logo-loader
viewWhitebark Energy Ltd

Whitebark Energy boosts interest in Wizard Lake Oilfield to 85%

The lease renewals take WBE’s average interest in the Wizard Lake Oilfield oil and gas rights to 85%.

Whitebark Energy Ltd - Whitebark Energy increases interest in Wizard Lake Oilfield to more to 85%
Whitebark owns 100% of the facilities and associated pipelines and operates the field

Whitebark Energy Ltd (ASX:WBE) has lifted its overall interest in the Wizard Lake Oilfield to 85% after completing the lease renewal for mineral rights in three sections of land totalling 713 hectares.

This follows the expiry of a Right of First Refusal (ROFR) for the company’s JV partner to participate in the renewal.

The company's Canadian subsidiary Salt Bush Energy (SBE) now holds 100% interest in the three sections and as a result, interest in more than 10 sections covering the oilfield has increased to an average of 85%.

Ownership of the individual sections ranges from 60% to 100%, however as sections are renewed, under the ROFR rules the company may increase its interest in the sections to 100% which would further increase the average ownership of the field.

Well-positioned

Following the current entitlement offer to raise up to A$3 million, Whitebark will be well-positioned to continue to selectively increase its interest in the field.

Whitebark owns 100% of the facilities and associated pipelines and operates the field.

Recovering oil price

Managing director David Messina said: “The increase in our working interest across the entire field places control of development firmly in Whitebark’s hands.

“As the oil price continues to recover over time, field development activities can recommence while we carefully manage to increase production through our current workover program.”

Shares have been as much as 25% higher to 0.5 cents intra-day.

Quick facts: Whitebark Energy Ltd

Price: 0.003 AUD

ASX:WBE
Market: ASX
Market Cap: $12.11 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Whitebark Energy Ltd named herein, including the promotion by the Company of Whitebark Energy Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Whitebark Energy raising funds to support field development and production...

Whitebark Energy Ltd's (ASX:WBE) David Messina provides an update on the company's Wizard Lake Operations in Canada and the current partially underwritten entitlement issue to raise $A3 million announced last week. These funds will support Wizard Lake improvements and land...

on 6/7/20

2 min read