KEYFACT Energy
- Whitebark net oil Reserves as at 30 June 2019 increased more than 50% since 30 June 2018:
- Additional Contingent Resources at Wizard Discovery add a further 1 million bbls (2C / 30 June – WI 30%).
- Post Farm In work (WI 50%) at Wizard Lake will increase net 2P+2C Reserves and Resources to 2 million bbls.
- No results from Rex 2 have been taken into consideration due to the 30 June 2019 evaluation date.
Whitebark Energy Ltd provides an update on its reserve position for its Canadian operations as at 30 June 2019, independently assessed by McDaniels and Associates (McDaniels).
The oil Reserves update to 30 June 2019 represent 56% and 59% increase in 1P and 2P oil Reserves to 305 Mbbl and 519.5 Mbbl respectively. Gas Reserves and associated liquids have reduced during the same period by 44% due to a significant reduction in commodity prices.
Wizard Lake field evaluation continues with early Resource assessment adding 1.015 million bbls (2C, WI 30%). At the end of the farm in period, subject to the terms of the Wizard Lake farmin agreement should the company interest increases to 50%, the 2P+2C Reserves and Resources net to WBE increases to 2.004 million bbls.
Whitebark Energy Managing Director David Messina said:
“Whitebark is pleased with the recent success at Wizard Lake field where a significant increase in the Company’s Reserves and Resources has been achieved. Our early assessment of the gross potential of this field suggests that the ultimate size of the whole accumulation could be as large as 11.2 million boe (2P + 3C + 3U)."
Whitebark will increase its interest to 40 and then 50% in the entire Wizard Lake field under a Farm In agreement with their Canadian JV partner by the drilling of two wells (Rex-2 and 3), of which Rex-2 is the first. The Company will pay 100% of the well costs but receive 75% of well income until the carried costs have been recovered.