Rex-2’s latest flow rate measured 687 barrels of oil equivalent per day (boe/d) comprised of 442 bbls/d oil and 1.46 million scf/d gas.
This compares to around 340 boepd for Rex-1.
Well should continue to improve
Whitebark’s managing director David Messina said: “The Rex-2 well continues to outperform and exceed our expectations with a current flow rate of 687 boe/day.
“Importantly the oil rate is continuing to increase under choke and we have only recovered 45% of load fluid, so the well should continue to improve.
“The strong performance from Rex-2 has provided additional impetus for us to drill Rex-3 as soon as possible, and we remain on track to spud before the end of Q4.”
Increasing ownership to 50% with Rex-3
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 is the first of these two wells, with Rex-3 expected to spud by end of the 2019 calendar year.
After the success of Rex-1 and Rex-2, Whitebark is targeting over 1,500 boe/d from Wizard Lake for CY2020.
20+ drilling locations targeting 11mmboe
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.
Whitebark will outline its progress to investors at the Proactive CEO Sessions in Sydney next Monday and Melbourne next Tuesday.