The Rex-4 development well at Wizard Lake reached total depth at a measured depth of 3,647m on schedule and within budgetary expectations.

Whitebark Energy (ASX:WBE) says Rex-4 developed and achieved all of its objectives, landing the entire lateral section in the Rex Sandstone reservoir and demonstrating oil saturation throughout the well bore.

Around 2,318m of the Rex Sandstone section has been drilled at roughly 1,420m True Vertical Depth (TVD) per the drilling plan, encountering 100% reservoir sand.

The lithology of the Rex Sandstone is fine to upper-medium grained, moderately sorted sandstone with good intragranular porosity.

Returned drill cuttings demonstrate dull yellow fluorescence with instant milky white slow-streaming cut fluorescence, indicative of the presence of crude oil.

WBE says the completion of Rex-4 fulfills the farm-in agreement in place with TWP50 in Section 20, such that Whitebark is 100% owner of future Rex-4 production.

Wizard Lake production ramp-up

Whitebark CEO Simon Brealey couldn’t be happier with the performance of the drilling crew and engineering team involved with the drilling of Rex-4 in achieving its objectives and remaining on schedule and budget.

“The results are everything I’d hoped for in Phase-1 of Rex-4 – I am looking forward to the hydraulic frac program and significantly ramping up Wizard Lake production and corresponding cash flow.”

Now, WBE expects to conduct the fracture stimulation program as soon as possible.

Whitebark has modelled initial post-clean up production rates of around 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to about ~750 boepd.

The company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4.

 

 

 

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.

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