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- Whitebark Energy (WBE) is pausing oil production from its Rex-3 well at the Wizard Lake oilfield in Canada while it installs a new subsurface pump
- The pump’s installation will begin this weekend and is expected to take seven to ten days
- Since January, the well has produced 35,800 barrels of oil and 251 million cubic feet of gas
- The company hopes the addition of a pump could further increase the well’s output
- Whitebark Energy shares are steady today, trading for half a cent per share
Whitebark Energy (WBE) is pausing oil production from its Rex-3 well at the Wizard Lake oilfield in Canada while it installs a new subsurface pump.
The installation and running of the pump will begin this weekend and is expected to take seven to ten days.
While the pump is running, the company will also perform other routine maintenance activities at the Wizard Lake oil field.
Rex-3 began producing oil in January of this year and has flowed unassisted until now. The company claims the five months of unassisted oil production indicates the reservoir’s quality and production potential.
Since January, the well has produced 35,800 barrels of oil and 251 million cubic feet of gas. The company hopes the addition of a pump could further increase the well’s output.
Whitebark’s Managing Director, David Messina commented on the Rex-3’s strong performance over the last few months.
“It was a very pleasant bonus that Rex-3 flowed unassisted for such an extended period. The energy exhibited by the well confirms the excellent quality of the reservoir encountered by the well and reinforces the company’s decision to continue with its development activities at the field,” he said.
David also went to comment on the company’s current position, following a difficult few months for the oil and gas industry.
“Despite the excellent results from Rex-3, the company has experienced a frustrating start to 2020 after drilling three successful wells in 2019 and building an extensive network of pipelines and infrastructure. I am pleased to advise our low operating cost structure combined with a stabilisation in oil prices is currently delivering positive cash flows,” he said.
Whitebark Energy shares are steady today, trading for half a cent per share at 10:31 am AEST.
