EQTEC.jpg
May 23 2019
Here Proactive takes a closer look at green technology group EQTEC PLC (LON:EQT)

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use