viewWhitebark Energy Ltd

Whitebark Energy's Wizard Lake project successes prompt decision to drill Rex-3 well

After successfully drilling Rex-1 and 2, the company has elected to drill Rex-3 targeting the same cretaceous Rex sands encountered previously.

Whitebark Energy Ltd - Whitebark Energy begins drilling Rex-3 well at Wizard Lake Project
After completing Rex-2, the Rex-3 well is on track to be spud by the end of the year

Whitebark Energy Ltd (ASX:WBE) has followed up successful drilling of the Rex-1 & 2 wells by exercised its option to drill the Rex-3 well within its Wizard Lake Project in Canada and has determined the well’s location and trajectory.

The well, which is on track to be spud and tested by the end of 2019, is targeting the same Cretaceous Rex sands encountered in Rex-1 and 2 at an expected target depth of 1570mTVD.

Whitebark's plan includes a horizontal leg of about 1,800 metres through the Rex objective, a 20% increase compared to Rex-2.

Capital raising success

The decision to drill Rex-3 follows Whitebark’s recent successful $3.8 million capital raising.

Well timing will be coordinated with the upgrade of producing facilities at the field so that both proceed efficiently and the well production can be maximised.

“Better than expected results”

Managing director David Messina said: “We are excited to confirm the drilling of Rex-3 following the better than expected results of Rex-2 and the strongly supported capital raising in September.

“The timing of the well will be coordinated with changes in the surface facilities so Rex-3 can be bought straight into production post clean-up.

“Each new Rex well brings more knowledge of the reservoir and assists our planning for the next development phase of the project in 2020.

Messina added: “The decision was made to run parallel to and east of Rex-2 with spacing designed to maximise our recovery and increase our knowledge of this part of the pool.

“Rex-2 did not require assisted pumping to flow at excellent rates and we are hoping to replicate that result with Rex-3.”

The Rex-3 drilling operations will be managed by Canadian oil sector specialist Magus Engineering Limited, who will manage all service procurement, drilling, well-site construction and completion activities.

Whitebark will fund 100% of Rex-3 as part of an agreed farm-in of the Wizard Lake program in return for an increased interest in the field up to 50%.

The company will receive 75% of the well revenue until it recoups the capital invested in drilling and developing the well.

Quick facts: Whitebark Energy Ltd

Price: 0.008 AUD

Market: ASX
Market Cap: $24.2 m

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on 26/9/19

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