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Whitebark Energy increases flow test oil production by 55%

A reconciliation of the hydrocarbons produced has revealed a 55% increase.

Wizard Lake Rex Well Site
There is no change to gas production rates

Whitebark Energy Ltd (ASX:WBE) has updated the total oil produced from the 16-day flow test at its Wizard Lake Rex oil well by 55% to 2,845 barrels from 1,833 barrels.

Before the reconciliation, the well was assessed at 305 barrels of oil per day and rising when the flow test was completed.

This increase in total testing volumes would very likely mean that daily production, when the well is brought online, will be higher than initially forecast.

READ: Whitebark Energy confirms commercial oil discovery at Wizard Lake

Whitebark’s managing director David Messina said: “The total cost for the pipeline, a new production pad and small treatment facility is estimated to be less than A$530,000, which is A$160,000 to Whitebark Energy.

“We look forward to hooking the Wizard Lake Rex well into production in Q2, by which time we also expect to have received an independent reserves evaluation.

“We should start receiving initial cash flow from the well in the June quarter, but the September quarter will better reflect the new production given typical commercial payment terms.”

On track for production in the June quarter of 2019

Progress on the tie-in of the Wizard Lake Rex well to production has continued with landholder approvals required to construct a pipeline and treatment facility well advanced.

The increased volumes are being factored into the pipeline and facility requirements for commercial production.

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