logo-loader
Whitebark Energy Ltd

Whitebark Energy’s Rex-1 oil discovery well continues to improve

Whitebark plans to drill two new Wizard Lake wells in the December half with Rex-2 to be spud in August.

wizard project
The Wizard Lake Project has the potential for at least 18 wells

Whitebark Energy Ltd (ASX:WBE) has provided a progress update for the Rex-1 well that commenced production on 5 June at its Wizard Lake Project in Canada.

The oil cut from the Rex-1 well has increased to over 50% with the separation facility upgrading the final oil to 99.5% that is then delivered to refineries.

Current production is estimated at 250 barrels of oil per day (gross) but the pumping rate has been limited by trucking capacity on flooded roads due to unusually high rainfall.

Whitebark has a 30% working interest in Rex-1 increasing to 50% following the completion of a two well farm-in.

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

Whitebark’s managing director David Messina said: “The improving Rex-1 oil cut and quality is very encouraging for the broader Wizard Lake program, which has an inventory of at least 18 well locations following our acquisition of a new section of land to the north announced last month.

“Being able to deliver 99.5% oil using a simple, low cost tank cascade system reduces opex costs and is a testament to the commitment and abilities of the operations team in Alberta.

“We will be addressing the storage issues quickly and look forward to opening the well up fully again as storage capacity improves”.

Contractor appointed for Rex-2 well last month

Recently, Whitebard appointed Canadian oil sector specialist Magus Engineering to manage drilling operations for the upcoming Rex-2 well.

Magus has extensive experience managing end-to-end drilling programs and will manage all service procurement, drilling, wellsite construction and completion activities at Rex-2.

The appointment follows the commencement of commercial oil production from the Rex-1 well after completion of production facilities and a pipeline.

Proactive caught up with the company recently for an update.

Quick facts: Whitebark Energy Ltd

Price: $0.01

Market: ASX
Market Cap: $17.67 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Whitebark Energy Ltd named herein, including the promotion by the Company of Whitebark Energy Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Whitebark Energy updates on Wizard Lake activity with Rex-2...

Whitebark Energy Ltd (ASX:WBE) managing director David Messina updates Proactive on Rex-2 well at the Wizard Lake Project in Canada with results exceeding initial expectations. Rex-2 was drilled and fracced in August and tested in September 2019.  The managing director said the strong...

1 week, 2 days ago

2 min read