Drilling of Whitebark’s Rex-4 development well in Alberta, Canada, is progressing with completion of the first stage expected by the end of this week.

Work is currently focused on the horizontal section of the well, which is within the target Rex Sandstone reservoir. Good oil fluorescence has been demonstrated as expected.

Once the first stage is completed, Whitebark Energy (ASX:WBE) plans to undertake a 50-stage hydraulic fracture stimulation as soon as practicable thereafter.

Initial post-clean up production rates are expected to be about 300 barrels of oil and 1.4 million standard cubic feet of gas per day, increasing total Wizard Lake project production to about 750 barrels of oil equivalent per day.

“I’m very impressed that the drilling crew has been able to remain on schedule and on budget to date,” interim chief executive officer Dr Simon Brealey said.

“Results so far are extremely encouraging and we look forward to reaching Stage 1 completion in the next few days.

“Rex-4 is the first step in our plan to significantly ramp up Wizard Lake production and free cash flow.”

Ultimate recovery from the well is expected to be about 155,000bbl of oil and 1.3 billion cubic feet of gas.




This article was developed in collaboration with Whitebark Energy, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.