WBE 0.00% 0.4¢ whitebark energy ltd

This from the Oil and Gas JournalThe well (Rex #3) penetrated...

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    This from the Oil and Gas Journal

    The well (Rex #3) penetrated the overlying Sparky Coals at 1,398 m TVD, and the top of the Rex Sand unit at 1,403 m TVD, both within 2 m of prognosis. The 2,098-m horizontal section was drilled in 65 hr at an average rate greater than 30m/hr. Excellent quality reservoir was encountered over a minimum of 1,800 m of the horizontal well, with free oil noted on the shakers. Oil shows (fluorescence and cut) and elevated gas readings were noted in the reservoir section. By drilling Rex3 deeper towards the toe, the well passed out of the base of the channel as planned but remained in oil up to that time, establishing a new lowest known oil in the channel complex and confirming a minimum oil column of 49 m. Further updip and downdip potential remains to be tested.

    Rex-3 confirmed Wizard Lake field extends to the east and south of previous wells and maintains excellent quality reservoir properties over a wide area. Well results validate the geological model and provide strong support for additional development drilling in 2020, once production facilities are operational. Whitebark plans at least 20 additional wells.

    Pretty good result. Market moving announcements ahead include completion of the surface facilities and flow testing Rex #3.

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