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Whitebark Energy Ltd

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

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Market Cap: $17.67 m
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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...

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