Whitebark Energy Ltd Provides An Update On Wizard Lake Well Flowback

At its Wizard Lake Rex well, the company advises flow back operations to continue at a total fluid rate of up to 1500 bbls/day with approximately 50% of the load fluid recovered to date. As the load fluid is drawn down the oil cut continues to increase. A high-volume, submersible pump is being used to assist with the recovery of frac fluids, as is the practice by other operators in the area and to optimize the oil recovery rate.

At rates above expectations to date is the performance of the well, and the company is looking forward to seeing a stabilized, substantive, oil production outcome as they clean the well up in the next few weeks.

Accompanied by excellent oil shows and elevated gas readings with predominately good quality reservoir, from the casing shoe the well intersected a continuous reservoir section. In what could be a multi-well program analogous to the offsetting Leduc area Rex, the Rex target at Wizard Lake is the first horizontal well to be drilled. The target zone in the PLJV lands has similar sponginess but is thicker than at the Leduc area Rex prospect has the potential for 12-14 follow up development wells.

On financial front during the year, on 30th April, taking WBE’s total cost of the acquisition to CAN$328,266 for a 30% share of the asset and on 2nd May 2018, the company announced the final payment of CAN$143,965 for the Gilby acquisition. The consolidated entity’s loss to members of the company for the financial year ending 30 June 2018 was $5,664,449 as compared to the 30 June 2017 loss of $40,074,224). No dividends have been paid or declared by the company during the period ended 30 June 2018. The EPS for the stock is -0.006 AUD.

Whitebark Energy Ltd (ASX: WBE) has edged up by as much as 25 percent or $0.001 to trade at $0.005 which is near its 52-week low. The stock has a market capitalization of $6.29 million at the current market price. The stock has seen a performance change of 33.33 percent over the last three months period.


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