logo-loader
viewWhitebark Energy Ltd

Whitebark Energy producing 275 barrels of medium grade crude per day

The next Rex-2 oil well remains on track to spud in late-July 2019.

oil drum
The Wizard Lake oil field has over 18 additional well opportunities

Whitebark Energy Ltd (ASX:WBE) has provided an update on interim flow rates from its Rex-1 oil discovery well within the Wizard Lake Project in Canada.

Current production after ten days is estimated at 275 barrels of oil per day (gross) with production still increasing as pump speed is optimised and the well continues to clean up.

The oil is being sold as medium grade crude at around C$58 per barrel and Whitebark is receiving 100% of the net income until costs of around C$750,000 are recovered.

Furthermore, an additional 720 acres has also been secured over the Wizard Lake oil field taking the total gross area to 3,385 acres providing 18+ potential drilling opportunities.

READ: Whitebark Energy appoints specialist drilling contractor for upcoming Rex-2 well

Whitebark Energy’s managing director David Messina said: “The Rex-1 well has been cleaning up nicely and, consistent with our pre-production expectations, daily production has approached the levels we saw in the completion testing and is continuing to increase.

“This validates the initial testing results and puts us in a good position for a quick payback, thereby supporting the investment case for the next Rex wells.

“The success at Rex-1 has increased our confidence around the broader Wizard Lake development and we have taken the opportunity to secure additional ground that will increase our inventory of future well locations to at least 18 wells.”

Proactive caught up with the company recently for an update.

Quick facts: Whitebark Energy Ltd

Price: 0.008 AUD

ASX:WBE
Market: ASX
Market Cap: $20.36 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

2 min read