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Whitebark Energy starts earthworks for its first exploration well at Canadian JV

The Rex well at Wizard Lake will target an area where the presence of oil-bearing Rex sands has been confirmed.
Facility at Point Loma project
The Point Loma Joint Venture is in Canada’s Alberta province.

Whitebark Energy Ltd (ASX:WBE) has started earthworks for the Rex well at Wizard Lake, the first of a two-well drilling program planned at the Point Loma Joint Venture in the Canadian province of Alberta.

A rig is expected on site within seven days and the well will take an estimated 14 to 21 days to complete.

The well will target an area where the presence of oil-bearing Rex sands has been confirmed but not exploited by previous wells.

READ: Whitebark Energy is one of the ASX’s newest oil and gas producers

Drilling updates will be provided by the JV partners as the program progresses.

Whitebark holds between 20% and 30% working interest in the joint venture with TSXV-listed Point Loma Resources Ltd (CVE:PLX).

Wizard Lake Rex well will be drilled vertically to around 1150 metres and horizontally from 1400 metres for 1200 metres with 30-plus completion ports to ensure maximum exposure to the target zone.

The Rex target at Wizard Lake will be the first horizontal well drilled in the multi-well program and is analogous to the offsetting Leduc area Rex production, which has attracted the attention of other key industry operators.

READ: Whitebark Energy names Albertan oil prospects as it focuses on Canadian portfolio

Recent activity by other operators in the area has resulted in highly commercial wells (250-300 boepd, 80% oil) as this large oil discovery continues to be exploited.

The target zone of the Rex well lands is thicker and has similar porosity than the Leduc area offset development.

Rex prospect has the potential for 12-14 follow-up development wells.

The JV partners next plan to drill the permitted Wildwood exploration well.

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