Whitebark Energy Ltd (ASX:WBE) has appointed Dr Simon Brealey to the role of interim chief executive officer (CEO) to assist in progressing the acquisition of Wizard Lake Oil Field in Canada through a bid for Saltbush Energy.
The interim appointment will also assist the company to plan for the future of Wizard Lake and seek further opportunities.
Dr Brealey has more than 30 years of experience in onshore and unconventional oil and gas asset exploration and development with companies including Amoco Limited, Santos Limited, Beach Energy Limited and Cooper Energy Limited in Australia, Europe, Asia and Africa.
He was most recently Head of New Ventures at Bass Oil Limited and holds a PhD in oil field geology from the University College, University of London.
Whitebark is encouraged by Dr Brealey’s oil and gas reputation and his ability to find, review and see through to development unconventional assets in numerous global locations.
Whitebark Energy chair Charles Morgan said: “We are excited to announce Simon’s appointment as interim CEO and believe he will be a great fit given his technical capabilities and deep understanding of the oil and gas industry.
“Having regard to his excellent work on reviewing Whitebark’s operations, we are confident in his ability to take the company forward.”
Brealey said: “I welcome this appointment and am excited by the potential of Wizard Lake.
“I look forward to working with the new board of directors and view it as a great opportunity to positively contribute to the future success of Whitebark Energy.”
Saltbush Energy update
Whitebark, through its wholly-owned subsidiary Ironbark Energy Limited, has bid C$2 million for Saltbush Energy Ltd comprising of C$336,000 in cash and C$1,664,000 in forfeit of existing intercompany loan for the Wizard Lake Oil Field.
The bid deadline of April 16 has now passed without the emergence of any superior qualified bids.
Therefore, the company is currently working through the process of asset acquisition and transaction completion is expected on or around May 17, 2021.
Whitebark will provide an update to shareholders once more details are known.