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Whitebark Energy welcomes WA Government fracturing implementation plan

The company is currently focused on its Wizard Lake oil discovery in Canada.

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Whitebark Energy has production and exploration assets in Canada and Australia

Whitebark Energy Ltd (ASX:WBE) has welcomed the WA Government’s fracturing implementation plan which charts steps to be undertaken to incorporate recommendations of a scientific enquiry into regulations.

This marks the end of the ban on onshore fracking and companies may now submit applications to the EPA for review.

The field of the Warro Gas Project has been appraised by the drilling, fracking and testing of four wells which have confirmed the presence of a substantial gas resource.

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

Whitebark has also welcomed the appointment of Adelaide Equity Partners as corporate advisor.

Adelaide Equity has substantial experience in natural resources, particularly the oil and gas sector.

Its appointment comes during a pivotal stage in Whitebark’s development as the company looks to develop its Wizard Lake asset and provide a strategic assessment of the Warro project to best maximise value for shareholders.

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

The company appointed Precision Drilling as drilling contractor to drill the upcoming Rex-2 development well at the Wizard Lake oil field in Alberta.

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 will return to spud Rex-2 within the next 14 days.

Quick facts: Whitebark Energy Ltd

Price: 0.012 AUD

ASX:WBE
Market: ASX
Market Cap: $30.54 m
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Full interview: Whitebark Energy completes $3.8 million capital raising to...

Whitebark Energy Limited (ASX: WBE) managing director David Messina updates Proactive on the completion of a $3.8 million capital raising to fast-track the Wizard Lake project development in Canada. The new funds will mainly be used to accelerate the upgrade of infrastructure to handle the...

on 26/9/19

2 min read