Whitebark Energy Ltd (ASX:WBE) managing director David Messina updates Proactive Investors on the oil company's recent share placement to rapidly advance its Rex-1 discovery well in Canada.
A total of $1.95 million was raised which will be used for production facilities and drilling programs at Rex-1 within the Wizard Lake Oil Pool Project, housed in the Point Loma joint venture with partner Point Loma Resources Ltd (CVE:PLX).
Development work will include pipeline construction, equipment installation and drilling, with commercial production at Rex-1 anticipated in April.
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