- Whitebark Energy (WBE) has increased its working interest at the Wizard Lake Oilfield to 85 per cent, following a mineral rights lease renewal
- After its joint venture partner’s right of first refusal expired, Whitebark’s local subsidiary, Saltbush, was able to secure a 100 per cent interest in three sections of Wizard Lake in Canada
- This brings Whitebark’s average interest in ten land parcels at Wizard Lake to 85 per cent, with individual interests ranging from 60 to 100 per cent
- Whitebark Energy initially entered the oilfield in 2018 with a 20 per cent working interest, which been steadily increasing ever since
- Whitebark Energy shares have opened grey today, trading for 0.4 cents per share
Whitebark Energy (WBE) has increased its working interests at the Wizard Lake Oilfield in Canada to 85 per cent, following a mineral rights lease renewal.
Whitebark was able to increase its holdings at the site after its joint venture partner’s right of first refusal expired. This allowed Whitebark’s local subsidiary, Saltbush, to secure a 100 per cent interest in three sections on land, which amount to 713 hectares.
This brings Whitebark’s average interest of ten land parcels at Wizard to 85 per cent, with individual interests ranging from 60 to 100 per cent.
This is latest on a long line of interest increases over the past 18 months. Whitebark Energy initially entered the oil field with a 20 per cent working interest in late 2018, which increased to 60 per cent over a series of mineral leases in 2019.
This is the company’s first new mineral lease in 2020 and shows its continued commitment to the Wizard lake Oilfield.
Managing Director, David Messina, appears pleased with the company’s latest move in the region.
“The increase in our working interest across the entire field places control of development firmly in Whitebark’s hands.
“As the oil price continues to recover over time, field development activities can recommence while we carefully manage to increase production through our current workover programme,” he said.
The company’s operations at Wizard Lake are being helped along by a recent private placement, which hopes to raise around $3 million in proceeds. Through the placement, Whitebark Chairman Charles Morgan has already committed to contribute $250,000.
Whitebark Energy shares have opened grey today, trading for 0.4 cents per share at 10:28 am AEST.