The well was drilled to 3,033 metres on schedule and within budget.
Significantly, the company noted initial indications are that an excellent quality reservoir has been encountered with excellent oil shows and higher porosity than the Rex-1 discovery.
Porosity levels of up to 21% were recorded through the sand compared to Rex-1, which recorded levels in the range of 15-18%.
Whitebark’s managing director David Messina said: “We are very pleased with another successful well in the Rex play at Wizard Lake.
“We had an excellent result from Rex-1, and the improved reservoir quality and oil encountered during drilling of Rex-2 gives us enormous confidence in our future program.”
The drilling contractor is now preparing for an expected 35-stage frac program in the Rex reservoir zone in the horizontal section of the well.
The program should commence within seven days.