- Whitebark Energy (WBE) completes drilling work at the Rex-4 development well within its Wizard Lake oil and gas field in Alberta, Canada
- The company drilled the well to a total depth of 3647 metres and says it achieved all of its objectives, including demonstrating oil saturation in the wellbore
- Following the completion, Whitebark ran a four-and-a-half inch production liner to accommodate 50 hydraulic fracture stimulation stages in the Rex Sandstone reservoir
- The well is now targeting post-clean-up production rates of 300 barrels of oil per day and 1400 million standard cubic feet of gas per day
- Whitebark Energy shares are trading grey at 0.3 cents at 2:30 pm AEST
Whitebark Energy (WBE) has completed the first phase of the Rex-4 development well at its Wizard Lake oil and gas field in Alberta, Canada.
The company began drilling at the start of the month and intended to complete drilling within 14 days. Whitebark successfully completed the well on time, reaching a total measured depth of 3647 metres on August 11.
Following that, the energy stock ran a four-and-a-half inch production liner, which was designed to accommodate 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir.
Whitebark said the development well achieved all of its objectives, landing the entire lateral section in the Rex Sandstone reservoir and demonstrating oil saturation throughout the wellbore as expected.
A total of 2318 metres of the Rex Sandstone section was drilled at a true vertical depth of roughly 1420 metres, encountering 100 per cent reservoir sand.
Completion of Rex-4 also fulfils the farm-in agreement with TWP50 in Section 20 such that Whitebark is the 100 per cent owner of future production at the Rex-4 well.
Whitebark Interim CEO Simon Brealey said the results from phase one of Rex-4 were everything he’d hoped for.
“I couldn’t be happier with the performance of the drilling crew and engineering team involved with the drilling of Rex-4 in achieving our objectives and remaining on schedule and on budget,” Dr Brealey said.
The company is now targeting post-clean-up production rates from the well of around 300 barrels of oil and 1400 million standard cubic feet (mscf) gas per day, which will increase total production at Wizard Lake to approximately 750 barrels of oil per day.
The company expects to ultimately recover approximately 155,000 barrels of oil equivalent and 1.3 billion cubic feet of gas from Rex-4.
Whitebark Energy shares were trading grey at 0.3 cents at 2:30 pm AEST.