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Whitebark Energy in trading halt ahead of news on capital raising transaction

Rex-3 has produced about 35,800 barrels of oil and 251,000 mcf of gas since production from the well commenced.

Whitebark Energy Ltd - Whitebark Energy in trading halt ahead of capital raising transaction
During the past five months, Rex-3 yielded 35,800 barrels of oil and 251,000 mcf of gas.

Whitebark Energy Ltd (ASX:WBE) has been granted a trading halt by the ASX with an announcement pending in regard to a capital raising transaction that is material to the company.

The trading halt will remain in place until the beginning of regular trading on Tuesday, June 30, or when an announcement is released to the market.

Production from Rex-3 to recommence

Whitebark is set to recommence production its Rex-3 well following the installation of a subsurface pump in the well.

The well has flowed to surface unaided for five months, illustrating the quality of the reservoir, but now requires the assistance of a subsurface pump to increase production.

The work is expected to commence over the weekend and require seven to 10 days to be completed.

Rex-3 was drilled and completed in December 2019 and has flowed unassisted since production start-up in January 2020.

During the past five months, Rex-3 yielded 35,800 barrels of oil and 251,000 mcf of gas.

Quick facts: Whitebark Energy Ltd

Price: 0.0035 AUD

ASX:WBE
Market: ASX
Market Cap: $10.98 m
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