Whitebark Energy (ASX:WBE) is pleased to announce progress on the Rex-4 development well at their 100% owned Wizard Lake Oil and Gas Field in Alberta, Canada.
The well has successfully completed 50 hydraulic fracture stages and is now producing ~180 barrels of oil equivalent per day (boe/d).
After a period of rest, the well is now on a managed clean-up flow rate of ~500 barrels of fluid per day, with oil cut steadily increasing and now at ~15%.
Stabilised initial oil production is expected to be achieved within the next weeks, with ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf of gas per day.
The Company has identified 20 additional development locations which will target the remainder of the Company’s 2P reserves (5.12 million barrels of oil equivalent) and contingent resources (an additional 4.7 mmboe).
Following the announcement, shares of Whitebark Energy (ASX:WBE) were unchanged at $0.001.