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Whitebark Energy raises nearly $2 million to develop Rex-1 oil discovery

Last updated: 15:42 26 Mar 2019 AEDT, First published: 00:42 26 Mar 2019 AEDT

Whitebark Energy Ltd (ASX:WBE) managing director David Messina updates Proactive Investors on the oil company's recent share placement to rapidly advance its Rex-1 discovery well in Canada. 
 
A total of $1.95 million was raised which will be used for production facilities and drilling programs at Rex-1 within the Wizard Lake Oil Pool Project, housed in the Point Loma joint venture with partner Point Loma Resources Ltd (CVE:PLX).
 
Development work will include pipeline construction, equipment installation and drilling, with commercial production at Rex-1 anticipated in April.

Whitebark Energy busy reviewing opportunities for the business

Whitebark Energy Ltd’s (ASX:WBE) David Messina speaks to Proactive's Andrew Scott soon after announcing they've increased their position at the Wizard Lake Oilfield following the renewal of a mineral lease. Messina says it's been a tough year for the business with the drop in oil price coupled...

on 29/10/20