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Whitebark Energy to talk multiple Wizard Lake discoveries at Proactive’s CEO Sessions

Whitebark is two from two when it comes to oil discoveries within Wizard Lake.

Whitebark Energy Ltd - Whitebark Energy to talk multiple Wizard Lake discoveries at Proactive’s CEO Sessions
The oilfield has the potential to host over 20 wells

Whitebark Energy Ltd’s (ASX:WBE) Rex-1 and Rex-2 oil wells are confirmed discoveries within the Wizard Lake Project in Canada.

The company has a farm-in arrangement over the Wizard Lake field whereby it expects to increase its interest to 50% by the drilling of two additional wells at its cost.

Rex-2, which recently reached commercial production flow rates during testing, is the first of these wells, with Rex-3 being planned.

Rex-2 flow testing delivers impressive results

Last week, the Rex-2 well reached commercial production flow rates after seven days of testing.

As the Rex-2 well continued to clean up, a restricted peak rate of 865 barrels of oil equivalent per day (boepd) comprises 540 bbl/d oil and 2.0 mmscfpd of gas, was achieved over a three-hour period.

The final 24 hour flow rates exceeded flow rates from Rex-1 and oil continue to trend upwards, averaging 700 boepd during the final 24 hours of testing.

This compares to around 340 boepd for Rex-1.

The Rex prospect has potential for another 20+ follow up wells

The results of Rex-2 have confirmed the high quality of the reservoir and further delineated and extended the Wizard Lake Rex oil pool.

These results provide a strong basis to proceed with further Wizard development activity.

The Rex-2 well will be placed on production to existing facilities within a few days.

Other companies presenting at the Sydney and Melbourne events are Carnarvon Petroleum Ltd (ASX:CVN), Platina Resources Ltd (ASX:PGM), Tap Oil Ltd (ASX:TAP), and Pure Minerals Ltd (ASX:PM1).


Register for the CEO Sessions today

Sydney details, Monday, September 16, 2019

Melbourne details, Tuesday, September 17, 2019

Quick facts: Whitebark Energy Ltd

Price: 0.008 AUD

Market: ASX
Market Cap: $24.2 m

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