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Whitebark Energy Ltd

Whitebark Energy adds to Wizard Lake land position following successful bid

The Wizard Lake development program commenced with the spudding of the Rex-1 well in November 2018.

Additional land acquisition map
Rex development plan and additional land acquisition

Whitebark Energy Ltd (ASX:WBE) has added 320 acres over the Wizard Lake oil field in Aberta, Canada following a successful land bid.

The new addition increases Whitebark’s total area to 3,705 acres (gross) and provides additional potential drilling opportunities.

 

Notably, the addition of the half section to the south of the Wizard Lake oil discovery increases the potential wells locations to at least 20 wells.

The Wizard Lake area is covered by an Area of Mutual Interest and Right of First Refusual Agreement with Point Loma Resources Ltd (CVE:PLX).

Under the agreement, any land acquired or sold by either party is subject to certain conditions. As a result, Point Loma has the right to acquire 50% of the new land acquired.

READ: Whitebark Energy appoints rig and crew that successfully drilled Rex-1 to start drilling Rex-2

The company recently appointed Precision Drilling as the drilling contractor to drill the company’s upcoming Rex-2 development well at Wizard Lake.

Following the drilling of Rex 2, Whitebark will have a 40% working interest in Rex-2 and the Wizard Lake oil field, increasing to 50% following the drilling of Rex 3.

The rig and crew that successfully drilled Rex-1 in nine days, Precision Drilling Rig 186, will return to spud Rex-2 within the next 14 days.

READ: Whitebark Energy producing 275 barrels of medium grade crude per day

Quick facts: Whitebark Energy Ltd

Price: $0.01

Market: ASX
Market Cap: $16.69 m
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